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For the first time since 2014, the price of Amazon Prime is going up. The mega retailer has announced that it is raising its Prime subscription prices due to higher operating costs and inflation. While there are many benefits of a Prime membership (opens in new tab) and ways you can save when shopping on Amazon (opens in new tab), the price hike is the latest in a long line of price increases as the cost of living crisis continues to bite.
After it was recently reported that streaming service Netflix had lost one million subscribers (opens in new tab)between April and July this year, following a price hike in January, it remains to be seen whether Amazon Prime will face the same fate.
Here we explain how the price of Amazon Prime is going to change, and what you can do to beat it.
How much is the price of Amazon Prime going up by?
Right now, an Amazon Prime membership will cost you £7.99 per month or £79 per year. But from 15 September 2022, monthly subscription prices will increase by £1 to £8.99. Annual subscription prices will rise by £16 from £79 to £95.
While annual subscriptions require you to pay more in one go, they actually work out cheaper than a monthly subscription, so if you can afford to pay the fee in one go, it’s a great way to save some money.
|Cost per month||Annual cost|
|Current monthly subscription||£7.99||£95.88|
|Current annual subscription||£6.59||£79|
|Monthly subscription cost after 15 September 2022||£8.99||£107.88|
|Annual subscription cost after 15 September 2022||£7.92||£95|
The new charges will be implemented from September, or your next membership renewal date if you pay annually.
How to beat the Amazon Prime price hike
While you might not be able to dodge the price hike forever, you might be able to avoid it for a while, with these quick tips.
- Pay annually instead of monthly. If you can afford to pay the current annual fee of £79, it’s worth switching from a monthly subscription to an annual one (opens in new tab) before 15 September 2022. This means you won’t have to pay the new, higher annual fee until 2023. Martin Lewis also shared his tips on how to beat the price hike (opens in new tab).
- Cancel and repurchase. If you already have an annual subscription, that you only use for next day delivery (and not any other Prime benefits), you could try cancelling your membership (opens in new tab), getting a partial refund for any unused time and then repurchasing it. This would, again, lock in the lower annual price until 2023, giving you more time before you have to pay the higher fee. But you won’t be eligible for a refund if you have used any other Prime benefits including Prime Video or Prime Music.
- Share your account across your household. Amazon Prime allows you to share membership perks (opens in new tab), including faster delivery, Prime Video, Prime Gaming, within your household (two adults and up to four teenagers aged 13-17) without paying for extra Prime accounts.
- Student memberships. If you’re a student and want an Amazon Prime account, make sure you buy a Prime Student Membership (opens in new tab). It comes with a six-month free trial period and costs just £4.49 per month. You’ll also get access to exclusive student-only offers throughout your membership term.
Sarah is an experienced journalist and editor with more than 10 years of experience in the Homes industry, working across brands such as Homebuilding & Renovating, Period Living and Real Homes. After segueing into the world of personal finance, acting as launch editor of TheMoneyEdit.com, Sarah is now an Editor in Future’s Wealth division with a focus on property-related finance and household bills. She is passionate about helping people cut through confusing jargon to make the right financial decisions when getting on the property ladder and turning a house into a home.