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COSTCO shoppers may not know they can receive hundreds of dollars for trading in old devices they no longer use.
The supermarket brand hands out $460 gift cards for tons of different tech products – but Best Buy could outbid their payout.
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Costco’s deal was highlighted by finance educator Ravi Wadan on a TikTok as part of his money-saving tips series.
In the video, Wadan (@raviwadan) filmed his computer screen and walked shoppers through getting an instant $460 Costco credit.
The money guru explained Costco’s trade-in program, which offers gift cards in exchange for used laptops, tablets, phones, and smartwatches.
All customers have to do is click the link on the program’s landing page, and select whatever device they are looking to trade.
Then, select the type of device and choose exactly which model you have.
Shoppers can score a quick $40 on media players like Apple TV or up to $1,025 for an Apple desktop with all the specs.
For example, Wadan showed how much money he would get if he was trading in an iPhone 14 Pro Max 128GB that used T-Mobile, and found it was worth a massive $460.
However, to receive the full amount, the device must be able to power on, function properly, and be in good physical condition.
TikTok viewers loved the hack, but some pointed out that Best Buy offers the same program.
Best Buy will pay out gift cards for many products, including headphones, gaming consoles, and cameras.
Deal seekers suggested appraising items at both Costco and Best Buy before choosing the best deal to maximize their savings.
HOW TRADE-INS WORKS
Costco partnered with the third-party company Phobio to start offering trade-ins.
For now, the company mainly accepts Apple devices but also pays for PCs and Android smartphones.
After filling in the details on Phobio, customers will get an instant quote, but this may change after the company reviews the device.
It takes three to five days for the device to be shipped to the inspection center, and another three to five days to get approval from Phobio.
Costco membership sharing guidelines
Costco has strict rules for membership use that shoppers must follow and they’ve been cracking down on offenders in recent years.
- Primary Member Use: Only the primary cardholder can use this Costco membership card. Sharing it for purchases is not allowed as the photo on the card must match the person using it.
- Household Card: Each primary member can add one free household cardholder who lives at the same address. This person will receive their own membership card and can shop at Costco independently.
- Guest Policy: Members can bring up to two guests per visit to Costco. However, only the member can make purchases. Guests must be accompanied by the member.
- Authorized Cardholder: For an additional fee, you can add an authorized cardholder, such as a family member or friend, who doesn’t reside at your address. They will receive their own card and can shop independently.
Credit: Costco
After getting approved, customers can expect to receive a gift card in the mail within two to 10 days.
In other Costco-related news, discount shoppers are going crazy over the supermarket’s so-called Chick-fil-A dupe.
Plus, some fans are reacting to their membership cards having to be scanned in order to enter the store.
The update was implemented at the end of August, and many stores have gradually included it over the past few months.
However, one shopper blasted the scanners for not catering to every customer.
