A new report from Reuters states that Amazon may soon raise the price of Amazon Prime. Prime is Amazon’s subscription service (currently $119 a year) that grants users free shipping on many items, as well as a bunch of other perks.
The reason for the price increase? Amazon has had to pay higher wages over increased scrutiny, and the pandemic has led to fewer people willing to work their asses off for low wages. Amazon has also started offering more signing bonuses to attract workers.
In an earnings report Thursday, the company announced that Prime will cost $139 a year starting February 18 for new members, with current members expected to see the increase after March 25. In addition, the cost of a monthly subscription will also increase from $12.99 to $14.99.
If you want to lock in the current price for another year, you do have an option, but you’ll have to cough up an additional $119 now, instead of when your year is up.
To do this, you’ll need to head to Amazon and snag a “Gift of Prime.” Of course, this is typically how you would gift a friend or family member Amazon Prime, but who’s to say you can’t give it to yourself? No one, that’s who.
READ MORE: How to cancel your Amazon Prime membership
Once you have gifted Prime to yourself, head to Prime Memberships under your account (top-right corner) and turn off auto-renew. Then, when your subscription runs out, you can apply the Prime Gift to your account.
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