Martin Lewis issues two-day warning to millions of Amazon Prime subscribers

Martin Lewis has issued a warning to all Amazon Prime subscribers. Watch here:

The money-saving expert has alerted users to a way to keep your Amazon subscription at a lower price after the retail giant announced plans to raise Prime subscription prices for the first time since 2014.

Customers should get ready for Thursday, 15 September, because Amazon is expected to hike up its prices by £1 a month.

While that might not sound like a lot, the yearly cost of Amazon Prime will go from £79 to £95, which would easily pay for your takeout this weekend.

And, with the cost of living crisis in full swing, we'll take any help we can get.

So, what is Martin's advice? Well, if you act quickly you might actually be able to lock in the lower Prime price for another year.

Amazon Prime to hike price.

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.

Pls share.

— Martin Lewis (@MartinSLewis) July 26, 2022

How? Well, as Martin explains: "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."

For anyone wondering how to switch from a monthly membership to an annual one, just log into your account, click 'membership', and then 'see more plans' pick the option you want, and you should be well on your way to saving money.

However, if you are already an annual subscriber, things become a little more tricky.

"If you're an annual payer it's more difficult – though if your subscription is due to renew in the few weeks after 15 September, you could cancel just before that and then get a new subscription at £79 before 15 September – again, forestalling that rise just for a little bit."

These tactics, while helpful, will only stall the price hike for another year.

So, an important thing to consider now is, do you need Prime?

While the service offers you next-day delivery and priority deals, you only need one subscription per household.

So, double check that you haven't got multiple accounts for one address, and if you do, it's quick and free to cancel one of them.

If you've not yet used Prime's services, you might be able to claim a full refund, with Amazon potentially offering partial refunds depending on what services you've used.