UPDATE: March 3, 2017 at 5:24 p.m.
It's official, Costco has confirmed a 10 percent hike on its membership fee, which will go into effect starting in June. This means the price of standard memberships (read: Goldstar and Business members) will jump to $60 per year, from the current rate of $55. Meanwhile the price of an Executive membership will increase by about 9 percent, from $110 to $120, Consumerist reports.
ORIGINAL POST: January 6, 2017 at 1:46 p.m.
Buying in bulk can reap all kinds of rewards, like not having to buy paper towels for two months, or saving big on that 48-ounce box of crackers for your wine and cheese night. But if you're a member of Costco, you might have to prepare to shell out extra cash for those benefits.
The megastore is apparently planning to charge more for its memberships. Analysts at UBS bank expect the hike to be as much as 10 percent. That means the basic Gold Star Membership annual fee would jump up $5, from $55 a year to $60, and the Executive Membership would increase from $110 to $120.
Costco hasn't officially confirmed that this is happening, but the company's chief financial officer Richard Galanti said during a conference call last month that the time is probably right for a price increase, Consmerist reports. This could be in part to help the chain expand, as it has 30 new stores slated to open this year, about half of which will be the U.S.
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