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Costco raises membership fees for first time in 7 years: Here’s how much it will cost

Jul 11, 2024, 9:24 AM

Costco raises membership fees for first time in 7 years: Here’s how much it will cost...

(Photo by Tim Boyle/Getty Images)

(Photo by Tim Boyle/Getty Images)

Costco raises membership fees for first time in 7 years: Here’s how much it will cost.

Well, it only a matter of time for Costco to raise membership prices.

Costco Wholesale announced on Wednesday that it will be raising its annual membership fees for the first time in seven years for customers in the US and Canada, starting from September 1.

The memberships provided by the retailer come with various benefits for customers, such as complimentary samples, discounts on food, gas, home insurance, travel, and grocery items, as well as an annual 2% reward on eligible purchases made at its warehouses.

Costco raises membership fees for first time in 7 years: Here’s how much it will cost

(Photo by Joe Raedle/Getty Images)

The annual fee, which was last increased in June 2017, will see a $5 rise to $65 for “gold star” and business members, and an increase to $130 from the previous $120 for executive members, as stated by the company.

Costco also mentioned that the maximum annual 2% reward linked with executive membership will be raised to $1,250 from $1,000.

This adjustment will impact approximately 52 million members, with slightly over half falling under the executive category, according to the membership-only retailer.

Costco relies on the fees to keep prices low as it competes with rivals such as Sam’s Club. In spite of the price increase, it’s still a pretty good deal.

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Costco raises membership fees for first time in 7 years: Here’s how much it will cost