Millions of Netflix customers to see price increase next month

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NEW YORK— If you pay $7.99 a month for Netflix, get ready to see a larger bill next month.

Netflix raised their prices for new subscribers in May 2014 from $8.99 to $9.99 a month. Existing subscribers who were paying $7.99 a month were grandfathered in for two years.

Starting in May, subscribers locked into the $7.99 plan will now be charged $9.99 a month for the standard plan.

According to Business Insider, the change will effect about 17 million customers— and most of them have no idea.

Netflix’s new monthly rate is still cheaper than its competitors like Hulu and Amazon Prime— but UBS estimates 3 to 4 percent of subscribers will cancel their membership.