Costco shoppers could soon pay more for their yearly memberships.
During an earnings call on Tuesday, company CFO Richard Galanti said that membership prices are expected to increase but didn’t disclose when the price hike will take effect.
“It’s a question of when, not if,” Galanti said during the call. “You will see it happen at some point. We can’t really tell you if it’s in our plans or not. We will let you know when we know.”
The last time Costco increased its membership prices was in June 2017, with Galanti noting that membership price hikes usually happen every five to six years but stated that now wasn’t the right time for one.
Since 2017, Costco’s Gold Star membership has cost $60 and the Executive membership has cost $120.
The company has also been monitoring the unauthorized use of its membership cards.
“We don’t feel it’s right that non-members receive the same benefits and pricing as our members,” the wholesale giant said in a statement to Insider. “As we already ask for the membership card at checkout, we are now asking to see their membership card with their photo at our self-service checkout registers.”
Costco employees nationwide have been spot-checking customers’ membership cards in self-checkout lines, where the bulk of the unauthorized card-sharing takes place, Insider reported.
For those who want to purchase a Costco membership before the looming price increase, now is a great time to do one. Customers who purchase a membership through Stack Social can also receive a $30 gift card.