Costco (COST) announced it will be hiking its membership fees for the first time since 2017. Wealth! Host Brad Smith breaks down the price increases and how your membership may be impacted.

Costco's annual membership will cost $65, effective September 1.

Additionally, annual fees for executive memberships in the US and Canada will increase from $120 to $130. This fee consists of the $65 primary membership plus the executive upgrade of $65. The maximum annual 2% reward associated with the executive membership will increase from $1,000 to $1,250.

Costco estimates the fee increases to impact about 52 million memberships, slightly over half of which are executive memberships.

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This post was written by Melanie Riehl