Sam’s Club is raising its annual membership fee

Sam's Club exterior sign

It will soon be more expensive to be a member of Sam’s Club.

The wholesale retailer is increasing the price of its annual membership, according to CNBC and Reuters.

Starting Oct. 17, club members will reportedly pay $50 annually. That’s a $5 increase. The price for “Plus” members is also going up. CNBC reports their annual fee will be $110, an increase of $10.

According to Reuters, this is Sam’s Club’s first price increase for membership fees in nine years.

Costco, Sam’s Club’s main rival, still has more expensive annual fees. Costco’s “Gold Star” membership is $60 annually. The “Executive” membership is $120 a year.

By Scripps National

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Scripps National Desk