Costco’s first membership price hike in 7 years just went into effect [Video]

New York (CNN) — Costco customers are now paying more for their annual memberships for the first time since 2017.

The retailer announced in July that membership fees would increase by $5 to $65 a year in the US and Canada for three of its plans: “Gold Star,” “Business” and “Business Add-On.” The changes started for new members signing up on or after September 1 and renewals occurring after that date.

The price of Costco’s premium “Executive Membership” also went up, by $10 to $130 a year. However, those members will soon be able to earn a maximum of $1,250 in rewards annually versus $1,000 currently.

The company estimated that 52 million memberships will be impacted, a little over half of which are Executive members, Costco previously said.

Annual fees have been one of the biggest profit-generating areas for Costco, helping it offset expenses to keep its prices down. Last year, Costco earned $4.6 …