Amazon’s New Credit Card for Prime Customers Offers 5% Back
There is a new membership benefit for Amazon Prime customers–a credit card that gives 5% back on all purchases made on Amazon.com. In addition, the new card, called the Amazon Prime Rewards Visa Signature card, will earn 2% back on purchases made at restaurants, gas stations and drugstores. Other purchases earn 1%.
This is not a cash back reward. Rather, cardholders are rewarded with points that can only be redeemed on Amazon.
The card is issued by Chase, and it is metal rather than plastic.
Current Amazon Rewards Visa Signature cardholders will automatically be upgraded to the new Amazon Prime Rewards Visa Signature card as long as they meet certain criteria. For example, they must have their Amazon card as their exclusive payment method in their Amazon wallet. Those cardholders will start earning 5% cash back immediately with their old card until the new one arrives.
Depending on your credit history, the APR for the new card ranges from 14.49% to 22.49%. There is no annual fee, no foreign transaction fee, and rewards do no expire. If you are approved for the new card, you can earn a $70 Amazon gift card.
To be eligible, you must be an Amazon Prime member, which costs $99 a year and carries various benefits, including free two-day shipping, access to Prime Video and Music, photo storage and the ability to shop Prime Pantry.
Consumers who are not Prime members can still receive the card, but only receive 3% back on Amazon.com purchases rather than 5%.