ISSAQUAH, WA - As we reported in July, Costco announced an increase in its annual membership fees. This increase went into effect September 1, 2024.

As CNN reported, this is the first cost increase for membership since 2017. When it announced the new policy update, the retailer explained that membership fees would increase by $5 to $65 a year in the United States and Canada.

This update goes into effect across three plans: Gold Star, Business, and Business Add-On. The changes started for new members signing up on or after September 1 and renewals occurring after that date, CNN added.

Additionally, the price of Costco’s premium Executive Membership also went up by $10 to $130 a year. For these members, though, they will soon be able to earn a maximum of $1,250 in rewards annually versus the current $1,000.

Costco stated that approximately 52 million memberships will be impacted, a little over half of which are Executive Memberships.

Will this update have any effect on Costco’s next earnings? AndNowUKnow will find out.