Heads up to current and potential Costco members: Costco announced via their recent earnings report that they will be increasing the annual membership fee for both the standard Gold Star ($5 annual increase) and Executive memberships ($10 annual increase) on September 1st, 2024 for U.S. and Canada members. This will be the first Costco membership fee price increase since 2017. Not great news for members, but the increase equates to a ~1.5% annual inflation rate, which seems reasonable. There was also a bit of good news for Executive members as well – more details on that ahead.
Costco Membership Price Increase Details
The current and increased Costco membership prices are as follows:
Pre membership fee increase:
| Gold Star Membership | Executive Membership |
|---|---|
| $60 | $120 |
Post membership fee increase:
| Gold Star Membership | Executive Membership |
|---|---|
| $65 | $130 |
Lock in Current Costco Membership Fees (if you can)
The announcement and price increase date leaves a small window of time (before 9/1/24) for non-members to sign up and lock in the lower rate for the next year before the increased rate on renewal would kick in.
And, for current Costco members wondering if they can renew their membership prior to the price increase to lock in the lower rate, Costco states:
Please keep in mind that active memberships can only be renewed within 90 days prior to the expiration date. If your membership is expired or inactive, you can renew online within 90 days after the date of expiration, or any time in person or by phone.
You can view your renewal date on Costco’s membership renewal page after logging in.
Costco Executive Reward Bonus Increases from $1,000 to $1,250
One piece of good news in the announcement comes for Executive members. The maximum annual 2% Reward associated with the Executive Membership will increase from $1,000 to $1,250. For high spending Costco members, a $10 annual membership fee increase in exchange for a bonus reward up to $250 is a fantastic tradeoff.
I’ve run the numbers on if a Costco membership upgrade is worth the cost. It has been most years for me (2-person household). If it doesn’t work out for you, you can ask Costco for a membership fee refund if a rebate check falls short of the premium for the membership upgrade.
Is Costco Membership Still Worth the Price?
Post increase, Costco membership will still be worth the price for a large majority of members (and shopping at Costco without a membership is a huge pain for those who’ve tried it). For me personally, the annual savings that comes from Costco gasoline alone justifies the cost of Gold Star membership. Those who are already driving EVs may feel differently. Add in savings on things like Kirkland Signature dog/cat food, Kirkland Signature alcohol, bulk store brand food items, clothing, discounted Instacart gift cards, and more – and the price for Costco membership still a great bargain, in my view.
Note that I regularly try to update available Costco membership discount offers for those waiting for the right moment.
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