If you're a frequent Amazon shopper, the Prime Visa card may be a good fit because it has a high rewards rate for Amazon purchases. You can also earn rewards for shopping at Whole Foods, restaurants, gas stations and more. This flexibility is astounding for any cash back card, let alone a retail card. The card also carries a decent welcome offer, multiple ways to redeem rewards and no annual fee.
Welcome offer: Terrific value for a retail card
Amazon is offering a gift card worth $200 just for getting approval for the Prime Visa card. Not only is that double the card's previous offer of a $100 gift card, it's on par with the bonus value you'll find on some of the best no-annual-fee cash back and rewards cards out there. It's also much more generous than the typical retail card, with many store cards offering no sign-up bonus at all.
The new bonus also stands out among the best credit card sign-up bonuses since there is no spending requirement (you receive the bonus instantly upon approval). Most bonuses of this value require at least $500 in spending in your first three months. The bonus is especially nice since it can completely offset the cost of an Amazon Prime membership for the first year.
Rewards: Great rewards rate on Amazon.com, Whole Foods
Amazon.com, Whole Foods Market and Chase travel purchases earn an unlimited 5 percent back in rewards. Plus, you’ll earn 2 percent at restaurants, gas stations and transit, along with 1 percent back on all other purchases.
Regular Amazon shoppers will have no problem earning plenty of rewards with the Prime Visa card. With one of the highest-earning rates available for Amazon purchases, you’ll only need to spend $2,780 each year on Amazon or Whole Foods purchases to offset the cost of your Prime membership — or about $232 per month. Since the 5 percent category also applies to Whole Foods Market, the Prime Visa is also one of the best cards for grocery rewards rates if you do your grocery shopping there.
Cardholder perks: Decent travel benefits
The Prime Visa card carries a surprising number of benefits for a retail card, such as Luxury Hotel Collection benefits, concierge service and premium travel perks. The Visa Signature level of the Luxury Hotel Collection grants cardholders seven VIP Guest status amenities, including automatic room upgrades when available and other complimentary privileges. When you need to save time planning your travel or even at home, the free Visa Signature Concierge Service is like a 24-hour personal assistant that can book reservations, tickets and more.
Your card’s travel accident insurance (coverage up to $500,000), lost luggage reimbursement (up to $3,000 per passenger) and baggage delay insurance (reimburses up to $100 per day for three days) do a little to smooth the rough edges of airport travel. And if you’re on the road, the auto rental collision damage waiver and roadside dispatch service can help in a pinch. Your Prime Visa also offers purchase protection that covers damage or theft up to $500 per claim ($50,000 per account). Considering how light co-branded store cards are on perks, the Prime Visa card’s depth of travel protection coverage is remarkable.
Since it’s a Visa Signature credit card, it comes with a handful of travel and shopping protections that are standard to many rewards cards. But even these “standard” Visa benefits outweigh those of rival networks, like Discover.