Costco, the largest American membership-only warehouse club, is raising its annual membership fees.
The company announced that beginning on June 1, their basic memberships will go up from $55 to $60 per year. Executive memberships will be raised from $110 to $120, with the maximum annual 2 percent reward increasing from $750 to $1,000.
Costco says the fee increases will impact about 35 million members, with half of them being executive members.
The membership fee increase announcement came after the company posted their quarterly results.
Costco was founded in 1976 and operates 728 warehouses worldwide, including 508 in the U.S.