Martin Lewis has issued a warning to everyone who uses Amazon Prime following the announcement that the streaming service is set to raise its prices.
As the cost of living rises, prices of every day essentials are rising, and now Amazon Prime is the next to announce a price increase for customers. Amazon has said they are increasing their subscription cost due to inflation and operation costs.
However, the money saving expert, Martin Lewis, wasted no time in taking to Twitter to share how users could stop their subscription from rising ahead of this change. The price jump will affect new and current customers.
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For new customers or those renewing, the Prime subscription will increase by 12.5 per cent from £7.99 a monthly to £8.99 from September 15 and the annual cost will increase £79 to £95 a year for UK customers, marking the first price increase since 2014.
Posting on Twitter, Martin shared a trick to keep the price down.
He said: "On 15 Sept, the monthly membership price increases from £7.99 to £8.99, and annual membership from £79 to £95.
"If you currently pay monthly, and want to keep it, if you can afford switch to annual now, to get next year at £79."
Those who sign up for Prime, receive free next-day delivery, Prime Video and Prime Music. They can also get free grocery deliveries.
A spokesperson for Amazon said: "With increased inflation and operating costs in the UK continuing to rise, we will change the price of Prime."
This comes after Netflix announced they would be increasing their prices which led to them losing 200k subscribers within three months.
Personal finance expert, Laura Rettie, Editor-in-Chief of Finance.co.uk, said: "Amazon Prime might seem like a good deal on the surface, but it's a lot of money if you're not using all the benefits or you're doubling up and paying for similar services elsewhere. If you took out Amazon Prime for the benefits of free next-day delivery and you're paying for a music streaming service elsewhere, you're paying double for the same service because Prime includes Amazon Music.
"Before renewing or purchasing Amazon Prime, check what's included and cancel your subscriptions from other services accordingly to save yourself some money.
"It's easy to spend more money with Amazon when you know you're getting free delivery, so don't get lazy and forget to check prices elsewhere. Amazon isn't always the cheapest, so make sure you always do a quick Google before placing an order and don't forget shops might be cheaper too."
David Beard, a personal finance expert from Lendingexpert.co.uk, said: "Amazon Prime is worth it if you're already paying for two separate music and video streaming services like Spotify and Netflix, and you're willing to try out a different service.
"Prime customers now get Amazon music and video for £95 a year. If you're paying for Netflix and Spotify, you'll pay £131 per year for Netflix and £119.88 per year for Spotify - a whopping £250.88 per year. So using this example, Amazon Prime would save you £155.88 a year. Amazon Prime offers a free trial, so you can try it first to see if you like it".
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