Costco membership fees are going up for the first time since 2017

Costco, the popular retailer, announced that it will be raising its membership fees in the US and Canada. The standard membership fee will increase by $5 to $65 a year. Costco’s premium ‘Executive Membership’ will also see a $10 increase to $130 a year. However, Executive members will now be able to earn a maximum of $1,250 in rewards annually. The fee hikes will affect an estimated 52 million memberships, with over half being Executive members. Last year, Costco earned $4.6 billion in revenue from membership fees. The fee increases will go into effect on September 1.