In this Review..
The Amazon Prime Rewards Visa Signature Card has great benefits for people who are avid Amazon shoppers. The card is offered through Chase Bank, and there is no annual fee. With the Amazon Prime card, you earn 5% cash back reward on all Amazon purchases including whole foods market, 2% cash back on restaurant, gas, and drugstores, and 1% cash back on all other purchases. In addition, you'll get a $70 Amazon gift card instantly upon credit card approval.
However, you have to be an Amazon Prime member to hold the Amazon Prime Rewards Visa Signature Card, which has an annual fee of $119. The 5% rewards rate on all Amazon purchases is alluring for Amazon shoppers, but there are drawbacks and limitations to the card.
Rewards Plan
Sign up Bonus
0% Intro
PROS
- Great Cash Back Reward Points
- Sign-Up Bonus
CONS
- 5% Balance Transfer Fee
- Links to only one Amazon Account
APR
14.24% - 22.24%
Annual Fee
$0
Balance Transfer Fee
5%
Credit Requirements
Good – Excellent
Card & Issuer Reputation
- 3.7/5 on WalletHub customer reviews (+800 reviews): WalletHub customer reviews allow customers to post positive, negative or neutral reviews about marketplace experiences.
- 809/1000 on J.D Power: The issuer of the card is Chase that got 809 out of 1000 available points on J.D. Power credit card satisfaction survey, a bit lower than the industry average. J.D Power offers the most comprehensive and independent study of customer satisfaction of card issuers . The study aims to help consumers and issuers to understand user opinions and ratings of the largest bands. It covers terms, benefits, services, communication, rewards and more.
Benefits
Let’s take a closer look at the benefits and drawbacks of the Amazon Prime Rewards Visa Signature Card – and whether or not it’s right for your wallet…
- Cashback Reward Points
The Amazon Prime Rewards Visa Signature Card offers an excellent 5% cash back reward on all Amazon purchases, 2% cash back on restaurant, gas, and travel purchases, and 1%cash back on all other purchases.
For devoted Amazon users, a 5% cash back rate is fantastic.
- Great Sign-Up Bonus
When you sign up for the Amazon Prime Rewards Visa Signature Card, you receive a $100 Amazon gift card.
Not a fantastic sign-up bonus when compared to other major credit cards, but because the Amazon Prime Rewards Visa Signature Card is geared towards frequent Amazon buyers, this sign-up bonus could be a great incentive for some people.
- No Annual Fee
The Amazon Prime Rewards Visa Signature Card doesn’t charge an annual fee to stay active, which is great news for those considering applying.
With this being said, the card holder is required to be an Amazon Prime member, which has an annual fee of $119. If you shop on Amazon enough to justify the Prime fee, then having no second fee is a great perk.
- Better APR Than Other Cards
The variable APR with the Amazon Prime Rewards Visa Signature Card ranges from 14.24%-22.24%, which is usually better than other cards in the category.
Drawbacks
- No Transfer Options
Even though the Amazon Prime Rewards Visa Signature Card is provided by Chase Bank, which is becoming a larger name bank, there is no transfer options to carry over points from one card to another, even if the previous card was also a card offered by Chase Bank.
- Links to Only One Amazon Account
The Amazon Prime Rewards Visa Signature Card links to only one account, meaning rewards acquired on the Amazon Prime Rewards Visa Signature Card can only be redeemed on one Amazon account.
While this isn’t a big determining factor, it can be inconvenient for families all trying to use the benefits.
- High Balance Transfer Fee
The Amazon Prime Rewards Visa Signature Card does have a higher than normal balance transfer, which is 5% or $5 depending on whichever is greater.
- Slow Processing Time and Many Fees
Chase Bank is going through some growing pains as a bank, and because they are the issuer of the Amazon Prime Rewards Visa Signature Card, this can cause many headaches for card holders.
Many card holders have mentioned many hidden fees that minimize their monthly payments, and the slow processing times from Chase can turn on time payments into late payments, which will tack on more fees.
While these are not problems with the Amazon Prime Rewards Visa Signature Card itself, they do come associated with the card due to the bank that issues it.
- No 0% Intro APR
The Amazon Prime card doesn't offer 0% intro APR, which could be a deal-breaker for many potential applicants
Application Process
To apply for a credit card: Search the Credit Card Marketplace for a credit card you'd like to apply for.
Click Apply now. You'll be redirected to the credit card application on the financial institution's website.
Fill in the credit card application and click Submit application.
Note: Amazon.com does not have any information regarding the status of your application. For any questions regarding your application, please contact the financial institution of the card you are applying for.
You'll receive a decision from the financial institution.If you applied for a credit card via Credit Card Marketplace that offers an Amazon.com Gift Card incentive and your application was approved, the issuer of the credit card will be providing you with your Amazon.com Gift Card.
If you haven't received your Amazon.com Gift Card or believe the amount of the Gift Card is incorrect, please contact the financial institution that approved your application.
Alternatives
Several other credit cards provide similar rewards to the Amazon Prime Rewards Card while also offering a couple of features that the Amazon Prime Rewards Card lacks.
- Chase Freedom Unlimited Card
Chase Freedom Unlimited is a great cash back card for those with good to excellent credit. The 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases is one of the highest in the industry without having an annual fee or the hassle of figuring out which month for which type of purchases gets cash back.
In addition, the cash back feature is straightforward, unlike some other rewards cards that require you to jump through hoops to maximize the rewards. You can also get a $200 bonus after you spend $500 on purchases in the first 3 months from account opening + 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year bonus after signing up by spending $500 in purchases after 3 months. This bonus has a low threshold compared to other cards.
If you don't have time for calculations, you spend more than $1,500 monthly and you don't have specific places where you spend you money, the Chase Freedom Unlimited can be a great option for you.
- My Best Buy Visa Card
One of the best alternatives is the My Best Buy Visa Card. The Best Buy card is a store rewards card that offers great benefits for big Best Buy spenders. This is a Visa card and the card is accepted everywhere Visa is, meaning you do not just have to use it at Best Buy.
Cardholders receive 5% reward for every dollar spent at Best Buy, 2% reward for every dollar spent on dining and groceries and 1% on all other purchases made with this card. For a limited time, Best Buy Visa Card also offers limited-time rewards for every dollar spent on ground and air transportation and gas.
Customers loyal to Apple products can rejoice at the fact that Best Buy sells most Apple products at competitive retail prices, albeit without certain warranties that can only be attained through Apple Store purchases.
- The Capital One Venture Card
The VentureOne credit card from Capital one offers the users some great travel perks and a good flat rate on general purchases. Although it doesn’t have the highest earning rates, it is great for travel mile rewards.
When you initially sign-up for this card and spend at least , you can earn up to 50,000 miles which is equivalent to $500 in travel purchases. The card doesn’t have an annual fee, which is a pretty generous feature.
Now, earning miles with the card is a pretty straightforward affair as you shall be earning 2 miles per each dollar of purchase you make. This is better than other travel card rewards that only offer 1-1.5 mile per dollar of purchases. Also, you won’t pay a transaction fee when making a purchase outside of the United States.
The card has $95 annual fee.
Is the Amazon Prime Rewards Visa Signature Cash Card Right for You?
The Amazon Prime Rewards Visa Signature Card is about as good as it gets when it comes to co-branded credit cards. Cardholders with prime memberships will certainly see the value since they are already avid Amazon users.
For many people, the perk of unlimited 5% cash back on Amazon and Whole Foods purchases on top of the other rewards on purchase will truly just be a bonus.
Weighing in the fact that the card doesn’t have 0% intro APR and carries higher balance transfer fees than normal, some people might not see the value, as these might be must haves for people looking for a new credit card. With this being said, this card might be as good as it gets for Amazon fans.
