Costco Is Raising Its Annual Fee for All Members Later This Year

Members will have to shell out a little extra if they want to continue shopping at the discount superstore.

Costco members might be surprised to learn that the price of a Costco membership will be increasing later this year. After staying the same for seven years, 2024 marks the next membership hike shoppers can expect.

Regular membership fees will see a $5 increase this year, going from $60 to $65. This applies to Business members as well as Gold Star members. 

Executive members will see the highest fee increase at $10 more per year, putting the membership at $130 annually. Fortunately, Executive members will also see an increase in the rewards they can save: Members currently have up to $1,000 in rewards available to acquire each year, but once the membership price increase goes into effect, they’ll be able to get up to $1,250.

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Executive members will still receive 2% cash back on all Costco purchases. You’d need to spend around $3,300 at Costco each year in order to make back the price of the increase from the Gold Star membership to the Executive membership—the measure that most households use to determine whether or not it’s worth it for them to upgrade. You’ll also find a few other exclusive Executive discounts on Costco services.

Gold Star and Business members will find the biggest benefits of their membership from the lower prices at Costco, thanks to buying items in bulk. You can also find major savings when buying gas at Costco. Even with the membership price increase, you’re still likely to save hundreds on your grocery (and gas) bills each year. 

Of course, not everyone is happy about the Costco membership price increase. Fortunately, most Costco members are acknowledging the fact that the increase is small, and the calculated savings are still worth it (especially for larger households). 

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This comes at the same time that big-box competitor Sam’s Club slashed its sign-up fee to just $25. However, it also recently got rid of the shopper-loved perk of free shipping—now only available for orders over $50.

If you’re a Costco member, you can expect to see the increase beginning on September 1.

Now for the question that’s been on everyone’s minds: Will the price of the beloved Costco hotdog increase? Fortunately, the answer is no: At least for now, the iconic Costco food court combo will remain at its delicious price of $1.50. 

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