Many products and services have been impacted by rising inflation this year and Amazon Prime is not an exception. Amazon has recently announced that their Prime membership rates will be going up for the first time since 2018. The new price increase is attributed to the growing wages and transportation costs.
What will the new Prime membership cost be?
The cost of an annual Prime membership will increase to $139 when it was previously $119. For users who choose to make monthly payments, they will pay $14.99 instead of the original $12.99. Starting February 18th, new Prime members will be charged the new price. Current members will see their prices increase around March 25th, or when their membership renews.
Over the next 12 months, you can save over $60 by becoming an annual Prime subscriber if you are currently a monthly subscriber. This will help you to avoid higher monthly fees and benefit from savings.
Can I get away with one more year with the current rate?
If you are not already a Prime subscriber, you can subscribe before February 18th to lock in a year of the current price. Be sure to activate this account before your regular subscription auto-renews. If you are already a member, buy yourself a gift subscription to Amazon Prime and activate it once your current membership expires. If your membership is set to renew after March 25, be sure to cancel auto-renewal to avoid the higher rate. Once your membership reaches its expiration date, re-subscribe using your gift membership. You can theoretically purchase more than one Prime membership for various members of your family to maintain the $119 a year for a few years. However, there is not much available information regarding whether they expire. Be sure to check the fine print before you do so.
To learn more about how this increase in membership costs may impact you as an Amazon seller, give our experienced Amazon accountant, Timothy E. Nelson CPA a call today. Our team has helped many Amazon businesses to grow. To learn more about how we can assist you and your business, pick up the phone to schedule your initial consultation. We are looking forward to hearing from you and learning more about your goals as a business owner.
Contact Our Team
If you are an Amazon seller and require the assistance of an experienced Certified Public Accountant, please contact Ebiz Accounting for an initial consultation. We provide Amazon business accounting services to clients in New York and throughout the United States. All Amazon sellers should have an accountant they can trust. If you are looking to expand your business, or even form a new one, do not hesitate to reach out to our knowledgeable team today.