(NEXSTAR) – The cost of Amazon Prime will be changing this Friday for new subscribers.
Along with groceries, cars, gas and so many other things, the subscription cost will be rising for all Prime members this year – the annual cost will jump from $119 to $139 and the monthly rate from $12.99 to $14.99, the company announced Feb. 3 as part of its earnings report.
For anyone thinking of starting an Amazon Prime membership, the new rate will go into effect Friday, so you should sign up before then to lock in a year at the lower fee.
For current subscribers, the price hike will take effect after March 25, 2022 on the date of the next renewal.
Amazon said the price hike was necessary to fund the “continued expansion of Prime member benefits” as well as to offset increased employee wages and transportation costs.
It’s the first time since 2018 that Amazon has raised the fee for the Prime membership, which includes shipping, streaming video, gaming, reading and other perks.
For occasional shoppers or Prime subscribers who don’t take advantage of the full range of benefits, the added cost may be a dealbreaker. For others, giving up two-day shipping and shows like “The Wilds” and “Catastrophe” will simply be too much.
For those hoping to avoid the annual increase but not willing to give up Prime, check out these 7 ways to get a discounted rate.