- cross-posted to:
- business
- cross-posted to:
- business
The membership increase, set for September 1, 2024, will impact around 52 million memberships, a little over half of which are on the “Executive” plan.
The annual US and Canada “Gold Star” memberships, Business and Business add-on members will see fees increase by $5. The annual fee for a “Gold Star” member currently sits at $60 plus sales tax, Costco said in an announcement this week.
Higher-tier “Executive” members in the US and Canada will see annual fees increase from $120 to $130. The maximum annual 2 percent reward, associated with the Executive tier, will increase from $1,000 to $1,250.
This is the first membership price hike Costco has announced in seven years.
“To clear up some recent media speculation, I also want to confirm the $1.50 hot dog price is safe,” Costco’s new chief financial officer, Gary Millerchip, said in May.
"I came to [Sinegal] once, and I said, ‘Jim, we can’t sell this hot dog for a buck fifty. We are losing our rear ends.’ And he said, ‘If you raise the ef**** hot dog, I will kill you. Figure it out,” Jelinek recalled in a 2018 presentation, 425 Business reported.
Edit: improved a bit: phrasing, grammer, words
You get 2% back, so if your budget allows, you end up on top.
'Tis be how capitalism works, yo.
As well as credit scores and debt relationships.
Post script: Please correct me or improve on my information if my thinking on the subject is wrong or needs improvement.
Is this the same as the 2% the credit card companies took off you in advance in order to pretend you were getting it back?
No. That 2% is with the membership, you get a certificate back every year based on what you spend in the store. The people talking about having to spend $3000 to break even are talking about this 2% return in relation to the membership fee. All the credit card rewards, cash back, or other points from whatever card you use are in addition, as well as all the discounted prices further reducing your cost burden.
Yes, you are paying 120 (130now I guess) for the privilege of spending less for more, with the additional benefit of making back that payment and more by buying the same things you would have bought from Walmart or wherever
☝️ The billionaire’s dream customer
It’s the retailers, but they’re taking it off you whether you use cash or card, so you might as well use your card and get it back instead of just handing it over.
No, it’s the card company
Refer back to the quote above.
You may be right, though, hahaha.
If someone else knows more, please step in; I need an adult (to help enlighten us on the subject at hand)!