If you have a Costco membership, get ready to pay more for access to the warehouse club! The retailer has confirmed that starting June 1 it will increase annual membership fees.
Costco is raising membership fees soon
Gold Star and Business membership fees will increase to $60, up from $55.
The annual fee for an Executive membership will increase from $110 to $120, and the maximum annual 2% reward associated with the membership will increase from $750 to $1,000.
So depending on the type of membership you have, it's going to cost you either $5 or $10 more a year.
Costco makes a great deal of money from membership fees, so it’s able to charge a minimal markup of 14% on its Kirkland Signature products and sometimes less on brand name items.
Here are the current membership rates for two of Costco's competitors:
- Sam's Savings: $45
- Plus Membership: $100
- Inner Circle: $50
- BJ’s Perks Rewards: $100
This is Costco's first membership fee increase since 2011.