Amazon Prime price increase happens Friday: Here's how to lock in the old rate

Amazon Prime is one of the many products and services hit by rising inflation this year. During a company earnings call on February 3, Amazon announced that Amazon Prime membership rates are going up this Friday.

The online purveyor of everything from self-help books to kitchen gadgets is increasing the cost of an annual Prime membership from $119 to $139. Amazon Prime members who pay monthly will see fees boosted from $12.99 a month to $14.99 a month. New Amazon Prime members will be charged the inflated price starting February 18. Current members will see the higher price reflected around March 25, or whenever their membership renews.

If you're a monthly Amazon Prime subscriber, this is your last chance to switch to an annual membership and lock in the $119 rate. It's a money-saving move: You'll avoid a year of higher monthly fees totaling more than $60.

Use the button below to visit your Amazon Prime membership settings, view your renewal status and switch to an annual plan.

Switch to a 1-year Amazon Prime membership, $119

$119 per year at Amazon

This is the first price hike for Amazon Prime since 2018. The company attributes the new price increase to growing wages and transportation costs.

While you can't totally escape the Amazon Prime price increase, you can delay it -- at least for a year. There is a way to lock in the old Amazon Prime price so you can keep paying $119 for access to all the new shows on Amazon Prime Video, free two-day shipping on the best Amazon deals right now, and more great Amazon Prime benefits.

How to lock in the old Amazon Prime rate

You can't renew an existing annual Amazon Prime membership early. But you can buy yourself a gift subscription to Amazon Prime for $119 and then activate it once your current membership expires. That means another 365 days at $20 less for continued access to Amazon Prime Video, Whole Foods deals, free Kindle books, access to 2 million songs on Amazon Prime Music and more. (You can read more about all the benefits of Amazon Prime here, and check out all the new shows and movies on Amazon Prime Video this month.)

Amazon Prime gift membership (1 year), $119

$119 per year at Amazon

Remember to disable auto-renew on your current subscription after purchase.

Amazon Prime alternatives

Is Amazon Prime even worth it? If the price hike is just too much, one alternative is the lower priced Walmart Plus (or Walmart+). The monthly shopping membership is $12.95 a month, or $98 a year. Like with Amazon Prime, you save by choosing an annual plan over a monthly plan.

Walmart+ memberships grant free delivery from your local Walmart store, early access to Walmart deals, free shipping on any item with no minimum cost, member prices on gas (at participating stations) and money off on certain medical prescriptions.

Walmart+ is currently offering a 30-day free trial, though only paid subscribers can take advantage of early-access events (such as Black Friday deals and member-only PS5 restocks).

Walmart+ membership (1 year), $98

$98 per year

If you're a fan of buying in bulk, consider a Costco membership. A Costco Gold Star membership will cost you $60 a year. The membership comes with one free household card for anyone over the age of 18 and living at the same address and can be used to access anything from Costco, including: Costco gas stations, health services, Costco travel and all products on Costco.com.