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Amazon Prime vs. Walmart+: What you need to know about the rival services

The new Walmart+ is in direct competition with Amazon Prime. Here's how the two members-only services compare in cost, free shipping and grocery delivery.

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Amazon Prime has been skating by with no direct competitor for a while, but the recent launch of Walmart+ is changing that. Both services offer free same-day delivery and free grocery delivery but differ in cost and additional benefits.

If you're a current Prime member who's looking for a cheaper alternative, or someone who hasn't committed to a subscription service yet, compare the two memberships to see which is more beneficial for your needs.

To make things easier, we did a side-by-side comparison of Amazon Prime and Walmart+:

Amazon Prime vs. Walmart+

Amazon Prime Walmart+
Free trial period30 days15 days
Monthly cost$12.99$12.95
Yearly cost$119 ($36.88 savings)$98 ($57.40 savings)
Student discountYesNo
Free same-day deliveryYes - $35 minimumYes - $35 minimum
Free grocery deliveryYes - $35 minimumYes - $35 minimum
Music and video streamingYesNo
Clothing perksYes - Prime WardrobeNo
Gas discountsNoYes
Scan to pay in storeNoYes

Amazon Prime has been around for over 15 years, giving the company plenty of time to improve its service — and it shows in the suite of perks Prime members receive. You can benefit from member-only discounts on Amazon.com and at Whole Foods Market, a range of free shipping options, the ability to stream music and videos and much more.

Walmart+ has only been around for about two months, but it hit the ground running. You receive some of the best Prime perks, such as free same-day delivery and grocery delivery, all at a lower cost. The Walmart+ monthly plan is 5 cents less than Amazon Prime, and the annual plan is $21 cheaper. However, students can only receive a discount with Prime (free six-month trial, then 50% off).

While both services offer free shipping, they each have unique perks:

Amazon Prime includes video, music, gaming and book streaming perks at no additional charge, plus the ability to try on eligible clothing before you buy with Prime Wardrobe. Currently, Walmart+ doesn’t offer any kind of perks like TV and film streaming services.

But a Walmart+ membership saves you 5 cents per gallon on fuel at Walmart & Murphy stations and lets you scan the app to pay in store. Amazon Prime has no fuel benefits.

Bottom line

If you’re a loyal Amazon customer, Prime is a must since you can benefit from fast shipping, member-only discounts and a variety of streaming features. You can even pair your Prime membership with the Amazon Prime Rewards Visa Signature Card to maximize your savings with 5% cash back at Amazon.com and Whole Foods Market.

If you prefer to shop at Walmart, the Walmart+ membership is a good deal so you can get your packages to your doorstep faster and cheaper. Frequent Walmart shoppers might also want to consider signing up for the Capital One® Walmart Rewards® Card, which offers 5% cash back at Walmart.com, including pickup and delivery, plus 2% back in Walmart stores and fuel stations.

Ultimately, the service that is best for you depends on where you like to shop. If you’re not loyal to either retailer, consider trying both services out. Amazon Prime offers a 30-day free trial (six months for students) and Walmart+ offers 15 days for free.

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Information about the Amazon Prime Rewards Visa Signature Card and Capital One® Walmart Rewards™ Card has been collected independently by CNBC and has not been reviewed or provided by the issuers of the cards prior to publication.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.