Major Retail Store Will Raise Membership Prices In NJ

For the first time in seven years, the membership fee at this beloved chain is going up in New Jersey and all across the nation.

According to the US Sun, membership fees at Costco are on the rise, and you will either pay five or ten dollars more annually, depending on which plan you have.

It's Been A While Since A Costco Fee Increase

This marks the first time in seven years that there have been membership fee increases at Costco, but for many consumers, the hike could not have come at a worse time.

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Over the past couple of years, families all over America have been saving every dime to battle a very difficult economy and soaring prices on most items.

The increase does not take place immediately. The membership hike is scheduled to go into effect on September 1st of this year.

How Much More Are Costco Members Going To Pay?

The highest annual increase for the expected hikes is ten dollars annually, which works out to $0.83 per month.

Those absorbing a $5.00 annual increase are going to only have to pay $0.42 more monthly to continue their membership.

Costco has been doing business since 1976 when its first location, then called Price Club, opened in San Diego.

Costco History

The first Costco warehouse location opened its doors in Seattle in 1982. According to History Oasis, the first New Jersey location of Costco opened in 1989.

Back in the late 1980s, the Costco membership fee was just under $30, and if you factor in inflation, the membership is probably cheaper now than it was then, even after the upcoming price hike.