Costco and Sam's Club offer customers big financial savings
5:00 PM, Oct 7, 2013
5:57 PM, Oct 7, 2013
(WXYZ) - Warehouse stores like Costco, and Sam's Club sell everything big and they have made a *big* jump to help you cover financial areas of your life.
In tonight's don't waste your money report...what they're offering these days...and if they're worth it.
Running through a warehouse store, you can find just about anything. Chris McGlothan loves trying to get a deal at Sam's Club.
"You know family, friends are always coming over to the house a lot," McGlothan said. "We grill a lot. So, we like to do big things in big bulks."
But among the big screen TV's and big four wheel toys, there are also even bigger wheels. You can buy cars through Costco at a predetermined price through local dealerships.
"So there's not a lot of haggling. You kind of see...it's black and white what you're going to pay for the vehicle," McGlothan said.
Sam's Club also sells cars through the internet. And you can get car insurance through Coscto or BJ's.
"Something me and the wife never thought about," McGlothan said.
But our partners at Consumer Reports and other experts say these financial services are worth considering. Shopping around is important and these competitive offerings give you one more option.
Costco can even get you a mortgage. The warehouse limits the fees on those mortgages to either $600 or $750 depending on your membership.
Both Sam's Club and Costco offer versions of credit cards too. Costco's true earnings card from American Express has a variable interest rate of about 15 percent. Sam's Club's card is between 15 and 23 percent.
Consumer Reports says those rates are higher than expected, according to bankrate.com, the national average credit card rate is 16 percent. This means you can find lower rates with other cards, but our expert says if you pay your bill on time every month, interest rates don't matter.
What matters to Chris is that he saves money where he can.
"Without doing the research, you never know," McGlothan said.
Sam's also offers small business loans for business members. Dr. Granot says get ready to see a lot more financial services being offered by stores as traditional banks will have to adjust to compete for your money.