Sam's Club Raises Annual Membership Fee: CNBC

(RTTNews) - Walmart Inc.-owned (WMT) Sam's Club is set to raise its annual membership fees this fall.

According to CNBC, fees will increase to $50 from $45 for club members and to $110 from $100 for members of its higher-tier level, "Plus," which includes some additional perks. The changes take effect October 17.

U.S. retailers have been looking for ways to improve their profits as inflation has curbed spending.

This will be the first time Sam's Club is raising the fee for "Plus" customers since introducing the offering in 1999, while "Club" fees are being hiked for the first time in nine years.

Sam's Club also said it would give $5 to "Club" members and $10 to "Plus" customers, as a one-time offer, in digital cash shortly after membership renewals this year.

Meanwhile, Sam's Club's rival Costco Wholesale raised its fee in 2017 and charges $60 a year for its basic membership and $120 for its higher-tier "Gold" membership.