The concept of free shipping is no longer a novelty. But back in the day, I was excited about Amazon Prime’s free shipping feature, as were millions of others.
The thing is, Amazon Prime does come with other offerings that might make the cost of membership worth it, like streaming services and photo storage. But if you don’t use these other services, you might want to save your membership costs on other expenses. And if you’re the type to be easily tempted by the allure of free shipping, then you might find yourself making more purchases than you really need.
In this case, you might want to cancel your membership. The question is, how to unsubscribe from Amazon Prime?
Steps On How To Cancel Your Amazon Prime Subscription?
When you become an Amazon Prime member, your subscription will automatically renew every month or year, depending on the payment frequency you chose when you first signed up.
When You look into cancelling my Amazon Prime subscription, you’ll be pleasantly surprised at how easy it is. All you need to do is turn off the automatic renewal. You can do this either on the Amazon website or mobile app.
- Step 1. Log in to your Prime account and visit your profile page.
- Step 2. Head to “Memberships & Subscriptions”, then click “Prime membership settings” and “Manage membership”.
- Step 3. From there, you can update or cancel your membership by clicking “End Membership. If you’re currently on the free trial, select “Do Not Continue”.
How To Cancel Your Amazon Prime If You Subscribed Through An App?
If you’ve signed up for Amazon Prime through a mobile shopping app, then you’ll need to cancel Amazon Prime through your Google Subscriptions.
How To Cancel Amazon Prime: Cancellation Refund Policy
You can cancel your Amazon Prime membership whenever you want by logging in to your account and changing your membership settings. If it’s been 14 days or less since you joined Prime or before your free trial is up, you’ll get a full refund when you cancel. However, they may subtract any Prime benefits you’ve used during this period.
If you cancel your membership after this time period, you’ll receive a full refund. That is if you haven’t used any Prime benefits or made any eligible purchases since the last membership charge. Memberships covered by a Prime gift code are not refundable.
What Is Amazon Prime?
Amazon Prime is a paid subscription service. But it’s so much more than just a quick way to receive goods purchased online with free shipping. You can also use Prime to stream TV shows and movies, store photos and files, and download e-books and audiobooks.
Amazon Prime membership in Canada currently costs $9.99 per month or $99 per year, plus tax. Amazon Prime for students is $4.99 per month or $49 per year.
Why Should You Cancel Amazon Prime?
While there are a bunch of reasons why you might want to hold onto your Amazon Prime membership, there are a few reasons why you might want to cancel your subscription:
Other Merchants Offer Free Shipping
Not having to pay for shipping is a major perk. But it’s not exactly the only platform to offer fast and free shipping.
When Prime first came out, it was easy to lure new customers with its free 2-day shipping services. But now, you can get these perks elsewhere, including with Walmart and Costco. And just about every major retailer offers free shipping if you spend over a certain amount, usually $50.
Plus, many sellers on Amazon already offer free shipping anyway, both to Prime and non-Prime members. So when shopping on Amazon, simply refine your search so that only sellers that offer free shipping are shown.
You May Be Overpaying If You Make Infrequent Purchases
If you only use Amazon Prime to buy the odd product here and there, your membership cost may not be justified. For example, paying monthly works out to about $120 per year, plus tax.
If you’re not a Prime member, you’d pay around $4.49 to $5.49 per shipment, depending on the product. At that rate, you could make up to around 21 purchases and still be just under the $120 membership price. In this case, being a Prime member may not be worth it.
It’s Expensive
As mentioned, depending on how you use Amazon, you might find the Prime membership a bit pricey. Consider how much you use the service.
Do you shop often, stream movies and TV shows that are only available on Prime, and use the photo storage service? Or do you just make the odd purchase here and there and do most of your streaming on other platforms, like Netflix or Disney Plus?
Crunch the numbers to see exactly how much value you’re getting out of the membership. Sure, there are tons of perks to Prime, which might make you assume that it’s worth the cost. But if you barely use the spectrum of services, it may not be worth it for you.
There Are Other Streaming And E-Book Resources Out There
There are tons of shows and movies you can stream on Prime. But how often do you use the service for this purpose? You may be using Netflix and Disney+ (or one of the other dozens of streaming platforms) a lot more to catch your favourite show or movie.
And when it comes to e-book selection, there are plenty of other resources available. Barnes and Noble, eBooks.com, and Apple Books are just some of the plethora of online resources you can use to get your hands on e-books.
And if you’re feeling especially frugal or simply aren’t too finicky about your options when it comes to movies, shows, and books, consider getting yourself a library card. Your local library may have all sorts of options available for free. Plus the library can often feel nostalgic and retro.
You Might Have Other Retail Memberships On The Go
Amazon sells just about everything under the sun, but it’s certainly not the only vendor selling products and services you might need. Before I decided whether or not to renew my Amazon Prime membership, I considered other retailer memberships that I pay for, including Costco. This popular retailer might charge a membership fee, but it also sells products at steep discounts that you’d be hard-pressed to find elsewhere.
You don’t want to be paying for multiple memberships at the same time, since the cost can really add up. Just consider what you shop at Amazon for before deciding if it’s the only retailer you want to stick with when shopping online. If you use other member-based retailers more often than Amazon Prime, you may want to think about cancelling your Prime membership.
What Will You Lose When You Cancel Amazon Prime?
Before you hit the ‘cancel’ button on your Prime membership, make sure you’re fully aware of what services you’ll be saying goodbye to:
- Free shipping, including 2-day, next-day, and even same-day shipping
- Free movie, TV show, and music streaming
- Exclusive deals on sales
- Free video games
- Online file storage for photos, videos, and files
Again, these are great perks. But if you don’t make the most of them, you probably won’t miss them much.
How Much Can You Save In A Year By Cancelling Amazon Prime?
If you’re trying to save a little cash and cut back on spending, one of the first things you should do is slash frivolous expenditures. Streaming services are typically among the first to go.
As mentioned, an Amazon Prime membership fee is currently $9.99 + tax per month. That works out to just over $120 + tax every year. Plus, there’s no guarantee that membership fees won’t increase at some point. If you cancel now, you’d be able to pocket these savings right away.
Where Should Use The Money Saved From Cancelling?
What could you do with that extra money you’re saving by cancelling your Prime membership? For me, cancelling this subscription can mean boosting my savings account balance or paying down my credit card debt a bit. Of course, there are all sorts of other ways to spend or save that money, other than dedicating it to a Prime membership that you may or may not use to the fullest:
Put It Toward Building An Emergency Fund
Everyone should have extra money stashed away for a rainy day. You just never know when you could use a few extra bucks to cover an urgent, unexpected expense. While roughly $120 a year plus tax might not be much, it can definitely add up over time.
Pay Off Your Credit Card Balance
If you’re carrying credit card debt month to month. You’re probably paying a lot in interest on that outstanding balance. You can take that money that you otherwise would spend on Prime and put it toward paying down your credit card balance. This will help you save money on interest and pay down your debt faster.
Plus, it will lower your credit utilization ratio, which is a factor used to calculate your credit score.
Generally speaking, the lower your credit utilization ratio, the better it is for your credit score.
Pay Down Other Debts
Credit card debt is one of the highest-interest debts you probably have. But there are other debts you’re probably carrying that you might want to pay down. With less debt on the books, your debt-to-income ratio will improve, which will make it easier for you to qualify for loan products in the future.
Final Thoughts
There are definitely a number of benefits to having a Prime membership. But it’s always a good idea to look over all your expenditures on occasion to see where you can make some cutbacks. Your streaming subscriptions may be one of them. Cancelling your Amazon Prime membership can streamline your finances and help keep a little more money in your pocket.
