- Rewards rate: 5 percent back at Amazon.com and Whole Foods Market; 2 percent back at restaurants, gas stations and drugstores; 1 percent back on all other purchases
- Welcome offer: Up to $150 Amazon gift card upon approval
- Annual fee: $0 ($139 Amazon Prime subscription required)
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
- Regular APR: 18.49 percent to 26.49 percent (variable)
Current welcome offer
You can currently receive an Amazon gift card worth up to $150 just by being approved for the Prime Rewards Visa card, which is equal to the card’s highest-value promotion we saw in 2021 — and a good step up from the previous $100 gift card offer. However, it’s important to note that the value of this gift card may vary depending on the page you apply from.
The previous $100 promotion wasn’t a bad offer by any means — as the bonus gift card was once worth $70 — but seeing the much more competitive up to $150 gift card return makes for a much more enticing hook. The $100 value was below the low end of many of the best credit card sign-up bonuses. However, there is no spending requirement for the standard Amazon credit offer (you receive the bonus instantly) and many store cards don’t offer a sign-up bonus at all. As far as retail cards go, the bonus is a nice plus since it can cover the annual $139 cost of Amazon Prime membership for the first year.
Regular Amazon shoppers will have no problem earning a slew of rewards with the Prime Rewards card. With one of the highest-earning rates available for Amazon purchases, you’ll only need to spend $2,780 each year to recoup your Prime membership — or about $232 per month.
How you earn
Amazon.com and Whole Foods Market purchases will earn you unlimited 5 percent rewards. Plus, you’ll earn 2 percent at restaurants, gas stations and drugstores, along with 1 percent back on all other purchases.
Since the 5 percent category also applies to Whole Foods Market, the Amazon Prime Rewards Visa Signature is also one of the best cards for grocery rewards rates if you do your grocery shopping there.
Amazon and Chase occasionally offer additional ways to earn rewards. For example, Amazon regularly posts limited-time “Exclusive Prime cardmember” offers that provide anywhere from 10 to 25 percent back on select items.
How to redeem
Although the reward terms make it sound like you’re earning cash back, you’re actually earning points. You can redeem your points at a 1:1 value toward cash back, travel, gift cards or Amazon purchases upon checkout.
There is no minimum rewards balance to redeem for cash back or for Amazon purchases, but there’s a disappointingly long list of what you can’t buy with points. Many of these items are small purchases that you would probably use points on more often, such as music, Kindle eBooks and video downloads. Depending on what you may spend points on, cash back might be the most flexible option.
How much are the rewards worth?
Each point earned on the Amazon Prime Rewards Visa Signature Card is worth 1 cent no matter how you redeem it. For example, 50,000 Amazon points are valued at roughly $50. There is no minimum redemption requirement when you redeem your points for Amazon.com purchases. You can maximize your cash back on Amazon by taking advantage of the site’s “subscribe and save deals” and other retailers’ Amazon gift card promotions for extra discounts and rewards.