From the gas pump to your favorite streaming service, rising costs have reached nearly every aspect of American life this year. The latest expense that could be subject to a price hike is your Costco card. As Food & Wine reports, Costco's director, EVP, and CFO Richard Galanti recently discussed making membership fees higher in the future.
Costco's basic Gold Star membership is currently $60 a year—a number that was set in June of 2017. The bulk retailer has a history of raising its membership prices every five years or so. If the company sticks to this pattern, customers could expect to see the cost of a card go up in 2022 or early 2023.
When asked about plans to change the membership price during an earnings call in early March, Galanti said increases happened on average "a little over every five and a half years, about five years and seven months." Whether the next hike will happen exactly five years from the last one (which would be June 2022) or closer to five years and seven months (around January 2023), he didn't say. All he could confirm was that the company was considering adjusting its fees in the future.
Members who have already paid their dues this year don't have to worry about getting an unexpected bill in 2022. If you're not a Costco member but are interested in becoming one, now's the time to sign up for a card and lock in the current price for the year. This could be especially appealing to anyone impacted by the soaring cost of gas, as Costco's gas prices are always discounted.
[h/t Food & Wine]