Costco is increasing the price of its membership amid recent hikes by various subscription services.
On July 10, the members-only retail giant announced that the annual fee for its Gold Star Membership will rise from $60 to $65, a $5 increase.
Additionally, the Executive Membership, which offers exclusive benefits, will see a $10 hike, bringing the total annual fee to $130. These premium members will now be able to earn rewards up to $1,250, up from the current $1,000 annual bonus.
This is the first membership fee increase Costco has implemented in seven years, and it follows similar moves by competitors such as Sam’s Club and Amazon, who raised their prices about two years ago.
The new fees will take effect starting in September and are expected to impact around 52 million members, half of whom hold Executive memberships.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
