Here's how your Costco membership fees are about to change

Costco (COST) announced it will be hiking its membership fees for the first time since 2017. Wealth! Host Brad Smith breaks down the price increases and how your membership may be impacted.

Costco's annual membership will cost $65, effective September 1.

Additionally, annual fees for executive memberships in the US and Canada will increase from $120 to $130. This fee consists of the $65 primary membership plus the executive upgrade of $65. The maximum annual 2% reward associated with the executive membership will increase from $1,000 to $1,250.

Costco estimates the fee increases to impact about 52 million memberships, slightly over half of which are executive memberships.

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This post was written by Melanie Riehl

Video Transcript

Well, I've got some bad news for all of you.

Costco lovers.

The big box retailer is announcing a price hike.

Now, before you freak out, they're not changing the price of their beloved $1.50 hot dog soda combo, but they are increasing the price that you'll pay for their annual membership.

Effective September 1st, you will pay 65 bucks for the year.

That's about $5 hike right there.

Additionally, annual fees for executive memberships in the US and Canada will increase from 120 to $130 a $10 change.

The exact fee consists of primary membership of $65 plus the executive upgrade of $65 and the maximum annual 2% reward associated with the executive membership will increase from $1000 to $1250.

So overall, Costco says the fee increases will impact around 52 million memberships.

That's a little over half of which being executive, so if you want to keep buying that Kirkland alcohol and toilet paper in bulk, you'll have to cough up the extra cash