Finance

Should You Cancel Amazon Prime in 2023?

A woman at a desk is looking at her computer and holding a credit card.

Image source: Getty Images

That could be a big source of savings, but think about what you’re giving up.


Key points

  • Amazon Prime costs $139 per year.
  • If you’re not getting much value from your membership, it might be time to cancel.
  • Look at your Prime usage and the money you’re saving (or not) and decide from there.

When Amazon raised the price of a Prime membership to $139 last year, it prompted some people to cancel the service and find other stores to shop online. But many loyal Prime members kept their memberships despite those price increases.

However, if you’re tight on cash, you might be inclined to cancel your Prime membership this year. Is that a good idea? Ask yourself these questions to find out.

1. How often do I order things on Amazon?

If you only shop on Amazon once every few months, then Prime membership probably isn’t worth it – especially since you can get free shipping on Amazon without being a Prime member. All you have to do is collect a $25 shopping cart and you won’t be charged for shipping. You will have to wait a little longer for your orders to arrive, but that may not be a problem. On the other hand, if you can confidently say that your Prime membership saves you a trip to the store at least once a month, if not more, then it might be worth keeping.

2. How much do I save on gas?

If you live in an area where the nearest retail store is far away, then a Prime membership may partially or completely pay for itself in savings on gas purchases. In fact, it’s a good idea to try to estimate how much gas savings you’re getting. If you think your credit card bills are a good $10 lower each month because of fewer trips to the store, then you’re practically paying for a year of Prime. And if your membership also makes your life easier, then it’s probably worth keeping.

3. Am I taking advantage of free content?

Amazon Prime doesn’t just give you access to free two-day shipping on all orders. It also gives you access to various types of free content, from movies to TV series to books to music. Now consider the cost of paying for video and music streaming. You can save money by getting free access to that content. So if you tend to use that content right now, it might be worth keeping Amazon for that benefit alone.

What is the right choice for you?

These days, many people buckle under the weight of inflation and try to cut costs as much as possible. It’s definitely not a bad idea to carefully consider your various expenses and find ways to reduce them.

Canceling your Prime membership absolutely makes sense this year if you really can’t afford it. But if be able to you can afford it and you’re getting good value out of it, then you might want to keep it.

Plus, you never know what extra perks Amazon might end up using for a Prime membership this year. You might find that the $139 you pay for 12 months of Prime becomes even more worthwhile in 2023.

Warning: The biggest cashback card we’ve seen now has 0% introductory APRs through 2024.

If you use the wrong credit or debit card, it could cost you seriously. Our expert loves this top pick, which has an introductory APR of 0% until 2024, an insane cash back rate of up to 5%, and all with somehow no annual fee.

In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and sign up in just 2 minutes.

Read our free review

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button