Costco is raising its membership prices for the first time in seven years. Here’s when

Costco soon will raise the price of its Gold Star, Business and Executive memberships in the United States and Canada, the company announced Wednesday.

The cost of Business add-on members will also be affected.

The last time the company increased membership fees was in 2017, when they went up by $5.

The newest fees will have the same increase — $5 more for each membership, Business add-on and Executive upgrade. The change will go into effect Sept. 1.

“Costco is able to keep our prices as low as possible because our membership fees help offset our operational expenses,” the company said in a previous statement .

Gold Star, Business and Business add-on memberships will change from $60 to $65 annually.

Annual fees for Executive Memberships will increase from $120 to $130. This accounts for the primary membership of $65 plus the Executive upgrade of $65.

With the increase of the Executive Membership fee, however, comes an increase in how much these members can receive in rewards. The maximum annual 2% reward associated with the Executive Membership will increase from $1,000 to $1,250.

The fee increases will impact around 52 million memberships, a little over half of which are Executive, the company said in the announcement.