Martin Lewis’ Money Saving Expert team have issued a warning to all Amazon Prime subscribers.
They urged users not to miss a two-day deadline to lock in a lower price before being hit by higher costs. Amazon is hiking the cost of its Prime service from £7.99 to £8.99 for monthly customers, while its annual membership will rise from £79 to £95.
The changes will start from September 15 for new customers. However, if you already have a subscription then the new prices will come into affect from the date of your next renewal.
In his Money Saving Expert newsletter, Martin and his team advised that subscribers have until 11.59pm on Sunday, August 14, to lock in a lower price on a yearly package. He said that the best thing to do was change over to annual payments rather than monthly, if you can afford it.
Martin explained: “That’s because your monthly subscription rolls over to an annual subscription at the date the next monthly payment would have been due. So, you need to have switched the subscription to an annual one on or by 14 August to be rolled over to the current annual price before it increases on Thursday 15 September.”
He added: “If you currently pay monthly and you want to keep it, then the best thing you can do – provided you can afford it – is to convert now to the annual package and then you lock in at £79 for the next year, forestalling the rise.”
To switch from a monthly membership to an annual one, log in to your Amazon Prime account, select ‘Your Prime membership’, and then select ‘see more plans’. Choose the annual membership and follow the instructions.
You can cancel Amazon Prime for free, if you don’t make enough use of its services. If you do think you can do without Amazon and you’d like to cancel your subscription, you might be eligible for a full refund if you haven’t used any Prime services. Those who are part-way through their deal and who have used Amazon Prime for delivery only might be able to get a partial refund.
Receive newsletters with the latest news, sport and what’s on updates from the Liverpool ECHO by signing up here