The cost of an annual Costco membership recently increased from $60 to $65 for a basic Gold Star membership, and from $120 to $130 for an Executive membership. Now that you're paying more, it's especially important to make sure you're getting great value out of your membership — no matter which one you have.

With that in mind, here are a few Costco benefits you may not be taking advantage of. And if that's the case, you're missing out big time.

1. Inexpensive gas that outperforms other fuel

There's a reason Costco members love filling their tanks at the store's fuel stations. And it's not just the convenience of being able to get gas in conjunction with buying groceries.

Not only is Costco's gasoline known to be competitively priced, but it's also TOP TIER certified. This means you're likely to get better performance out of Costco gas than gas that doesn't have that same designation.

Now, one downside of filling up your car at Costco is that you won't be eligible for the 2% cash back that comes with an Executive membership. While most Costco purchases qualify for Executive member cash back, gas is an exception. But if you pay for your fuel using a credit card with bonus gas rewards, you can potentially earn more than 2% back each time you fill up.

2. Discounted gift cards

Costco is known for its bulk groceries and paper towels more so than its selection of gift cards. But if you're not buying gift cards at Costco, you may be overpaying for them elsewhere.

Costco discounts its gift cards below their face value, which means you're guaranteed to save money on whichever ones you decide to buy. As one example, right now, Costco is selling $100 worth of IHOP gift cards for $69.99. If you were to buy those gift cards from IHOP directly, you'd probably pay $100 unless you managed to snag some limited-time promotion.

3. An extremely flexible return policy

If you've ever kept a Costco purchase you ended up not wanting because you were afraid to take it back months after the fact, you cost yourself money for nothing. Don't sweat it, though — just pledge to take advantage of the flexible returns Costco is known for in the future.

In a nutshell, Costco will let you bring back almost any product at any time for a full refund. There are some exceptions you should know about, though.

Electronics and appliances must be returned within 90 days if you want your money back. And certain items, like cigarettes, alcohol, and gift cards can't be returned at all.

You should also know that you can return partially eaten food to Costco if there's an issue with its taste, or if it spoils ahead of its printed sell-by date. But you need to be reasonable when returning opened food products.

The general rule is that if you're bringing food back due to a quality issue, you have to return 50% of it or more. You can't buy a giant carton of strawberries, eat most of them, and then bring back three tiny berries for a refund while claiming their taste was off.

The $65 or $130 you pay for a Costco membership gives you access to a world of benefits. It pays to familiarize yourself with the perks of joining Costco so you can get the maximum value.

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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

3 Costco Perks You Aren't Taking Advantage of -- but You Should was originally published by The Motley Fool