MARTIN Lewis has shared a trick for Amazon customers hoping to beat a price hike coming in the new few weeks.
The technology giant is pushing up the price of its monthly Prime contracts from £7.99 to £8.99 from September 15.
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The rise will also increase the annual membership from £79 to £95 a year.
It comes at a time when thousands of Brits are cancelling their subscriptions due to the cost of living crisis.
But Martin Lewis, founder of MoneySavingExpert, told viewers on TikTok that there are ways to beat the price increase.
The financial guru said Amazon Prime customers who pay monthly can stall the rise by converting to an annual subscription.
He said: “The best thing you can do, if you can afford it, is to convert now to the annual package and then you lock in at £79 for the next year.”
If you paid the new £8.99 subscription cost, this would see you pay out £107.88 for the year.
Switching to the annual membership before the price rise would save you £28.88.
If you already have an annual subscription, Martin said it won’t be easy to avoid paying the higher costs.
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But if your subscription is due to run out shortly after September 15, then you could consider cancelling your subscription.
He said: “You could cancel just before and then get a new subscription at the £79, just before the September 15.”
Amazon has blamed the price increase on rising inflation and operating costs in the UK.
A spokesman said: “Prime offers the best of shopping and entertainment, and continues to improve each year.
“We have increased the number of products available with fast, unlimited Prime delivery, recently added ultra-fast fresh grocery delivery, and have significantly expanded our high-quality digital entertainment, including TV, movies, music, games, and books.”
It comes after Netflix increased the price of its most popular package by £2 to £10.99 and its basic plan, which is just one screen and one device, by £1 to £6.99.
How do I cancel your Amazon Prime subscription?
If you pay for Amazon Prime, you can cancel the service by going to your Amazon Prime Account page when logged into Amazon.
Then click “Manage” where you’ll have the option to update, cancel and more.
Choose “End membership” on the left-hand side of the page.
Amazon offers free Prime trials of 30 days or six months for students.
But if you’ve taken out one of these trials and don’t want it to automatically start charging you, you need to remember to cancel the service before the trial expires.
To do this, go to “Manage Your Prime Membership” when you’re logged into Amazon.
Then select “Manage” where you’ll have the option to update, cancel and more.
Click “End trial and benefits” to cancel.
You’ll cancel your registration and the payment card you signed up with won’t be debited.
If you don’t cancel at the end of the trial period you’ll be converted to a full membership and charged either the monthly or yearly fee.
