Amazon Prime Rewards Visa: the pros and cons


The average Amazon Prime member spends $ 1,400 per year. However, the figure is likely higher due to the surge in online shopping caused by the COVID-19 pandemic. The Amazon Prime Rewards Visa card is issued by Chase Bank and offers 5% cash back on Amazon and Whole Foods Market purchases. If brown boxes regularly pile up on your porch, you could make money just by shopping at the world’s largest retailer.

To get a better idea of ​​how much cashback you might be making (or missing out on), log into Amazon.com, navigate to “Account & Lists,” then click or tap “Order and Purchase Preferences “. You will find a useful tool that allows you to download order reports based on the time period you choose, including custom dates, current year, or full history. The amount can be revealing, revealing that you have left hundreds of dollars or more on the cash back table. Fortunately, you can fix this problem by applying for the Amazon Prime Rewards visa.


Amazon Prime Rewards Visa Features:

  • Annual subscription: $ 0, although an annual Amazon Prime subscription of $ 119 is required
  • Credit Required: Good to excellent
  • Awards: Earn 5% cashback on Amazon.com and Whole Foods Market purchases, 2% cashback at restaurants, gas stations and drugstores, 1% cashback on all other qualifying purchases and a 10% to 25% bonus on some Amazon products
  • Welcome offer: $ 100 Amazon gift card after approval
  • APR purchase intro: 0% APR up to 18 months
  • Balance transfer introduction APR: N / A
  • Standard APR: APR variable from 14.24% to 22.24%

How it works

The Amazon Prime Rewards Visa credit card is designed to integrate seamlessly with your purchases on Amazon.com and Whole Foods Market. Amazon provides a prequalification tool that can tell you if you would be approved for the card and your credit limit without affecting your credit score. It’s a good way to test the waters and avoid a little blow to your credit score for a survey, only to be turned down.

Getting prequalified only takes seconds, and so does approval. Once you’re approved, you can start shopping online, even if you don’t have a physical card yet. You will see the option to pay with your Amazon Prime Rewards Visa credit card at checkout. The card will follow by mail for all other purchases.

Welcome bonus

As soon as you are approved, you will receive a bonus of $ 100 to get started. You can immediately apply the bonus balance to purchases from Amazon.com or Whole Foods Market. In addition to the cash bonus, you will receive a promotional 0% APR for six to 18 months on purchases of at least $ 50. However, you will not be able to earn cashback on purchases you choose to finance using the 0% introductory APR.

Awards

5% cashback is a good deal. You won’t find this level of rewards all year round on Amazon and Whole Foods purchases with other cards. Amazon cash back rewards are called points and have a point for dollar value. This means that earning 5 points equals $ 5 in cashback. Amazon Points do not expire. However, you will need an Amazon Prime subscription of $ 119 per year for the points to remain valid. You can still continue to use the credit card if you don’t renew your Prime membership, but you won’t earn cash back on Amazon and Whole Foods Market purchases.

Redeem rewards

There are several ways to redeem the cashback rewards. Apply points at checkout for qualifying purchases at Amazon.com/Wholefoods.com. Redeem them for cash as a bank statement credit or by transferring the balance to a bank account. Or use the points for gift cards or travel.


Advantages and Disadvantages of Amazon Prime Rewards Visa

The key to a good credit history is choosing your credit cards and how you use them. Available credit, low card balances, on-time payments, and card longevity are some of the factors that most affect your credit score. Canceling a card because it’s not right for you could negatively impact the average age of your credit card accounts and your overall available credit. Make sure the Amazon Prime Rewards card will meet your needs for years to come before you apply.

Consider the following pros and cons:

Benefits of the Amazon Prime Rewards visa:

  • No annual fee

  • $ 100 Instant Amazon Gift Card Bonus On Approval

  • Open Loop – unlike many store brand cards, it can be used anywhere Visa is accepted

  • 5% discount on Amazon and Whole Foods purchases

  • An additional 10-25% discount on select Amazon purchases

  • 2% cash back at restaurants, gas stations and pharmacies and 1% everywhere else

  • Cash back points can be applied to purchases, travel and Amazon gift cards

  • Travel benefits do not include any overseas transaction fees and Visa Signature benefits such as travel insurance, baggage protection, and concierge services

Disadvantages of the Amazon Prime Rewards visa

  • Requires an annual Amazon Prime subscription (currently $ 119 per year)

  • No cash back on purchases applied to the 0% APR introductory offer

  • Unlike other Chase credit cards, no access to the Chase Ultimate Rewards website


Amazon Prime Rewards visa faqs

Is the Amazon Prime Rewards Visa credit card free?

Although there is no annual fee for the Amazon Prime Rewards visa, you must pay an annual subscription to Amazon Prime, which is currently $ 119 per year.

How can I earn more cashback with my Amazon Prime Rewards Visa card?

The Amazon Prime Rewards visa already comes with a high reward rate of 5% cashback on Whole Foods and Amazon purchases. You could earn more by taking advantage of the exclusive offers available to Prime Rewards cardholders that allow you to earn an additional 10-25% on Amazon purchases, in addition to the 5% rewards.

Is the Amazon Prime Rewards Visa credit card good for traveling?

You won’t earn bonus points for travel purchases, but the Amazon Prime Rewards card comes with Visa Signature travel benefits. They include complimentary concierge services for travel assistance, priority access and special rates at Luxury Hotel Collection properties, lost or delayed baggage coverage, no overseas transaction fees, and travel / travel assistance. ’emergency.


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