Costco is raising their membership prices in June 2017–if you’re getting a new Costco membership or renewing your annual membership, expect to pay more. It isn’t a big membership rate increase–it’s an extra $5 to $10 a year. However, it is the first membership rate fee Costco’s had in years.
Costco Membership Cost Increasing: The Basics
According to MarketWatch’s Claudia Assis, here’s the scoop:
Basic membership fees are increasing by $5 on June 1, 2017.
- Individual Costco Gold Star memberships will be $60 yearly effective June 1, 2017. The old rate was $55.
- Individual Costco Business memberships will be $60 yearly effective June 1, 2017. The old rate was also $55.
- Costco’s Executive memberships, which offer 2% rewards on Costco purchases, will be $120 yearly effective June 1, 2017. The old rate was $110.
However, there’s one very big bonus for Costco Executive members: The annual money-back reward cap is now $1000 instead of $750. For small businesses that make a lot of purchases at Costco, that’s a really good deal.
Costco Membership Cost Increasing: What To Know
This is Costco’s first membership fee increase since 2011. Costco usually increases their membership fees every five years or so. This particular fee increase is pretty small, all things considered. It’s even less than a cheap family meal at the Costco food court.
Costco still offers an extremely competitive membership price. If you run a small business, a freelancer, or are otherwise self-employed, Costco’s business membership is amazingly useful. Used in tandem with Amazon prime membership or as a standalone tool, it can make work expenses a lot cheaper.
There are four big advantages to getting a business membership with Costco:
- It’s cheap to shop at Costco. Many of the ordinary, non-sexy purchases of work life: Everything from printer paper to office chairs to file cabinets are cheaper at Costco than at department stores or buying online.
- Having a Costco business membership gives you a separate account with separate receipts for business purchases. This is very helpful during tax season.
- Costco offers a concierge service and a very generous warranty for electronics purchases. If you have a Costco membership, it is one of the cheapest places you can buy a high-quality computer, television, speaker, or smartphone.
- You can legally resell items you purchase at Costco for a profit. This might require some extra paperwork, though. Ask your accountant first.
Costco Membership Cost Increasing: Other Resources
- Costco: Costco membership
- Amazon: $25 Costco gift card
- Android App: The Costco Connection
- iOS App: The Costco Connection
(Image via Wikimedia user Nandaro)