(NEXSTAR) — Like a handful of other subscription-based services, Sam’s Club is raising its membership fee, marking the first time in nearly a decade that the wholesale retailer has increased its fee.
In a letter addressed to members that was shared with Nexstar in August, Sam’s Club President and CEO Kathryn McLay said the fees for Club members and Plus members will rise on Monday, Oct. 17. The announcement came 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 in August. “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 Oct. 17 until Oct. 16, 2023.
Sam’s Club is just the latest fee-based service to increase its membership costs this year.
In February, Amazon Prime’s annual cost jumped, impacting streaming through its platform. Netflix raised its monthly costs in January, with prices rising by about $1 to $2, depending on the plan. ESPN+ and Hulu subscribers recently saw an increase in their fees, with Disney+ set to do the same soon.
Sam’s Club competitor Costco could see a price increase as well. In March, 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.