(NEXSTAR) – For the first time in nearly a decade, Sam’s Club will raise its membership fee, joining a slew of other retailers and services that have raised such fees this year.
In a letter addressed to members that were shared with Nexstar Wednesday, Sam’s Club President and CEO Kathryn McLay said the fees for Club members and Plus members will rise on October 17. This comes just weeks after Sam’s Club reduced its Club membership fee for a limited time to $8 for new members.
For Club members, annual fees will increase by $5, from $45 to $50 per year. The Club membership fee has been the same for nine years, according to McLay. For Plus members, who will see their first price change since 1999, the fee will rise from $100 to $110 per year.
“We are mindful of the financial pressure on wallets right now,” McLay wrote. “So, this year’s renewal is on us. We’re giving back $5 in Sam’s Cash to Club members and $10 in Sam’s Cash to Plus members shortly after renewal.”
The Sam’s Cash offset may be limited to one per member if you have multiple memberships. This offer is valid from October 17 until October 16, 2023.
In March, Costco CFO Richard Galanti discussed the possibility of a membership hike in the near future, “especially in light of companies like Amazon and Netflix raising their fees” earlier in the year.
Netflix raised its monthly costs in January, with prices rising by about $1 to $2, depending on the plan. They will also soon add a lower-priced, ad-supported plan soon but an official date hasn’t yet been announced. In February, Amazon Prime’s annual cost jumped – this also impacts streaming through Amazon.
In early August, Disney announced its three streaming services – Disney+, Hulu, and ESPN+ – will become more expensive. These price hikes come as Disney rolls out an ad-supported Disney+ subscription that it announced earlier this year.
Michael Bartiromo contributed to this report.