Huge change to Costco membership from TODAY as shoppers threaten to cancel...

SHOPPERS are threatening to quit Costco after it introduced a huge membership change today.

The bulk-buying giant, which operates 29 stores across the UK and also trades online, has increased its membership fees by up to 42%.

Costco said that the increase was introduced "to keep pace with rising costs," marking the first hike in over eight years.

A membership is required to shop at any Costco warehouse or on its website.

The cost of individual membership, known as Gold Star, has risen from £28 to £35 - a £7 increase, equating to a 25% hike.

The fee for adding an additional Gold Star cardholder has jumped from £14 to £20, an increase of £6 or 42%.

Meanwhile, business memberships for trade customers have increased from £22 to £25, a £3 rise, equating to nearly 14%.

The fee for adding additional business cardholders has also gone up by £1, now costing £15.

Executive Gold Star membership has risen from £62 to £70, an £8 increase, or 13%.

Executive-level members benefit from 2% rewards on purchases, with annual caps now increased.

Individual members can now earn up to £500 in rewards (up from £400), while trade customers can earn up to £750 (up from £500).

It's worth noting that the new membership prices do not include VAT (Value Added Tax), meaning the actual cost will be slightly higher.

VAT, a tax applied to most purchases, is automatically included in prices at most retailers.

However, at Costco, both membership fees and shelf prices are listed excluding VAT.

This is because many of Costco’s customers are businesses, which can reclaim VAT on purchases.

After adding 20% VAT, the cost of individual membership rises to £42, while business membership increases to £30.

THREATS TO CANCEL

Customers have threatened to cancel after learning of the change.

Commenting on one deals group a member said: "Going to cancel.

"Wait for a big tech deal to come along otherwise waste of time"

Another on Facebook said: "Not enough to justify paying the extra, and you don't really save anything on branded goods only Kirkland products are worth it."

But other shoppers have shrugged off the change saying it's still worthwhile.

One said: "The cheaper petrol pays for mine a year. I work near one."

Costco is often found to have cheaper prices than other petrol stations and supermarkets in the area.

The US retail giant operates 19 petrol stations in the UK.

A second shopper said: "I pay a Costco membership just for the cookies and you won't be disappointed in there!"

Another shopper said on social media: Trade is still reasonable and so pleased we switched to that."

Another praised the store, saying: "Love Costco. Worth it for the fuel, tyres and bakery. Get a decent amount back with the executive membership too."

Others suggested the hike would put off other customers from visiting meaning it would be less busy when they visited.

"Good, hopefully won't be as busy with less people renewing," said one happy customer.

The move in the UK follows price rises for members in the US and Canada last September affecting an estimated 52million customers.

In the UK there are around two million members.

You have to be a business that's VAT registered to join, or be in a certain profession like accounting or a front-line worker such as NHS staff and police officers.

A full list of accepted jobs and qualifications can be found by visiting costco.co.uk/membership-common-questions.