For application purposes, it only reinforces the fact that you have a high GPA, which they can already see! If you want to do it for personal pride, that's another story. I tend to be fairly conservative with money.
A high GPA on its own is hard to interpret given the grade inflation at some schools. Phi Beta Kappa is world-renowned and provides an assurance that you were at the top of the class (top 10% in liberal arts). I've seen it impress adcoms, particularly if the GPA from a less well known school is less what we usually consider well above average (i.e. if is a great idea if you come from a grade deflating school). The cost is ~$110 which substantial if you are scraping by but if your family has the means or if you think you might get a few $$ gifts at graduation, I'd think it well worth the one-time dues.
I think PBK is the only honor society worth joining in terms of it giving some slight boost depending on who reviews your app. All other honor societies you join to get their scholarships lol.
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