Costco membership prices going up this weekend: These are the new amounts

This weekend marks a big change at all Costco stores in the United States and Canada, as the company will be raising membership prices for the first time in six years.

The retailer announced in July that the rates will increase starting Sunday, Sept. 1 of this year. Costco estimates this move will affect more than 50 million people.

Costco currently offers three types of memberships: Gold Star membership, with an annual fee of $60; business membership, also $60 per year; and executive membership, which costs $120. Here’s how much prices will go up and what the new amounts will be.

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The new prices for Costco memberships starting this weekend

Gold Star membership prices will increase by five dollars beginning Sunday. With this increase, all Gold Star members will pay an annual fee of $65 in the United States and Canada.

Meanwhile, business membership rates, as well as additional business membership members, will also go up by five dollars, from $60 to $65 annually.

Finally, annual fees for executive memberships will increase by $10, from $120 to $130, with the primary membership costing $65 and upgrading to executive membership costing an extra $65.

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While prices will go up for executive memberships, the benefits for these members will also be greater. Executive membership offers bigger savings, as well as a 2% annual reward on qualified purchases. Those with an executive membership will also see a higher maximum annual reward, as it will increase from $1,000 to $1,250.

According to Costco, the rate increases will affect about 52 million members in the United States and Canada, just over half of whom have an executive membership. Costco currently operates 882 warehouses, including 609 in the United States and Puerto Rico, as well as 108 in Canada.