Costco is increasing its membership fees for the first time in seven years, with the basic fee rising by $5 to $65 per year in the US and Canada. The premium "Executive Membership" fee is also going up by $10 to $130 per year, but members will have the opportunity to earn up to $1,250 in rewards annually compared to the current $1,000 limit. This change will affect around 52 million memberships, with the majority being Executive members. Annual fees have been a significant source of revenue for Costco, generating $4.6 billion last year. The fee increases are part of Costco's effort to prevent unauthorized use of memberships and to keep prices competitive. The new fees will come into effect on September 1, following a 7.4% increase in net sales for the company.