The price of Amazon Prime is going up - how much does it cost now and what will it cost in September?

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 and ways you can save when shopping on Amazon, 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 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.

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. 

1. 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 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.
2. 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, 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. 
3. Share your account across your household. Amazon Prime allows you to share membership perks, 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. 
4. Student memberships. If you’re a student and want an Amazon Prime account, make sure you buy a Prime Student Membership. 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.