The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.
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 invluding whole foods market, 2% cash back on restaurant, gas, and drugstores, and 1% cash back on all other purchases.
In addition, you’ll get 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.
Our Bottom Line
- Super Valuable For Amazon Prime members
Credit Rating Requirements
- Good – Excellent
PROS
- Great Cash Back Reward Points
- Sign-Up Bonus
CONS
- 5% Balance Transfer Fee
- Links to only one Amazon Account
Highlights
- 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
- There is no expiration on the points that the card holder accumulates, so you can use all of the points whenever you choose to.
- The variable APR is 14.24%-22.24%
Here’s a summary of the main pros & cons (click to see explanation or scroll down):
Pros
Cons
Amazon Prime Rewards Visa Signature – 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 $70 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.
Amazon Prime Rewards Visa Signature Card – 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.
- 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.
- 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.
- No 0% Intro APR
The Amazon Prime card doesn’t offer 0% intro APR, which could be a deal-breaker for many potential applicants
Alternatives to Amazon Prime Rewards Visa Signature
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 is a great cash back card for those with good to excellent credit. The 1.5% cash back 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 signing up by spending $500 in the first 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.
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 3% 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 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 $3,000 during the first three months, 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.