Costco is raising membership fees for the first time in 7 years

2024-12-24 10:03:50 source:lotradecoin two-factor authentication setup category:Contact

While Costco's $1.50 hotdog price is staying put for now, the same can't be said for its membership fees.

Starting Sept. 1, "Gold Star" membership in the U.S. and Canada will cost $65, up from $60. "Executive Memberships" will go from $120 to $130, with the membership's maximum annual 2% reward increasing from $1,000 to $1,250. 

It's the first time Costco has announced a price hike since 2017. 

Costco says the fee increase will impact about 52 million memberships, a little over half of which are executive memberships. The retailer operates 882 warehouses, 609 of which are in the U.S. and Puerto Rico. 

Costco Chief Financial Officer Gary Millerchip hinted at an upcoming fee hike during a May earnings call, noting that the members-only warehouse retailer raises its membership “every five years or so" and that it's a matter of "when we increase the fee, rather than if we increase the fee.”

Sam's Club free shipping:Sam's Club Plus members will soon have to spend at least $50 for free shipping

Membership fees are a major source of revenue for Costco, generating $1.12 billion in the most recent quarter. Costco on Wednesday also reported net sales of $24.5 billion for the five weeks ending July 7, up 7.4% from the year prior.

More:Contact

Recommend

Billboard Music Awards 2024: Complete winners list, including Taylor Swift's historic night

Now that our Spotifys have been unwrapped, the 2024 Billboard Music Awards have uncloaked our collec

Want to coach your alma mater in women's college basketball? That'll be $10 million

Coaching contracts can have all sorts of weird, or creative, clauses. Consider Dabo Swinney's Clemso

SpaceX’s mega rocket blasts off on a third test flight from Texas

SpaceX’s mega rocket blasted off on another test flight Thursday, aiming to make it halfway around t