Costco has raised its annual membership fees for the first time since 2017, with increases affecting millions of members starting September 1. (File)
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Costco members are facing higher fees for the first time since 2017, as the retailer raised its annual membership costs on Sunday, CNN reported.
In July, Costco announced that membership fees in the U.S. and Canada would increase by $5, bringing the cost of the “Gold Star,” “Business,” and “Business Add-On” plans to $65 a year. The premium “Executive Membership” saw a $10 hike, now priced at $130 annually. Executive members will also benefit from an increased rewards cap, earning up to $1,250 per year, up from $1,000.
Related Story: New Costco in South LA to Include Affordable Housing
The fee hikes are expected to affect about 52 million memberships, with more than half being Executive members, according to Costco.
Membership fees are a significant revenue source for Costco, helping to maintain its competitive pricing. Last year, the company reported $4.6 billion in revenue from these fees, an 8% increase from 2022.
The price changes come as Costco cracks down on unauthorized membership use. The company is implementing stricter entry policies, including scanning membership cards at store entrances. Members with cards lacking a photo are advised to bring a valid ID or visit the membership counter for an updated card.
Read more at CNN.
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