Is Amazon Prime Rewards Card gives Better Value
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What is Amazon Prime Rewards Card ?
Amazon Prime Rewards Card is a credit card targeted mainly at Amazon Prime members. If you are a prime member and buy a lot of stuff from Amazon, this card can earn you some serious cash back. It also comes with various other benefits like most cash back cards. This card is a visa signature credit card and you can avail all visa signature perks.
Things I like about Amazon Prime Rewards Card
First and foremost, its a no annual fee credit card. So you can carry free without worrying about yearly membership fees. You get an instant $100 amazon gift card soon after the approval. You will not find any other card that gives you an instant bonus like this card. Let’s discuss about the various cash back categories.
- This card gives you 5% cash back on Amazon purchases with an eligible Prime Membership.
- It gives 2% cash back on drugstores, gas stations and restaurants which is mostly used by everyone.
- 1% cash back on all other purchases which is a standard offer in most cash back cards.
- No foreign transaction fee which means you can use it outside USA without additional charges.
- 10% bonus rewards for select products on Amazon.com and it may be a limited time offer.
- You can redeem the rewards for any amount on any day, so it’s very flexible redemption process.
But Now Pay Later Program
With the new Buy Now Pay Later program on Amazon Prime Rewards card, you can make use of 0% interest on monthly payments. Below are the details on how this program works.
- You can also use Get it now and pay over time offer which has following benefits.
- Enjoy 0% Promo APR for the promotion period when you make equal monthly payments.
- Choose equal monthly payments at checkout OR keep earning 5% Back.
- 0% APR on 6 equal monthly payments on purchases of $50 or more
- 12 equal monthly payments on purchases of $250 or more
- 18 equal monthly payments on purchases of $500 or more
What I didn’t like about this Amazon Card
This card’s benefits are tied directly to Amazon Prime membership. It means an additional $99 annual fee or a $12.99 monthly fee to own this card. It comes with Prime membership but the cumulative benefits needs to be worked out based on your amazon purchases. This card doesn’t give you any 0% APR on balance transfers.
Final Thoughts on Amazon Prime Rewards Card
If you have a credit score of 690 or above, you are more likely to be approved for this card. As this is a Chase Cobranded card, if you have other cashback cards already, its difficult to get approval for this card. It is an excellent choice if you are already an Amazon Prime Member and purchase regularly at Amazon.
