Costco raising membership fee for the first time in years - but hot dog price remains
Costco raising membership fee for the first time in years - but hot dog price remains
This is the first membership price hike that Costco has announced in seven years
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.
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You guys pay to go to a fucking shop?!?! 😂
Target: 24pack of 16.9oz water bottles, $5.99
Costco: 40pack of 16.9oz water bottles, $3.99
That's the main thing I get there, but basically all items are on a similar 'more for less' price scale. It's incredibly easy to break even vs other local stores. Their stores are cleaner, the staff nicer, the bakery items (imo) tastier and fresher. They offer groceries, furniture, appliances, clothing, beef, dairy, prescriptions, eyewear, tires, vacation packages, hot food, fuel and washing for your car...
Why are you buying so many water bottles? Can't you just get a nice one and refill it?
If I'm hosting an outdoor event with a group of people in the middle of summer where there's no easy access to drinking water, I'm not going to count on everyone bringing their own water in sufficient amounts and then have to worry about someone getting severely dehydrated. As much as they suck, sometimes disposables are necessary.
It’s not just discounted goods, there are many other perks of the membership. For instance, I have a $0 annual fee credit card from them which does a cash back on purchases. Last year, just through regular spending, I received $1200. That alone paid for the membership many times over, not to mention all the other things.
Ah yes, some billionaire just gave you $1200 at his own expense, with no profit for himself aye
They make plenty of profit off of me when I shop there. And the credit card company makes profit off me too, by the fees they charge merchants when I use their card. (though none off of balance APR, as I pay it off every month). The net result is that we both benefit from the exchange. This is a mutually-beneficial relationship. Not everything is zero-sum.
You pay 3% extra to the retailer because the card company charges him 2.5%. The card company gives you back 2%, keeps 0.5% of what you already paid extra, and you bleat about how it's mutually beneficial? Fuck me mate, open your eyes, there's a reason that shit never took off in other countries
I pay a little extra, but so do you. So if you really want to split hairs, my card situation means I’m taking advantage of you, especially if you don’t use a rewards credit card. But yes, we all pay for credit card fees. I may as well minimize my personal impact from this. That’s the game, nothing we can do about it.
Very few retailers charge different prices for cash vs credit. As long as they don’t, just pay with credit and get your free money 😝
Do you honestly not realise they're charging you the credit price even when you pay cash?
It's not free cash, you already paid for it
Holy shit no wonder credit cards took off in the US, your grasp on basic finance is infantile at best
Fuckin hell 😂
Do you honestly not realise they're charging you the credit price even when you pay cash?
I do realize it. That’s why I get the cash back by using the credit card.
Do you not realize it? You’re admitting you pay the fees when you buy with cash but refuse to use a card to get the fee back.
…but go ahead and act like the smart one with your smaller back account if it makes you feel better about yourself.
Tell me you've never been to Costco without telling me you've never been to Costco.
Yeah, most known US whole sale markets have an 'Exclusive Membership' fee to get access.
If you spend more than $3250 a year in the store, it is worth it for the most part.
So you pay to get a discount?
Fuckin planet-brain move guys lmfao
Do you not understand math?
Better than you understand getting shafted by billionaires mate lol
👌👍🤡🤣
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.
you get 2% back
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.
It's the retailers
No, it's the card company
'Tis be how capitalism works, yo.
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)!