As Netflix raises prices again, here's how you can save on — and benefit from — your subscription

Your Netflix^® bill may have just gone up.

On Wednesday, Netflix announced in its third quarter earnings that it's increasing prices on its Basic and Premium subscription plans. Basic plan subscribers will now pay $11.99 per month, an increase of $2 per month, and Premium plan subscribers will now pay $22.99 per month, an increase of $3 per month. Netflix's entry-level, ad-supported plan (its least expensive) remains at $6.99 and its Standard tier plan remains at $15.49. The last time Netflix increased prices was in January 2022.

Depending on your subscription plan, the price hike adds up to an extra $24 or $36 you pay each year to the streaming service. Below, CNBC Select shares some ways to save on (and even benefit from) your Netflix subscription.

Some rewards credit cards offer cash back when you use them to pay a monthly streaming bill. For Netflix loyalists specifically, the Blue Cash Preferred® Card from American Express offers 6% cash back on select U.S. streaming subscriptions — the highest streaming cash-back rate we've seen. Netflix is one of the qualifying streaming services, along with Apple TV+, Disney+, HBO Max, Hulu, Peacock, Prime Video, Showtime, Spotify and YouTube.

While you're unlikely to be happy about paying a higher monthly Netflix bill, it does mean you earn a bit more from that 6% cash back. Amex's cash back is earned in the form of Reward Dollars, which cardholders can then use as a statement credit to lower their credit card balance.

And with the U.S. Bank Cash+® Visa Signature® Card, cardholders can choose to earn 5% cash back on two bonus categories each quarter, on their first $2,000 in combined eligible net purchases, then 1%. Television, internet and streaming services are counted as a bonus category and U.S. Bank's website lists Netflix as a sample qualifying merchant. Again, you can use this cash back to essentially lower your credit card bill.

If your phone service is T-Mobile, you're in luck.

T-Mobile has a "Netflix On Us" deal where qualifying cell phone plans get a free Netflix subscription. Those who aren't happy with their current cell phone provider should consider this benefit, which not only makes Netflix complimentary but also consolidates your streaming and cell phone bill.

A good way to save on Netflix? Stop using it.

Netflix allows you to pause your membership and come back to it. This can give you a break from the monthly subscription if you're looking to cut costs or if you're just not watching a particular show at the moment.

Experian Boost™ is a free service that gives consumers credit for paying certain bills on time, including their Netflix subscriptions (as well as monthly costs like utility and phone bills, rent, etc). If you're going to be paying more for Netflix, you might as well get credit for it.

You just have to connect the bank account you use to pay your Netflix subscription to Experian Boost, and Experian will add your payments to your Experian credit file. Consumers can link positive payment data as far back as 24 months. Experian Boost also includes access to your FICO® Score and Experian free credit monitoring that alerts you to changes on your credit report, such as new account openings in your name and balance updates.

Basic and Premium plan Netflix subscribers will now pay a little more each month for the streaming service. To help save on this cost, get a credit card that rewards streaming purchases, switch your phone plan to T-Mobile or take a pause on your subscription. And, while you're paying more for it, make sure that monthly Netflix bill is helping your credit with Experian Boost.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal finance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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Disclosure: NBCUniversal is the parent company of both CNBC and Peacock.