Costco Wholesale Corp. announced yesterday that it will be increasing annual membership fees for its Canadian and US markets this fall, effective September 1st. The decision was revealed alongside the company’s June sales results.
Under the new fee structure, individual, Business, and Business Add-On members can expect increases ranging from $5 to $65. Executive members will face higher fees, with adjustments ranging from $10 to $130. This marks the first fee hike since 2017.
Fortunately for Executive members, the maximum annual 2 percent reward associated with their membership will also increase to $1,250, up from $1,000 previously. This enhancement comes as Costco continues to attract customers with its competitive rewards program despite the fee adjustments.
The decision was disclosed alongside the company’s strong June sales results, which showed a 7.4 percent increase in net sales to $24.48 billion.
