Costco has launched a rewards card that will entitle business members to a 2% rebate on all purchases, with discounts capped at £400 a year.

Joining the Executive Membership scheme will cost £30 a year, in addition to the £20 businesses pay for Costco membership.

"The scheme adds another tier to our membership structure," said one insider. "It is already proving to be very popular since its launch."

Rewards, which are paid at the end of the customer's membership year, are not payable for purchases of tobacco or postage stamps.