Costco Just Raised Its Membership Fees

For the first time in nearly a decade, and after much speculation, Costco announced that it is soon increasing the price of its annual memberships. 

According to a statement provided by the members-only, big-box chain, it will be raising the price of its Gold Star membership by $5, going from $60 to $65; while its Executive membership price will increase by $10, going from $120 to $130 per year. The new fees will take effect later this year, on September 1, 2024. 

Additionally, Costco noted that “the maximum annual 2% Reward associated with the Executive membership will increase from $1,000 to $1,250. The fee increases will impact around 52 million memberships, a little over half of which are Executive.” 

But despite the increase, that Executive membership may actually be worth it if you tend to spend a lot at Costco, including paying for a rental car or hotel via Costco Travel, which allows you to earn toward that annual 2% Reward. Costco Executive members also get other extra perks like water delivery and access to pet and auto insurance. 

While it’s natural to be disappointed when the price of anything goes up, Costco promises one thing will remain the same (at least, for now): its hot dog-and-soda combo.

“To clear up some recent media speculation, I also want to confirm the $1.50 hot dog price is safe,” Costco chief financial officer Gary Millerchip said on an earnings call with analysts in May. As CNN reported, it was Millerchip’s first earnings call since taking over for longtime CFO Richard Galanti, which had many holding their breath, thinking Millerchip would drastically switch things up. 

And that’s probably a good thing for Millerchip because, according to lore, Jim Sinegal, Costco’s co-founder, told the company’s former CEO Craig Jelinek, “If you raise the effing hot dog, I will kill you.” So, at least everyone is holding true to his wishes … and a little bit to his threat.