Costco’s First Membership Fee Increase in 7 Years Is Now In Effect

Costco’s plan to raise the price of its membership for the first time in seven years went into effect Sunday.

The wholesale club raised annual membership fees by $5 and $10 in the U.S. and Canada, with gold star and business memberships going from $60 to $65 and executive memberships going from $120 to $130, the company said.

The cost increase will affect about 52 million members, just over half of whom are executive members of the club, Costco said in a July press release.

Costco last raised membership fees in June 2017.

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The cost of a Costco membership rose for the first time in seven years on Sunday. (Marlene Awaad/Bloomberg via Getty Images, File/Getty Images)

Membership with the wholesale giant comes with a host of benefits, including free samples to try, discounts on groceries, gas, home insurance, travel and groceries, and a 2% annual reward on qualifying purchases at any of its 882 warehouses worldwide.

Costco announced the price increase in July, saying the hike would affect an estimated 52 million memberships. (Eric Thayer/Bloomberg via Getty Images, File/Getty Images)

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Costco reported net sales of $19.26 billion for the retail month of July, which ended Aug. 4, up 7.1% from 2023.

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Membership fee revenues increased 7.6% in the third quarter of fiscal 2023. Membership fees accounted for 1.9% of the company’s total revenues for the fiscal year.

Fox Business’ Pilar Arias contributed to this report.