Costco Is Raising Its Annual Membership Fees Starting in September

In another effort to increase revenue while providing cost-saving perks, Costco recently announced their Gold Star and Business membership price will increase from $60 to $65 annually in the U.S. and Canada. The pricier Executive Membership will also increase from $120 to $130 per year. For Executive members, the company says their maximum annual reward will change from $1,000 to $1,250.

The new membership price increases are expected to take effect on September 1, 2024. In a press release, Costco said the increase will apply to its nearly 52 million members, half of whom are on the Executive plan.

The last Costco membership price increase came in 2017 when the company announced their base Gold Star membership would change from $55 to $60, and the Executive plan would change from $110 to $120. Costco currently runs 882 locations, which include 609 in the United States and Puerto Rico and 108 in Canada.

Sam’s Club, a top rival of Costco, raised its membership prices in 2022. Despite the recent increase, Sam’s Club’s membership fees are cheaper than the other popular warehouse giant. A base Sam’s Club membership is $50 annually, and the Plus membership is $100. It’s unclear if the price hike will deter customers from Costco or if the Costco-specific membership perks will be worth the added cost.

Recently, Costco cracked down on membership sharing and cardless shopping. To maintain the integrity of their membership program, the wholesaler also made efforts to prevent people without memberships from eating at the food court.

The company noticed an increase in people sharing their memberships with family and friends and will now require members to show a photo ID and membership card to check out. Members may also need to scan their member ID before entering the warehouse.

When signing up for a membership, make sure to include the people most likely to shop at the brick-and-mortar warehouse. According to the Costco website, you can add two household members to a Gold Star Membership (either regular or Executive). There can be a primary and one free household member who is over 16 and lives at the same address.