VIDEO: Sam’s Club raising membership rates
(NBC) - Walmart-owned Sam's Club said August 31 it will raise its annual fees this fall.
Sam's Club is raising its annual membership fees this fall.
This marks the first fee hike for the Walmart-owned retailer in nine years.
Sam's announced today that rates for club members will go from $45 to $50 and rates for the higher-tier 'plus' level will go from $100 to $110.
The changes goes into effect October 17 and will bring Sam's closer in price rival Costco, which charges $60 a year for its basic membership and $120 for its higher-tier gold membership.
In a note to members this afternoon, Sam's Club CEO Kathy McLay said the company is mindful of the financial pressure on wallets right now and will be reimbursing the fee increase in Sam's cash that can be used at its stores.
