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Amazon is raising the price of your Prime membership

Amazon is raising the price of your Prime membership
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Mike Timmermann |
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Your Amazon Prime membership is about to get more expensive!

The online retail giant’s chief financial officer Brian Olsavsky broke the news during Amazon’s financial results call Thursday afternoon.

The annual cost of a Prime membership for U.S. customers will increase to $119, up from $99.

RELATED: 3 money-saving Amazon Prime perks you need to know about right now

Amazon Prime price hike: What you need to know

Amazon said the $119 rate takes effect for new Prime members on May 11, but the new price will apply to renewals starting on June 16.

The last time Amazon increased the price for an annual Prime subscription was back in March 2014.

“The value of Prime to customers has never been greater and the cost is also high, as we’ve pointed out, especially with shipping options and digital benefits,” Olsavsky said. “Prime provides a unique combination of benefits and we continue to invest in making this Prime program even more valuable for our members.”

An Amazon Prime membership offers free two-day shipping on millions of items and a number of other benefits like streaming movies and TV shows, music and photo storage.

Not everyone will have to pay the new yearly rate. Amazon said it will continue to offer discounted Prime memberships to students and low-income households.

More than 100 million people around the world are now paying for Prime.

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