Confirmed: Your Costco membership fee is going up

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. 

Read more: 12 secret saving hacks at Costco, Sam's Club and BJ's Wholesale

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 Club

• Sam's Savings: $45
• Plus Membership: $100

BJ’s

• Inner Circle: $50
• BJ’s Perks Rewards: $100

This is Costco's first membership fee increase since 2011.

Read more: 10 Kirkland Signature products you should always buy at Costco

Costco CEO shares tips with Clark Howard to help you save money

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