Costco will give you free groceries in exchange for old electronics — here's how to try it out

A Costco card can already turn heads, as a famous meme from a college basketball game put on display. Now, Costco members can tap into even more perks of their membership through an electronic device trade-in program.

How does the Costco Trade-In Program work?

If you have old electronics you no longer use, you can consider trading them in at Costco instead of storing them indefinitely or throwing them away. The program is powered by Phobio, a specialist in the trade-in industry.

Potential rewards for devices range up to $2,550 for laptops, and Costco accepts a wide variety of brands, including Apple, Samsung, and Google. The six product categories you can trade in are phone, laptop, tablet, smartwatch, desktop, and media player.

To participate, all you have to do is fill out a form on Phobio's website, providing details such as the brand, original purchase date of your item,  and its condition to get an instant quote.

From there, you can print a shipping label and prepare your device for shipment. That includes steps like wiping it, packing it securely, and getting it to a shipping service.

Once Costco and Phobio get your device, they'll take a look at it, make sure it's clean, and prep your payout. As a reward, you'll get a Digital Costco Shop Card that you can use toward your favorite Costco purchases in the warehouse or online. The whole process takes somewhere between nine and 15 business days. 

Why should I participate in the Costco Trade-In Program?

Of course, it's great to get some money that you can use for practical purchases in exchange for electronics you're not using.

Beyond that, Costco's program not only provides savings but also helps reduce demand for new minerals used in manufacturing electronics. That makes them beneficial for both your wallet and the environment.

Companies can extract valuable materials from old devices, such as gold, as well as important ones used in lithium-ion batteries. That's why it's a tremendous waste that so much old electronics goes to waste, leaving an estimated $62 billion in value on the table.

Trading in old electronics is also important in keeping their hazardous materials out of landfills. Poorly managed e-waste can leach dangerous chemicals such as mercury and lead, thereby contaminating soil and water.

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Are there similar programs to the Costco Trade-In Program?

If you're not a Costco member, don't fret. On the retail front, Target and GameStop have similar programs for consumers with old electronics.

You can also work directly with some electronic brands, such as Apple and Samsung, to get credit toward new devices.

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