Costco membership fees are set to increase in the near future.
During a quarterly earnings call, Richard Galanti, the company’s Chief Financial Officer, stated that the possibility of raising membership fees was not a matter of if, but when. The CFO pointed out that the company’s most recent price hike occurred in June 2017, a period he characterized as “a bit lengthier” compared to the frequency of increases implemented by the major big-box retailer in previous years.
“You’ll see it happen at some point. We can’t really tell you if it’s in our plans or not. We’ll let you know when we know,” Galanti said. “In terms of looking at the values that we provided our members. We continue to increase those in certainly a greater amount than even more than if and when an increase occurs. Stay tuned, we’ll keep you posted.”
At this time, Costco offers three membership tiers: “Executive,” “Business,” and “Gold Star,” all starting at a base price of $60.
The Executive membership represents the highest level, with an annual fee of $120. This membership provides two household cards, an annual 2% reward on Costco purchases, check printing services, and additional perks to select Costco Travel offerings.
For the Business membership includes a complimentary Household Card and extends coverage for resale and business-related use. An optional affiliate cardholder can be added for an additional $60.
The Gold Star membership, the company’s most basic option, is also priced at $60. Similar to the other membership tiers, it grants access for personal use and entry to all Costco locations worldwide.