The warehouse giant plans to bump up its annual member fees in June.
Attention, Costco customers: Shopping at the beloved warehouse chain is about to get more expensive.
Costco has announced that it’s hiking its membership prices in June. According to the company:
Effective June 1, 2017, (Costco) will increase annual membership fees by $5 for U.S. and Canada Goldstar (individual), Business, and Business add-on members (“Primary” Members).
That increase will take those membership fees to $60.
Meanwhile, Executive memberships are going up to $120 — a $10 bump. The maximum annual 2 percent reward associated with the Executive membership will jump from $750 to $1,000.
This is the first time that the club retailer has increased its membership fees since 2011.
Analysts predicted the hike last April, noting that the warehouse club typically bumps up its membership fees every five to six years.
Costco says the hike will impact about 35 million members — about half of them being Executive members. The rise comes after the warehouse chain’s quarterly earnings and revenue fell short of Wall Street expectations, the Associated Press reports.
Costco — consistently ranked by consumers as a top retailer — still offers plenty of savings for your membership fee, especially if you don’t overlook less obvious perks, such as discounted gift cards. As we have noted:
Deals at Costco aren’t limited to buying in bulk. Take their gift card aisle — it offers a swarm of savings on everything from movie tickets and restaurant meals to theme park admission.
For more tips on saving at Costco, check out “8 Ways to Squeeze the Most From Your Costco Membership.”
Just remember that not everything at Costco is a great deal. Find out what you should avoid putting in your Costco shopping cart in “What Not to Buy at Costco (or Sam’s).”
What do you think of Costco’s planned membership fee bump? Share your thoughts below or on Facebook.