Credit Cards

New Amazon Prime Rewards Credit Card




Update: Amazon has extended its 5%/3% cash back rewards structure to include purchases at Whole Foods Market. Amazon acquired Whole Foods for $13.7 billion last year.

Chase has launched a new credit card exclusively for Amazon Prime members – the Amazon Prime Rewards Visa Signature Card. The new card offers 5% back on purchases at Amazon.com. Prime members who currently hold the Amazon Rewards card will automatically be upgraded to the new version with enhanced benefits.

You can use your % Back points to redeem for eligible purchases at Amazon.com. You can also use your points to redeem for cash, through an account statement credit or electronic deposit into an eligible checking or savings account held by a financial institution located in the United States. Other redemption options include travel, gift cards, and products or services made available through the program or directly from third party merchants.

The Amazon Rewards credit cards are not subject to Chase’s 5/24 rule.

Card Benefits

Amazon Prime Rewards Card*

amazon-prime-rewards-card

  • 5% Back at Amazon.com
  • 5% Back at Whole Foods Market
  • 2% Back at restaurants, gas stations, and drugstores
  • 1% Back on all other purchases
  • No Annual Fee *but requires a Prime membership ($99 annually)
  • No Foreign Transaction Fee

Amazon Rewards Card

amazon-rewards-card

  • 3% Back at Amazon.com
  • 3% Back at Whole Foods Market
  • 2% Back at restaurants, gas stations, and drugstores
  • 1% Back on all other purchases
  • No Annual Fee
  • No Foreign Transaction Fee

The Amazon Prime Rewards card is a good alternative to cards with 5% cash back in rotating categories, which occasionally feature Amazon.com purchases. If you’re already a Prime member and spend a fair amount on Amazon, the 5% Back with no limit is a strong return.

If you like the information in this article, please consider supporting this blog by shopping with my Amazon Referral link.

One Comment

  • steven

    This means you can keep reloading your Amazon account and making purchases and effectively earn 2% on each transaction (or get 2% off the purchase price each time).

    The caveat is that it’s not a cash back program – your Amazon account just gets the extra 2% on each reload. So you wind up with more Amazon cash.

    The move appears to be partially aimed at Walmart, which it is currently battling for the lower-income population and maybe the credit-averse group.

    The other reason is to cut out expensive interchange fees, which credit card issuers charge merchants for the convenience of using plastic. Typically, these are passed along to consumers in the form of higher retail prices.

    These fees tend to be more than 2%, so Amazon can actually make out on this deal while still giving its customers rewards on every purchase
    http://www.updatesbank.com/amazon-credit-card-benefits

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