Amazon Prime Rewards Visa Signature Card
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Amazon has given shoppers one more compelling reason to ditch the mall: a cash-back credit card that returns 5% on all purchases through the website. What’s more, there is no annual cap on how much you can earn using the Amazon Prime Rewards Visa Signature Card issued through Chase.
We think this is a must-have card for the heavy Amazon shopper, but probably isn’t worth it for someone who only occasionally shops at the online marketplace. Still, there are other reasons to like the Amazon Prime card.
Think of this card as a constant coupon for the busy household that uses Amazon Prime to buy everything from bulk pantry goods to birthday party gifts, sports equipment and other items for their kids. This card’s 5% return on Amazon purchases is among the highest rewards of any credit card on the market today.
This card also is valuable outside of Amazon. In February 2018, it began offering cardholders 5% percent back for shopping at it’s latest acquisition, Whole Foods market. Customers can also earn 2% cash-back at restaurants, gas stations and drug stores and 1% back on all other purchases. That’s a fairly hefty bonus structure for a card that doesn’t carry a traditional annual fee. You do have to be an Amazon Prime member to be eligible for this card. Prime membership runs $99 a year.
How much is this card really worth?
In March 2017, the market research firm Statista found that Prime members spend on average $1,300 a year on Amazon purchases. That translates into $65 in cash-back rewards for holders of the Amazon Prime Rewards Visa Signature, not enough to cover your full Prime membership.
If you’re the typical spender, the no-cap benefit this card offers holds no value. You may want to see whether other credit cards with a 5% Amazon rebate are a better fit for everyday spending.
But if your spending is above average, the Prime Rewards card is an ideal fit.
Who should get this card
Adding this card to the wallet is a no-brainer for click-happy Amazon Prime lovers.
Some might balk at the card’s Amazon Prime membership requirement, but if you spend at least $2,000 a year on the site, you’ll earn your membership fee back. Plus, you’ll get free two-day shipping on eligible items and access to Amazon’s streaming video and music services.
There are other rewards cards that give 5% back on Amazon purchases, although they typically have a $1,500 cap on the offer. So, it really comes down to how much you spend on Amazon to see if this card is right for you.
Fees and APR
- This card carries no annual fee, but you have to be an Amazon Prime member to qualify. Prime costs $99 a year.
- You’ll be charged no foreign transaction fee if you use this card overseas.
- The annual percentage rate is a variable 14.99% to 22.99% based on your creditworthiness.
Extras, perks and using points
There are two ways to claim your rewards: As a statement credit or when paying for other Amazon.com purchases. It’s your choice.
The Visa Signature benefits are nice, too. Perks here include car rental insurance, lost and delayed baggage insurance, roadside assistance, and Visa Signature luxury hotel collection benefits like free Wi-Fi and extended warranty protection.
For world travelers, the card does not charge foreign transaction fees, which could save you roughly 3% on purchases outside the United States.
How this card compares
If your Amazon spending doesn’t warrant the $99 Prime fee, the Amazon.com Rewards Visa offers 3% back on all Amazon purchases, 2% on gas station, drugstore and restaurant purchases and 1% on all other purchases.
Discover it® Cash Back cardholders can earn 5% cash back on up to $1,500 in purchases made in accordance with Discover’s 2018 Cashback Calendar after enrollment. Enroll every quarter to earn 5% cash back on up to $1,500 in purchases made in various categories throughout the year.
You won’t earn one of those huge sign-up bonuses other cards offer, but if you’re looking for a no-frills cash-back card, the Discover it® Cash Back credit card does come with one intriguing feature: Discover will pay a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year.
If you’re up for the challenge of tracking bonus rewards categories, Chase Freedom can give you some real cash-back bang for your buck. For travel junkies and road warriors, this card is ideal when paired with an eligible Chase card to reap maximum travel rewards on your spending.