Amazon Prime Price Increase – How to Lock in a Lower Rate

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The cost of living has risen dramatically in recent months, and now, for around 76 million households, their Amazon Prime bill will soon be slightly higher.

Select details of the new price and how you can save on the online retailer’s popular subscription service.

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The cost of Amazon Prime is on the rise

A price increase for Amazon Prime was announced Thursday during Amazon’s earnings report. The price change will take effect on February 18, 2022 and for current Prime members, the new price will apply after March 25, 2022, on their next renewal date.

An annual Prime subscription will drop from $119 to $139. For those who subscribe monthly, the price will drop from $12.99 per month to $14.99 per month. The Prime Student price would also drop from $59 per year to $69 per year.

This comes amid rising operating costs for the retail giant. And it’s not the only subscription service to raise prices, as streaming services like Netflix and Hulu have done the same in recent months.

If you don’t regularly use Amazon Prime and are currently paying for it, it may be prudent for you to cancel the service and remove this item from your budget. Chances are you know someone who has Amazon Prime, and you can easily split the cost of the premium service. My family and I all split the cost of Prime and split an account between the three of us.

However, if you can’t stand the thought of not having two-day shipping, there are quick ways to save costs.

How to save on Amazon Prime

First, you can consider signing up for a 30-day free trial if you don’t already have Amazon Prime. If you don’t use the service, just avoid renewing.

If you already have the service or want to sign up for the first time, you can lock in the current price of $119/year. All you have to do is buy a “Gift of Prime” for yourself, which basically allows you to purchase a one-year subscription to Amazon Prime at the current price. After doing this, set your subscription to not automatically renew. Once your expired subscription, you can apply your purchased one year subscription to your account.

If you’re looking for a completely free Prime subscription, the Metro by T-Mobile cellular service plan provides free access to Prime.

Finally, if you’re sure you want Amazon Prime, it may be beneficial to sign up for the Amazon Prime Rewards Visa Signature Card. The card comes with an instant $100 gift card upon approval, however, you must already have Amazon Prime before applying. The gift card would therefore rather be a means of offsetting the cost of the subscription.

Amazon Prime Rewards Visa Signature Card

  • Awards

    5% cash back at Amazon.com and Whole Foods Market; 2% back at restaurants, gas stations and pharmacies; 1% cashback on all other purchases

  • welcome bonus

    $100 Amazon.com gift card upon approval

  • Annual subscription

    $0 (but Prime membership required)

  • Introduction AVR

  • Regular APR

    14.24% to 22.24% variable

  • Balance Transfer Fee

  • Foreign transaction fees

  • Credit needed

At the end of the line

Online shopping has become a way of life, especially during the past two years of the Covid-19 pandemic. However, this convenience comes at a price. Although an increase of $10 or $20 a year seems like a small amount, these small changes in your spending habits can make a big difference down the road.

Clarification: A previous version of the article was published before some citations were added.

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Information about the Amazon Prime Rewards Visa Signature Card was independently collected by Select and was not reviewed or provided by the issuer prior to publication; if you buy something through selected links, we may earn a commission.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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