If you're a big fan of shopping at Costco but sometimes question the wisdom of spending money on membership renewal, we have a few ideas to help you cover the cost and maximize your membership.

Pay with rewards from a cash back card

The only credit card type Costco accepts in its warehouses is Visa. However, that shouldn't hold you back. There are plenty of great Visa card options out there. Some Visa cards offer cash back on every purchase. Here's how using a cash back card at Costco can put a little extra in your bank account each month:

1. You save by paying less for the items you need at Costco.
2. You save even more by earning money back on your purchases.

Imagine the card you use daily gives you an average of 3% back, and you use the card to cover $2,500 in monthly expenses. That's $75 in cash back each month. You're cash ahead as long as you pay the card off in full each month before a new billing cycle begins.

Here's how long it would take you to earn enough cash back to cover the cost of membership:

If you're looking for a Visa card for Costco, click here for our favorites. While none of them carries an annual fee, they each reward you for shopping.

Use a Costco Shop Card

A Costco Shop Card is a gift card that can be redeemed in any Costco store in the U.S., Canada, or Puerto Rico. If you prefer, you can use it instead online at Costco.com or Costco.ca. Costco Shop Cards can be used to pay for merchandise or cover the cost of your annual membership.

Costco sometimes offers a Shop Card when you purchase a membership. However, you can also earn a Shop Card in other ways. For example, you'll receive a Shop Card worth 10% of the amount you spend on flooring and carpet from Costco. Or, if you purchase garage doors, you'll earn a Shop Card worth 15% of what you pay. In short, if you have any home improvement projects coming up, don't forget to check out Costco while price shopping.

Let's say you spend $3,000 on new kitchen countertops. Earning a Shop Card worth 10% back is like receiving $300, more than enough to pay for your annual membership several times over.

Spring for an Executive membership

At $130, an Executive membership costs twice as much as a Gold Star membership. However, you may just find that the cash back benefits more than make up for the higher price.

Executive members earn 2% back on eligible Costco and Costco Travel purchases and can earn as much as $1,250 back annually. For example, if you booked a $2,500 trip through Costco Travel and spent an average of $333.33 monthly on eligible Costco purchases, you will have spent a total of $6,500. That $6,500 expenditure automatically earns you $130 back -- just enough to cover the cost of an Executive membership.

There are many businesses, including credit card companies, vying for your business. One way they do that is by sweetening the pot with cash back. And you can make the most of the cash back by purchasing a membership that will save you even more money on the things you need. As you undoubtedly know, it pays to play it smart with your personal finances.