Amazon Prime Rewards Visa: The professionals and cons

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A mean Amazon Prime member spends $1,400 per 12 months. Nevertheless, the determine might be greater based mostly on the net purchasing spike brought on by the COVID-19 pandemic. The Amazon Prime Rewards Visa Card is issued by Chase Financial institution and delivers 5% cashback on Amazon and Entire Meals Market purchases. If brown packing containers commonly stack in your entrance porch, you would earn some a reimbursement merely for purchasing on the world’s largest retailer. 

To get a greater thought of how a lot cashback you would earn (or have missed out on), log in to Amazon.com, navigate to “Account & Lists”, and click on or faucet “Ordering and Buying Preferences”. You may discover a great tool that permits you to obtain order reviews based mostly in your chosen timeframe, together with customized dates, present 12 months or complete historical past. The quantity could also be eye-opening, revealing you will have left a whole bunch of {dollars} or extra on the desk in cash-back rewards. Luckily, you may repair that by making use of for the Amazon Prime Rewards Visa.


Amazon Prime Rewards Visa options:

  • Annual price: $0, though an annual $119 Amazon Prime subscription is required
  • Credit score required: Good to glorious
  • Rewards: Earn 5% cashback on Amazon.com and Entire Meals Market purchases, 2% cashback at eating places, gasoline stations and drugstores, 1% cashback on all different qualifying purchases and a bonus of 10% to 25% on choose Amazon merchandise
  • Welcome provide: $100 Amazon reward card upon approval
  • Buy intro APR: 0% APR as much as 18 months
  • Steadiness switch intro APR: N/A
  • Normal APR: Variable APR of 14.24% to 22.24%

The way it works

The Amazon Prime Rewards Visa bank card is designed to combine seamlessly along with your Amazon.com and Entire Meals Market purchases. Amazon offers a pre-qualification instrument that may inform you whether or not you would be authorised for the cardboard and your credit score restrict with out affecting your credit score rating. It is a great way to check the waters and keep away from a small hit to your credit score rating for an inquiry, solely to get denied.

Getting pre-qualified takes only a few seconds, and so does getting authorised. When you’re authorised, you can begin purchasing on-line — even when you do not have a bodily card but. You may see the choice to pay utilizing your Amazon Prime Rewards Visa bank card at checkout. The cardboard will comply with within the mail for all different purchases.

Welcome bonus

As quickly as you are authorised, you will obtain a $100 bonus to get began. You may apply the bonus steadiness to Amazon.com or Entire Meals Market purchases straight away. Apart from the money bonus, you will obtain a promotional APR of 0% for six to 18 months on purchases of a minimum of $50. Nevertheless, you will not have the ability to earn cashback on purchases you select to finance utilizing the introductory 0% APR. 

Rewards

5% cashback is a good deal. You will not discover that stage of year-round rewards on Amazon and Entire Meals purchases with different playing cards. Amazon cash-back rewards are known as factors and have a point-for-dollar worth. Which means that incomes 5 factors is the equal of $5 in cashback. Amazon factors do not expire. Nevertheless, you will want an Amazon Prime membership of $119 per 12 months for the factors to stay legitimate. You may nonetheless proceed to make use of the bank card should you do not renew your Prime membership, however you will not earn cash-back rewards on Amazon and Entire Meals Market purchases.

Redeeming rewards

There are a number of methods to redeem the cashback rewards. Apply the factors at checkout for eligible Amazon.com/Wholefoods.com purchases. Redeem them as money as an account assertion credit score or by transferring the steadiness to a checking account. Or use the factors for reward playing cards or journey.


Amazon Prime Rewards Visa execs and cons

The important thing to good credit score historical past is being selective about your bank cards and the way you employ them. Out there credit score, low card balances, on-time funds and card longevity are among the elements that have an effect on your credit score rating most. Canceling a card as a result of it is not best for you might negatively impression the typical age of your bank card accounts and your general accessible credit score. Make it possible for the Amazon Prime Rewards card will fit your wants for years to come back earlier than you apply. 

Think about the next execs and cons:

Amazon Prime Rewards Visa execs:

  • No annual price

  • On the spot $100 Amazon reward card bonus at approval

  • Open-loop — in contrast to many store-brand playing cards, it may be used in all places Visa is accepted

  • 5% cashback on Amazon and Entire Meals purchases

  • An additional 10% to 25% again on choose Amazon purchases

  • 2% cashback at eating places, gasoline stations and drug shops and 1% in all places else

  • Money-back factors could be utilized to Amazon purchases, journey and reward playing cards 

  • Journey perks embody no overseas transaction charges and Visa Signature advantages corresponding to journey insurance coverage, baggage safety and concierge companies

Amazon Prime Rewards Visa cons

  • Requires an annual Amazon Prime membership (presently $119 per 12 months)

  • No money again rewards on purchases utilized to the 0% APR introductory provide

  • In contrast to different Chase bank cards, no entry to the Chase Final Rewards web site


Amazon Prime Rewards Visa FAQ

Is the Amazon Prime Rewards Visa bank card free?

Though the Amazon Prime Rewards Visa has no annual price, you are required to pay for an annual Amazon Prime membership, which is presently $119 per 12 months.

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

The Amazon Prime Rewards Visa already comes with a excessive rewards charge of 5% cashback on Entire Meals and Amazon purchases. You may earn extra by benefiting from unique affords accessible to Prime Rewards cardholders that allow you to earn one other 10 – 25% on Amazon purchases, on prime of the 5% rewards.

Is the Amazon Prime Rewards Visa bank card good for journey?

You will not earn bonus factors for journey purchases, however the Amazon Prime Rewards card does include Visa Signature journey perks. They embody complimentary concierge companies for assist with journey, precedence entry and particular charges at Luxurious Resort Assortment properties, misplaced or delayed baggage protection, no overseas transaction charges and journey/emergency help.

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