I went on what could only be described as a Costco field trip this afternoon during lunch. I joined Richard, Jackie, and Barry–all of us arriving in three separate vehicles!–at the semi-evil and addicting store in Burbank for purportedly business reasons.
After checkout, both Richard and Jackie were gently attacked by the cashier, who informed them that they could use the Executive Member card instead of their normal Costco Member cards and receive 2% back on all their purchases.
People magically came from off the scene and took both their cards to examine account histories and conclude that, indeed, they could each probably pay for the $100 annual fee in refunds alone, thus getting membership for free!
Richard didn’t believe them, since his spending there was only perhaps nearly enough for the Executive card to pay for itself. Jackie, however, who shops there a lot for work, was a shoo-in for the honor. She accepted and, minutes later, had her newly-pixelated mug happily shining from the back of the snazzy black Executive card.
Little ol’ me, who leeches the benefits of Costco membership off these friends of mine, does not shop there enough to ever warrant a regular membership card, much less a card upgrade of such extravagance. Just like buying a house here in L.A., I’m out of the game entirely.
However, a banner ad on Wired News made me think about how I am, in fact, a winner in the world of 2% returns. The ad was for ING Direct, an online bank. I started an account there over a year ago after Wells Fargo decided that it was okay for them to pay me maybe 0.001% interest on my savings there AND start charging a $3 monthly fee. I dumped them like a bad cable company, joined ING, and have been exhilarated ever since.
The exhilaration partly comes from knowing that I’m banking solely in the ether of the Internet. A certain amount of “money” goes from Disney, through the ether, to ING every week. The non-existent money sits in a virtual space. Sometimes I transfer the air money across another channel of ether to my Wells Fargo checking account if I need extra funds, which tend to go, sans any physical means, to pay bills using online methods.
While technically Wells Fargo works the same way as ING, the fact that I can’t go to a surly teller or an ATM and ask, via my bank card, to visit my ING-housed money in the flesh makes the ING banking experience rather theoretical and, therefore, exhilarating.
The exhilaration also comes from what is now the comparatively astronomically high interest rate I receive for keeping nothing at ING–currently 2.2% annually. My interest each month can actually be expressed in dollars instead of cents!
Which made me think that, while Costco requires me to spend money to make that 2%, at ING all I have to do is not spend it and make even more. I come out ahead. And ING doesn’t require that I buy an 80-pack of fruit chews for the privilege.