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.
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 – excellent 5% cash back reward on all Amazon purchases
- Sign-Up Bonus – receive a $70 Amazon gift card.
CONS
- High Balance Transfer –5% or $5 which is higher than normal balance, also there is no 0% intro APR
- Links to only one Amazon Account –rewards can be redeemed on a single account only
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 with the Amazon Prime Rewards Visa Signature Card ranges from 16.24%-24.24%, which is better than other cards
Rewards
- 5% back on Amazon.com and Whole Foods purchases
- 2% back on restaurant, gas station and drug store purchases
- 1% back on other purchases
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…
- Good 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 16.24%-24.24%, which is better than other cards like the Bank of America Travel Rewards card, which starts at a variable APR of 19.99%-26.99%.
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. To go along with this, there is also no 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.
The Bank of America Cash Rewards card offers a bigger sign-up bonus of $150 and a rate of 3% cashback on gas, 2% cash back at grocery stores and wholesale clubs, and 1% on all other purchases. Do keep in mind that these are capped at $2,500 of spending per quarter. This card also has 0% APR, which is something that the Amazon Prime Rewards Visa Signature Card doesn’t offer.
The Discover It Cash Back Credit Card is popular among Amazon shoppers because the card offers up to 10% cash back in the first year. This drops to 5% after the first year, but the 5% can be used for gas stations, grocery stores, restaurants, and wholesale clubs to a quarterly maximum of $1,500. All other purchases not included in the 5% category earn 1% cash back. This card also has no annual fee, and offers 0% intro APR as well as 0% on balance transfers for the first 14 months.
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.