Here’s how to lock in current price for Amazon Prime for one year

The price of Amazon Prime is increasing — here’s how you can lock in a lower rate

Amazon Prime prices are on the rise. Here’s what you need to know, and how you can save.

February 3, 2022

Brett Holzhauer

The trailer from an Amazon Prime truck sits in a loading bay.

Twenty/20

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

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

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Amazon Prime cost is on the rise

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

An annual Prime subscription will go from $119 to $139. For those who subscribe on a month-to-month basis, the price will be increased from $12.99 per month to $14.99 per month. The Prime Student price is also reportedly going up from $59 per year to $69 per year.

This comes amid rising operating costs for the retail giant. And this isn’t the only subscription service hiking prices, as streaming services like Netflix and Hulu have done the same in recent months.

If you don’t regularly use Amazon Prime and currently pay for it, it may be prudent for you to cancel the service and delete that line item off your budget. It’s very likely you know someone that 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 share one account between the three of us.

However, if you cannot bear the idea of not having two-day shipping, there are some quick ways to save on the cost.

How you can save on Amazon Prime [DETAILS ARE IMPORTANT – MUST WAIT TO USE “GIFT” UNTIL CURRENT MEMBERSHIP EXPIRES]

First, you may consider signing up for a free 30-day trial if you don’t already have Amazon Prime. If you don’t utilize the service, simply 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 need to do is purchase a “Gift of Prime” membership for yourself, which essentially allows you to buy a one year Amazon Prime membership at the current rate. After you’ve done this, set your subscription to not auto-renew. Once your membership expires, you can apply your purchased one year membership to your account.

If you’re looking for a completely free Prime membership, the Metro by T-Mobile cell service plan gives complimentary access to Prime .

Lastly, if you’re sure you want Amazon Prime, it may be advantageous 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 prior to applying. So the gift card would be more of a way to offset the cost of the subscription.

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