Martin Lewis' Amazon Prime price hike advice to save you money

Martin Lewis has issued an urgent hack to help families save up to £16 ahead of Amazon Prime's upcoming price hike.

The MoneySaving Expert's fans normally share genius ways to save cash (opens in new tab), and Martin himself previously shared how to get £140 for free (opens in new tab), but with Amazon raising the cost of both it's monthly and annual Amazon Prime subscription starting from September 15th, customers will have to act quick to benefit from the savings in addition to the benefits of Amazon Prime membership (opens in new tab).

Martin warned his followers about the price increase by tweeting, "Amazon Prime to hike price. On 15 Sept, the monthly membership price increases from £7.99 to £8.99, and annual membership from £79 to £95."

He added, "If you currently pay monthly, and want to keep it, if you can afford switch to annual now, to get next year at £79. Pls share."

You might also be interested in our article on how much Martin Lewis is worth (opens in new tab).

But for customers who already have an annual subscription, Martin advised, "If your annual renewal is just after, then try cancelling and restarting just before 15 September."

One concerned shopper tweeted, "My Annual Sub is up on 17th Sep! Will cancelling it early definitely work? As I understand it, it will still run for the period I have paid for and I won't be able to add prime again until after it expires?"

And another savvy shopper replied with their own money saving advice, "If you change it to monthly before cancelling it refunds you the time you have left on your annual and then charges you the monthly. But then you can cancel the monthly and get a refund on that too and then sign back up for annual. I just did that on prime student."

Amazon Prime's price hike comes as people struggle with the cost of living crisis (opens in new tab), with many people worrying over rising energy prices (opens in new tab) and how to save money on fuel (opens in new tab).

A spokeswoman for Amazon Prime said, "Prime offers the best of shopping and entertainment, and continues to improve each year. We have increased the number of products available with fast, unlimited Prime delivery, recently added ultra-fast fresh grocery delivery, and have significantly expanded our high-quality digital entertainment, including TV, movies, music, games, and books. With increased inflation and operating costs in the UK continuing to rise, we will change the price of Prime."

But some customers are outraged at the price increase, which follows the rising Netflix subscriptions (opens in new tab).