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Amazon fans–listen up! Amazon just announced that they are going to increase the price of Prime memberships by 20%, from $99.00 to $119.00 per year. This is the first time Amazon has increased the annual Prime membership price since March 2014.

Starting on May 11, new users will have to pay $119.00 for Prime, but existing Prime members will wait until June 16 to renew their membership at the current $99.00 price point. Annual members will receive details of their renewal via email, so make sure to keep an eye out for that in your inbox.

Amazon’s CFO, Brian Olsavsky, stated, “The value of Prime to customers has never been greater, and the cost is also high, as we pointed out especially with shipping options and digital benefits, we continue to see rises in costs.”

Keep in mind that Amazon Prime is discounted to just $5.99/month for qualifying customers in select U.S. government assistance programs, such as holders of the EBT card. Enjoy the benefits of Prime at almost 50% off the regular monthly price.

Up Next: Make some extra cash at the grocery store – Great way to pay for the Prime increase!