Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Costco hikes membership fee for the first time since 2017

by admin July 11, 2024
July 11, 2024
Costco hikes membership fee for the first time since 2017

You’ll soon have to pay more if you want to shop at Costco.

The membership-based warehouse club said Wednesday that it will increase its membership fee by $5 in the U.S. and Canada as of Sept. 1. That’s an increase to $65 from $60 for annual memberships. Its higher-tier plan, called “Executive Membership,” will increase to $130 a year from $120.

Costco said the fee increases would affect around 52 million memberships, a little over half of which are executive memberships.

Shares rose about 2% in extended trading Wednesday.

It marks Costco’s first membership rate increase since June 2017. On average, the company has raised rates roughly every five and a half years — which would have put Costco on track to raise the fee in late 2022 or early 2023.

However, Costco held off on raising fees prior to now. In interviews with CNBC, CEO Craig Jelinek previously said it wasn’t the right time as consumers dealt with high inflation. The company’s CFO Richard Galanti made similar comments on prior earnings calls.

Costco relies on membership fees to drive most of its revenue and help keep merchandise prices low. Its rival, Walmart-owned Sam’s Club, hiked its own membership fee in 2022 for the first time in nine years. Yet even after the fee bump, a Sam’s Club membership was cheaper — at $50 for club members and $110 for members of its higher-tier level, “Plus,” on an annual basis. At BJ’s Wholesale, annual membership fees are $55 and $110, for club members and its own higher tier, respectively.

Costco said it stepped up enforcement last year to make sure shoppers weren’t using other members’ cards. It added an extra check for memberships in self-checkout aisles. The moves were reminiscent of Netflix, which has also cracked down on people who use its service without paying.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
The Fed may soon cut interest rates. That could make your next trip abroad more expensive
next post
Update on “Expressions of Interest” RFI Process

Related Posts

Wall Street expects Trump presidency will unlock deal-making

November 9, 2024

DOGE plans to wind down consumer protection agency...

March 4, 2025

Inflation pressure lingering from pandemic is keeping Fed...

May 30, 2024

Walmart hikes its outlook again as shoppers spend...

November 21, 2024

CEOs want workers back in offices—this company is...

February 22, 2025

Red Lobster files for bankruptcy, but restaurants will...

May 21, 2024

A lack of child care is keeping this...

July 9, 2024

Walmart to pay $10 million to settle lawsuit...

June 24, 2025

As his feud with Trump reignites, Musk’s business...

July 3, 2025

Boeing delivers most airplanes since late 2023 after...

July 9, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • X account racks up dozens of firings for those publicly celebrating Kirk assassination: ‘Fighting back’

      September 17, 2025
    • Trump appeals order blocking him from firing Fed governor Cook as crucial central bank meeting starts

      September 17, 2025
    • FBI’s Trump probe ‘Arctic Frost’ also investigated Charlie Kirk’s TPUSA, Grassley reveals

      September 17, 2025
    • Bill Barr transcript flies in face of Democrat claims on Epstein-Trump connection

      September 17, 2025
    • FBI phone extractions, DNA testimony headline Day 7 of Ryan Routh trial

      September 17, 2025

    Categories

    • Business (1,106)
    • Investing (3,052)
    • Politics (3,727)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved