Costco is hiking its membership fees. On Thursday the wholesale retail store said they would increase its Goldstar membership fee by $5, from $55 to $60. Executive membership fees will increase by $10 to $120. The new fees will go into effect this year in June.
Fortune reports the hike was expected by some Wall Street experts since Costco's 86.7 million cardholders spent $2.6 billion on membership fees, which amounts to about three-quarters of its operating income.
The Street reports in September Costco raised its membership fees by 10% in other countries.
Executive members do receive a higher cap on the amount of reward gift certificates they can receive in a year.