I also have the "executive" membership. That 2% means that I get a voucher (the cash-back can only be used at Costco) for between $150 and $200. Considering that the executive membership is only $55 more than the regular $55 membership, Costco appears to be losing money on me.

Also, the gas at the local Costco is consistently about 4 cents lower than the lowball gas stations on my way to work. At about 1500 gallons per year, that's a savings of another $60 per year.

Add in the American Express Costco card that gives another 1, 2, or 3 percent back, and, as long as I don't buy the "treasures" that I don't need, and just the necessities, I'm probably doing pretty well.