The Amazon Prime Rewards Visa Signature Card is getting a BIG UPDATE to its rewards structure! Learn what this change could mean for you and if you should apply for it. Click “Show More” to see Ad Disclosure, links, and additional information below.
The Amazon Prime Rewards Visa Signature credit card is an excellent card for frequent Amazon shoppers. Not only does it offer 5% cash back on your purchases at Amazon.com, but it’s also among the best cash back credit cards with no annual fee. Here’s my take on the Amazon Prime Credit Card REVIEW and WHAT’S CHANGING as of May 01, 2023!
WELCOME OFFER (April 2023) If you apply for the Amazon Prime credit card right now, you can earn a $100 Amazon Gift Card that gets automatically deposited into your Amazon account. There’s no spend requirement to get it; just get approved for the credit card!
REWARDS STRUCTURE (From now thru 4.30.2023) 5% Amazon* 5% Whole Foods Market* 2% Restaurants 2% Gas Stations 2% Drugstores 1% Other Purchases *NOTE: An Amazon Prime membership is required to earn 5% cash back. If your Amazon account doesn’t have an active Prime membership, the card will earn 3% instead.
BIG UPDATES! (Effective 5.01.2023) - Change: The 2% Drugstores category will be discontinued. - New: A 5% Chase Travel category will be added. - New: A 2% Local Transit & Commuting category will be added.
REWARDS STRUCTURE (Starting 5.01.2023) 5% Amazon* 5% Whole Foods Market* 5% Chase Travel* 2% Restaurants 2% Gas Stations 2% Local Transit & Commuting 1% Other Purchases *NOTE: An Amazon Prime membership is required to earn at the 5% rate (otherwise 3%).
REDEEM CASH BACK - Cash back on the Amazon Prime credit card is earned as points. - 1 point = 1¢ ($0.01) - You can redeem points at checkout to pay for merchandise on Amazon.com - You can also redeem for cash back as a statement credit, deposit to checking account or savings account, towards travel, or for gift cards.
NOTE ABOUT REWARDS POINTS - The Amazon Prime Visa DOES NOT earn Chase Ultimate Rewards points like the Chase Freedom Flex, Chase Freedom Unlimited, Chase Sapphire Preferred, or Chase Sapphire Reserve. Rather, it earns Amazon rewards points, which are a separate currency. Therefore, you cannot combine Amazon points with Chase points, get an extra boost in value towards travel, or transfer out to Chase transfer partners.
AMAZON PRIME REWARDS VISA SIGNATURE CARD BENEFITS - No Foreign Transaction Fees - Visa Signature Luxury Hotel Collection - See this link: https://www.visasignaturehotels.com - Visa Signature Concierge - Prime Card Bonus: Get additional rewards on top of everyday 5% back (most are 10% or more!)
INSURANCE AND PROTECTIONS - Auto Rental Collision Damage Waiver - Baggage Delay Insurance - Lost Luggage Reimbursement - Travel Accident Insurance - Travel and Emergency Assistance - Roadside Dispatch - Purchase Protection - Extended Warranty
IS THE AMAZON PRIME CREDIT CARD WORTH IT?
YES if you… - Spend a lot at Amazon and/or Whole Foods every year - Already have an Amazon Prime membership r can justify signing up - Want to earn cash back instead of travel rewards - Want a long-term ‘keeper’ card - Want travel & retail protections and no annual fee - Want no Foreign Transaction Fees and no annual fee
NO if you… - Don’t spend much at Amazon or Whole Foods - Don’t have / can’t justify a Prime membership - Prefer travel rewards
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
