Costco is raising its basic membership fee for the first time since 2017, increasing the annual charge to $65 from $60, which represents an 8.3% hike effective September 1, according to a statement from the Issaquah, Washington-based retailer.
The cost of a premium membership is also increasing from $120 to $130.
Additionally, Costco announced that the maximum annual reward for its executive membership will rise from $1,000 to $1,250. These changes affect approximately 52 million memberships.
Costco typically adjusts membership costs every five years, but had delayed increases due to consumer concerns over inflation.
In contrast, rival Sam’s Club recently raised its basic annual fee to $50 and premium fee to $110, the first increase in nine years.
Despite the membership fee increase, Costco has assured customers that its popular $1.50 hot dog combo, a staple since 1985, will remain unchanged.
