CHARLOTTE, N.C. — Sam's Club is raising its annual membership fee for the first time in nine years.
Rates have increased from $45 to $50 for a basic club membership while “plus” memberships have increased from $100 to $110.
The CEO of the Walmart-owned retailer said last month that Sam’s Club will be reimbursing the fee increase in the store's own currency called “Sam's cash,” which can be used at its stores.
These new rates bring Sam's Club closer in price to the membership rates of rival Costco. Costco charges $60 a year for its basic membership and $120 for its higher-tier “Gold” membership.
While Costco said last month it didn’t have any plans to increase its membership fees, according to Bloomberg, Costco typically raises its membership prices every 5 to 6 years.
The last time Costco increased membership fees was in June 2017.
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