When it comes to filling the gas tank there are two kinds of people.
One is the driver who likes “running on empty,” as the old song goes, stopping for gas at the last possible minute. These are the people whose Google search history likely contains something like: “How many more miles can I go after the E light comes on?”
💵💰Don’t miss the move: Subscribe to TheStreet’s free daily newsletter💰💵
The other is the person who refills as soon as the tank is at 1/4 full. These are the people who likely have an earthquake/hurricane/fire go bag at the ready.
There are a number of reasons to keep at least 1/4 tank of gas at all times (see: emergency preparedness) but there’s another reason: Filling up only when you urgently need gas is a waste of money. It means you likely pull into the nearest station and could be paying top dollar for the convenience.
Related: Costco CEO shares expansion plans, key pricing news
Most traditional gas stations have long hours and many even allow customers to pump gas 24 hours a day, even when the “shop” is closed but you pay for that access.
Image source: Kevork Djansezian/Getty Images
Costco gas rewards just got a little sweeter
Costco is known for its low prices on bulk items and that includes gas.
Not all Costco locations contain a gas stations — usually because of space limitations — but most do. Costco knows that selling guess helps get people into the warehouse, too.
And access to gas that’s generally $0.11 to $0.30 cheaper per gallon is an incentive enough for some people to have a Costco membership.
If you fill your tank once a week that could be a savings of $5 or more, which adds up to hundreds of dollars a year — more than enough to pay for the Costco membership.
More on retail and bankruptcy:
- Walmart store closing, auctioning off laptops and flat screen TVs
- Home Depot CEO sounds the alarm on a growing problem
- Famous restaurant files for Chapter 11 bankruptcy
Costco members who pay for their gas with the Costco Visa card also get cash back on their purchases. Just this year Costco increased the cash back reward to 5% of purchases, said Costco President and CEO Ron Vachris on the company’s most recent earnings call.
Related: One of Oprah’s favorite things prepares for Chapter 11 bankruptcy
Gas prices have remained stubbornly high for the last couple of years, although they are down from their 2022 levels, most drivers are looking for ways to save a few dollars where they can.
The national average for regular gas this week is $3.22/gallon for regular, $4.04 for premium and $3.61 for diesel.
Costco extended hours for gas stations
Drivers who like to plan ahead and get the best price when they will up will appreciate Costco’s move to extend hours for most gas station locations.
The company “extended our gas station hours in North America during the quarter to make filling up at Costco more convenient for our members,” said Vachris on the earnings call. “Generally, our stations are now staying open an hour later than they did previously with some opening earlier as well.”
The move was in response to requests from commuters, he said.
Most Costco gas stations are now open from 6 a.m. to 10 p.m. Monday through Friday, 6 a.m. to 8:30 p.m. on Saturdays, and 6 a.m. to 7:30 p.m. on Sundays.
Related: Veteran fund manager unveils eye-popping S&P 500 forecast
