• Tue. Nov 29th, 2022

Martin Lewis offers tips for beating Amazon’s Prime membership price hike

BySamuel M. Craig

Jul 28, 2022

Martin Lewis has offered some advice for people who want to try and avoid Amazon’s price hike for their Prime membership.

Prices will rise by up to 43%, the shopping giant told its customers.

In the UK, the annual cost will increase from £79 to £95, an increase of 20%. A monthly subscription will drop from £7.99 to £8.99.

The new prices will come into effect from September 15 for new customers. Existing customers will see the new prices for the next renewal after this date.

The financial expert informed people that the delay means they will be able to lock in the old price for up to a year, if they subscribe now.

“If you are currently paying monthly and want to keep it, then the best thing you can do, provided you can afford it, is to upgrade now to the annual plan and then you lock in at £79 for the year next, preventing the increase,” Mr. Lewis said.

“If you’re an annual payer it’s harder, but if your subscription needs to be renewed within a few weeks of September 15, you can cancel just before that and then get a new subscription for £79… you just a little bit”.

Amazon’s email sent to customers gave no information about why the price was increasing. He only detailed the price increase, pledged to “continue to focus on improving the value of Prime for members,” and highlighted the benefits that membership brings.

However, Amazon said in a statement that “rising inflation and operating costs” were to blame for the issues, while also pointing to faster delivery and increased quantities of content. “We will continue to work to ensure Prime provides exceptional value to members,” he said.

The news comes as inflation rises, although many workers have not received a real pay rise, leading to strikes by Royal Mail and the Rail, Maritime, and Transport union.

The Office for National Statistics (ONS) has revealed that regular wages excluding bonuses fell 3.7% in the three months to May compared to the rate of consumer price index inflation ( CPI), which represents the largest drop since data began to be recorded in March 2001. .

Average total pay, which includes bonuses, in the private sector rose 7.2% in the three months to May, from a year earlier.

Meanwhile, public sector workers saw their total wages rise by 1.5% after many were subjected to a wage freeze.