Sam's Club annual membership fee is rising to $50. The 11% increase would be first price hike since 2013.
- Sam's Club is bumping up its entry-level membership price.
- The cost for entry-level members will rise to $50 annually, up from $45.
Sam's Club is cranking up its membership fees.
The members-only warehouse chain will bump its annual Club fee to $50 from $45. The change will go into effect on October 17. The 11% price hike for entry-level members would be the first in nine years.
The Plus membership fee will rise for the first time since the retailer introduced the tier in 1999. It will go up to $110 a year from $100. Plus memberships offer added benefits, such as free shipping.
CNBC was first to report the increases. In response to Insider's request for comment, Sam's Club representatives forwarded a letter to members from CEO Kathryn McLay.
"We are mindful of the financial pressure on wallets right now," McLay wrote. "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." Sam's Cash is the retailer's loyalty rewards program.
"Forty years ago, Sam Walton started Sam's Club to provide incredible value for our members," McLay wrote. "I am proud that we are still delivering on that promise today, offering more quality items and services than ever before – and at that incredible value you've come to count on. That will never change."