Amazon Prime Rewards Card Review

If you’re an Amazon Prime Member, you most likely know what Amazon Prime Rewards Card is all about. It refers to the premium Amazon credit cards that are made available only to Amazon Prime members.

With this card, you can earn 5% cashback on every purchase you make on Amazon including whole foods without a limit as per how much cashback you can earn. Here is a glance at how much cashback you can get with Amazon Prime Rewards Card:

BusinessCash Back
Utilities1%
Rideshare1%
Others1%
Restaurants2%
Gas Stations2%
Drugstores2%
Amazon5%
Whole Foods5%
Select Amazon Products10%

Just as the popular saying “one good turn deserves another” you deserve more rewards for your loyalty as a member of the Amazon Prime Rewards Visa Signature card.

Apart from being easy to redeem and offering a strong cashback rate, there other uses to which you can put your cashback. These include using it for an Amazon purchase, for direct deposit, for travel and gift cards, and for a statement credit.

However, to use your Amazon cash back for travel, you may need to use it through travel agencies, which, in most cases, will never be the best option for you due to the low rate they offer.

A typical example of a travel agency through which you can redeem your Amazon cashback is Chase’s travel agency. The drawback in using it is that their rate is low.

Bonus Benefits

Most interestingly, Amazon Prime credit cards offer some benefits when using them for travel or making expensive Amazon purchases especially electronics.

As for using it for travel, when you use the Amazon Prime Rewards Visa it saves a lot on your travel especially if you’re the type of person who doesn’t travel so often.

Also, Amazon Prime credit card offers you extra 3 years or less for the United States manufacturer’s warranty. In addition to this benefit, you’re also provided insurance against damage or theft that may occur.

This insurance spans for a period of 4 months with $50,000 per credit card and $500 per claim.

More so, the Amazon Prime Rewards Visa, which is a Visa Signature card, can be put to many uses including event tickets, restaurant reservations, or planning a special celebration such as birthday, etc.

And lastly, the card comes in handy when you need a car rental in that it lets you avoid the exorbitant additional coverage that most car rental companies offer.   

Key Features

There are so many exciting features that come with being a holder of the Amazon Prime Rewards Visa Signature card but we like to talk about the key ones here. First, there are two types of cards available namely the store credit cards and rewards credit cards.

Amazon store credit cards are more beneficial for people who love to make purchases at one particular store than they will do every other place.

If this is you, we advise you choose this type of credit card as you’ll benefit more from it than you’ll do from a multi-purpose card.

There are some tips to use to get the most out of your store card including paying your balance in full every time you make a purchase and paying in full before the expiration of your store card’s 0% financing offer.

Rewards credit cards, on the other hand, offer you rewards on every purchase you make either on Amazon’s website or elsewhere. With these rewards, you can earn from 3 to 5% cashback when buying an item at Amazon.com and from Whole Foods Market.

There are some best rewards cards that you can use and get the most out of your rewards credit cards. Good examples include Capital One Venture Rewards credit card, Chase Freedom Unlimited, Wells Fargo Active Cash Card, Citi Custom Cash Card, etc.

To sign up for Amazon Prime membership, the cost is $119 annually. Amazon occasionally will offer you gift cards upon approving your registration.

Who is This Card For

If you’re the type of person who buys most of your items at Amazon.com or Whole Foods Market, this card is mostly suited for you. The benefit you’ll get by using this card is that it will offer you more stable and high rewards than any other card will do.

While few other cards offer a benefit close to this the benefits aren’t as impressive as Amazon’s. Over the years, Amazon has earned the reputation of one of the cards in the 5% bonus categories.  

You can instantly get a $100 Amazon Gift Card upon approval. To apply for an Amazon Prime Rewards Visa Signature Card, click here.

Who is This Card Not For

As good as the Amazon Prime Rewards Visa Signature Card is there are times when getting a different card will be more useful for you. If you’re not planning to make most of your purchases at Amazon.com or Whole Foods Market, it’ll be counter-intuitive for you to apply for this card.

Furthermore, shopping through Amazon might sound like the cheapest option for most people it’s not for people just starting out, especially if you have to consider the cost of signing up for its Prime membership.

The same thing goes for Whole Foods Market, which isn’t an option for people who are more cautious about their spending.

The trick about shopping at Whole Foods Market or Amazon, for example, is that you must be a premium member before you can shop at low prices, or else you have to consider applying for a different card.

A co-branded card from Capital One Walmart Rewards Mastercard will be a good idea. Cashback rates for Walmart vary based on the type of shopping.

In that, you can earn 5% back on when you shop at Walmart.com, 2% back on in-store purchases through Walmart with 1% back on other purchases you make, while 2% back on purchases at Walmart gas stations, Murphy USA, restaurants, and on travel.

The only difference when it comes to using credit cards at Walmart and Amazon is that while Amazon requires an annual membership fee to hold its card Walmart doesn’t.

Fee Details

There is no annual fee to hold an Amazon Prime Rewards credit card but you must be an Amazon Prime member to hold the card. If you’re not a member, you can consider the option of applying for its non-Prime option, which is the Amazon Rewards Visa Signature card.

Annual Membership FeeNone
My Chase Plan FeeMonthly fee of 1.72%
Balance TransfersEither $5 or 5% of the amount of each transfer
Cash AdvancesEither $10 or 5% of the amount of each transaction
Foreign TransactionsNone
Late PaymentUp to $39.
Return PaymentUp to $39.
Return CheckNone

With this, you can still earn lower rates on your purchases at Amazon.com and Whole Foods Market, without paying a dime for any membership.

Pros

  • Zero-foreign transaction fee
  • Consistent and generous cashback rate of 5% when you shop at Amazon and Whole Foods Market – no limits for the cashback
  • Advantages of Visa Signature Cards
  • Welcome bonus, with no spending string attached  

Cons

  • Not suitable for people who don’t spend big at Amazon or Whole Foods Market

Our Advice

Let’s briefly let you into other important things or tips you need to get the most out of your Amazon Prime Rewards card. The first thing you need to know is that your credit score is important to qualify for the card. In that, you must have an excellent credit score of generally above 690 to qualify for this card.

With this, you can earn their cashback benefits which range from 5% back on purchases on Amazon and Whole Foods Market, 2% on purchases at their gas stations, drugstores, and restaurants, as well as 1% on all other purchases you made elsewhere.

You can get Amazon Prime Rewards Visa Signature Card at Chase but there is a catch to getting approval for this – You must not have opened five or more credit card accounts with other issuers in the past 24 months.

And lastly, you need to be aware of the interest rate for using the card. Although there is zero percent introductory ARR periods, the ongoing APR ranges from 14.24% to 22.24%, and this varies.

Interest & Charge TypeAPR & Charges
Purchase APR14.24% to 22.24%
My Chase Loan APR14.24% to 22.24%
Balance Transfer APR14.24% to 22.24%
Cash Advance APR24.99%
Minimum Interest ChargeNone

Verdict

To be candid, you shouldn’t consider getting the Amazon Prime Rewards Visa Signature card if you don’t spend a lot at Amazon or Whole Foods Market.

Otherwise, you will get the most out of your shopping by applying for a different card. If you spend a lot at Amazon or Whole Foods Market, don’t hesitate to get their Rewards card because it will offer you a more rewarding and consistent cashback rate.