Costco's first membership price hike in 7 years just went into effect

Costco customers will see an increase in their annual membership fees for the first time since 2017. The retailer announced a $5 hike for three membership plans: ‘Gold Star,’ ‘Business,’ and ‘Business Add-On.’ The changes began on September 1 for new members and renewals after that date. The premium ‘Executive Membership’ fee also increased by $10. However, Executive members will now be able to earn a maximum of $1,250 in rewards annually. Costco estimates that 52 million memberships will be affected, with half of them being Executive members. The fee increases come as Costco seeks to prevent non-subscribers from taking advantage of memberships. They have implemented stricter policies, requiring members to scan their cards for entry and mandating that all guests be accompanied by a valid cardholder.