The Prime rate will rise by 18 percent to $12.99 per month from $10.99, according to Amazon's membership page. The discounted student monthly rate will also increase, but the cost of yearly memberships will stay the same at $99.
Cramer believes the bump in the rate by Amazon is a small price to pay to use a service that he says is adored worldwide.
Amazon's Prime service grants several perks for its users, including faster shipping and access to Amazon Video.
Late last year, Netflix raised the monthly price of its popular streaming plan by $1 to $11 a month.
"My Amazon bill, my Netflix bill. Raise it," said Cramer, host of CNBC's "Mad Money." "Raise it because I love those services and so does the world."
"This flows just right to the bottom line," he added.
Amazon issued a statement Friday that said in part, "Prime provides an unparalleled combination of shipping, shopping and entertainment benefits" adding "we continue to invest in making Prime even more valuable for our members."
— CNBC's Sara Salinas contributed to this report.