Key takeaways

  • With Amazon's Prime Day event here, it makes sense to have a credit card rewards strategy in place. Signing up for the Prime Visa was a huge part of one writer's rewards plan this year.
  • Not only does this cash back credit card come with no annual fee for Amazon Prime members, but it offers 5 percent back at Amazon.com and Whole Foods all year long.
  • Other reasons author Holly Johnson signed up include the card's flexible redemption options and built-in consumer protections, like extended warranties and purchase protection against damage or theft.

Amazon Prime Day is happening July 16 and 17 of this year, and we all know what that means. Over the course of this two-day shopping holiday, Amazon Prime members get the chance to score sweet savings on items they may have wanted for a while.

I found some pretty epic deals on a Kindle Paperwhite and a new set of dishes last year on Prime Day, and I’ve been very happy with my purchases so far. I don’t have any guaranteed buys planned for this year quite yet, but I have my eye on at least a few items my family wants or needs — at a huge discount, of course.

But, this year will be different on Prime Day because I already signed up for the Prime Visa (formerly known as the Amazon Prime Rewards Visa Signature Card). I got this card for its powerful cash back rewards on everyday purchases I buy though Amazon.com, and having it on Prime Day should help me take my rewards and savings to a new level. Here’s a breakdown of why I decided to get this card and why you might want to get it, too:

Earning 5 percent back on Amazon is a no-brainer

While I sometimes change the preferred payment method on my Amazon Prime account, I wasn’t earning as much as possible on those purchases until I got the Prime Visa. The most rewarding credit card I had for regular purchases until recently was the Wells Fargo Active Cash® Card, which earns a flat 2 percent cash back on purchases with no annual fee.

The Prime Visa earns more than twice that in several categories — you’d get unlimited 5 percent back on:

  • Amazon.com spending
  • Amazon Fresh purchases
  • Whole Foods Market purchases
  • Travel through the Chase Travel℠ portal

Other bonus rewards categories this card offers aren’t bad either, including 2 percent back at gas stations and restaurants and on local transit (including rideshares) and commuting. There are also Prime Card Bonus Deals that help users boost their rewards on eligible purchases that change throughout the year.

Of course, Prime Day offers the chance for better prices on a range of exclusive and popular items, which I plan to pair with the bonus rewards on my Prime Visa. At the moment, some of the Prime Day deals I have my eye on center around back-to-school supplies (my kids are in 8th and 10th grade this upcoming year) and clothing. I may also buy a new Ring doorbell and a new set of towels, both of which are being advertised for more than 50% off.

The Prime Visa is ideal for current Amazon Prime members

The fact the Prime Visa doesn’t charge an annual fee if you’re already an Amazon Prime member is an important detail. This is a great benefit since the rewards rate is so high for Amazon and Whole Foods purchases.

Since my family shops online on a regular basis, we get a lot out of our Amazon Prime membership throughout the year already. This is yet another reason I signed up for the Prime Visa, and why I plan to keep it for the long run.

Learn more: Which Amazon credit card is best for you?

Having built-in consumer protections is important to me

The Prime Visa comes with a larger selection of perks than many people realize, including travel insurance benefits like:

  • Auto rental coverage
  • Baggage delay insurance
  • Lost luggage reimbursement
  • Travel accident insurance and
  • Travel and emergency assistance

However, I really only use this card for Amazon and Whole Foods purchases, so none of those perks apply to me anyway.

Benefits that do apply for my Amazon spending are still really enticing, including extended warranty protection on eligible items that come with a manufacturer’s warranty and purchase protection against damage or theft. The extended warranty coverage that comes with this card increases the time period of a U.S. manufacturer’s warranty by an additional year provided the item has a manufacturer’s warranty of three years or less. Meanwhile, purchase protection from this card is worth up to $500 per claim and up to $50,000 per account, and it applies to eligible items for 120 days from the purchase date.

The Prime Visa offers flexible redemption options

I also like the fact the Prime Visa comes with so many redemption options for rewards. The fine print on the card says you can redeem for cash back, gift cards, travel through Chase Travel or for purchases at Amazon.

These options work well for me since I am totally fine redeeming rewards for more Amazon purchases. And really, that’s the only redemption I have needed so far.

I usually wait until I find something from Amazon that costs more than I want to pay or for a “splurge” purchase I might otherwise be on the fence about. Then, I use my rewards to get the item for free or at a discount, which has been extremely rewarding so far considering the Prime Visa’s excellent cash back rate.

The Prime Visa offers an enticing welcome offer

While the Prime Visa’s welcome bonuses fluctuate often, I was able to get a solid welcome bonus when I signed up. At the time of writing, new cardholders can get an Amazon Gift Card worth $200 instantly upon approval, exclusively for Prime members.

There’s no minimum spending requirement listed for this offer, and earning up to $200 in an Amazon gift card right off the bat is a pretty decent deal — especially right before Prime Day. After all, this bonus is now on par with offers from other popular cash back credit cards like the Wells Fargo Active Cash® Card and the Chase Freedom Flex®*, both of which offer new cardholders $200 after they spend $500 within the first three months from account opening.

The bottom line

While it took me a while to sign up for the Prime Visa card, I ultimately moved forward so I could maximize cash back on my family’s Amazon.com spending. While I try to buy most things at stores in-person when I can, we inevitably turn to Amazon for items that are difficult to find, as well as those we want to have delivered to our house within a few days.

However, I still use my favorite travel credit cards and cash back credit cards strategically for other bills and items we buy. This game plan helps maximize rewards around the way we live and spend all year long, both on Amazon.com and elsewhere.

*Information about the Chase Freedom Flex® has been collected independently by Bankrate. The card details have not been approved or reviewed by the issuer.