Costco increases the price of its memberships: new amounts and when they take effect
More than six years after the last increase, Costco has announced it’s increasing the price of its memberships. Find out when the measure comes into effect.
After several years of speculation and more than 6 years since the last increase, Costco has announced that it will increase its membership prices before the end of summer.
Last year, the department store chain’s chief financial officer, Richard Galanti, had expressed that a new rate increase was coming, but no date was confirmed. However, this Wednesday, the company shared the date on which the new membership prices will come into effect.
Currently, Costco has three types of memberships: Gold Star Membership, with an annual fee of $60; Business Membership, $60 per year; and the Executive Membership, which costs $120 per year. Below we’ll share with you how the new amounts will look after the increase and when they come into effect.
New Costco Membership Prices: Amounts and When They Take Effect
The company announced that, effective September 1, 2024, it will increase annual fees by $5 for Gold Star Memberships (individual) and Business Memberships, as well as for Business add-on members. With this increase, all Gold Star, Business and additional Business members in the United States and Canada will pay an annual fee of $65.
Business Membership is exclusive for business owners to purchase products for commercial, personal and resale use.
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On the other hand, also starting September 1, annual fees for Executive Memberships will increase from $120 to $130 ($65 main membership, plus upgrade to $65 Executive Membership).
This level (Executive Membership) offers greater savings as well as a 2% annual reward on qualifying purchases. To obtain it, you must first have a Gold Star Membership and then upgrade your account. Those with an Executive Membership will see a higher annual maximum reward, increasing from $1,000 to $1,250.
According to the company, the rate increases will affect around 52 million members, of which just over half have an Executive Membership.
Costco currently operates 882 warehouses worldwide, including 609 in the United States and Puerto Rico, as well as 108 in Canada. Costco also operates e-commerce sites in the United States, Canada and other countries.