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Whether you're shopping for routine household products or new patio furniture, Amazon has you covered. Paired with the acquisition of Whole Foods, it's no wonder that many consumers do the bulk of their shopping at Amazon. As an Amazon Prime member, you'll enjoy benefits such as free two-day shipping, free Whole Foods delivery in eligible areas and more.
To lock in even greater savings, you may have considered applying for the Amazon Prime Rewards Visa Signature Card. The 5% rewards rate on Amazon purchases and the gift card you receive upon approval are both fantastic incentives to apply. As an added bonus, this card offers solid rewards in other everyday categories, with 2% at gas stations, restaurants and drugstores.
Although this card has $0 annual fee, keep in mind that only Amazon Prime members are eligible to apply. For non-Prime members, it's likely not worth it to sign up for Amazon Prime just to get the Amazon Prime Rewards Visa Signature Card, as there are other comparable options offering cash back for a wider variety of purchases.
Is the Amazon Prime Rewards Visa Signature Card worth it?
For existing Prime customers, the Amazon Prime Rewards Visa Signature Card could help you save big. Although there's $0 annual fee, think of the $119 Prime membership cost as part of the requirement to open this card. Still, only frequent Amazon or Whole Foods shoppers should consider this card above other options, as other cashback cards can help you earn bonus rewards on a wider variety of purchases.
How does the Amazon Prime Rewards Visa Signature Card compare to other credit cards?
The best measure for a card’s value is to compare it against other offers. We look at how the Amazon Prime Rewards Visa Signature Card's features stack up against some of its competitors.
Amazon Prime Rewards Visa Signature Card vs. Chase Freedom Flex℠
The Chase Freedom Flex℠ is a competing cashback card that may be better suited for those who don't shop exclusively at Amazon. Its sign-up bonus offers the chance to Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. And earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
You'll Earn 5% cash back on eligible purchases in rotating categories, 5% on travel purchased through Chase, 3% on dining and drugstores, and 1% on all other purchases. Here is 2021's cashback calendar:
Note that the 5% bonus is only eligible for up to $1,500 in purchases per quarter. If you're fine with earning 5% back on Amazon.com during just a few months, the Chase Freedom Flex℠ may be a better option than the Amazon Prime Rewards Visa Signature Card. If you prefer a more predictable reward structure where the categories never change, the Amazon Prime Rewards Visa Signature Card is the better choice.
Amazon Prime Rewards Visa Signature Card vs. Citi® Double Cash Card – 18 month BT offer
The Citi® Double Cash Card – 18 month BT offer is one of the few credit cards that lets you Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. This applies regardless of where you shop — meaning you'll earn 2% back whether you're shopping on Amazon.com or purchasing movie tickets.
While the Citi® Double Cash Card – 18 month BT offer doesn’t give you the same 5% reward on Amazon purchases that you can get with the Amazon Prime Rewards Visa Signature Card, the unlimited 2% rate takes the guesswork out of earning rewards. Unfortunately, though, the Citi® Double Cash Card – 18 month BT offer comes with no welcome offer whatsoever.
If Amazon.com makes up a large chunk of your total purchases, the Amazon Prime Rewards Visa Signature Card is the better deal. However, if your spending is more varied, go with the Citi® Double Cash Card – 18 month BT offer instead.
Amazon Prime Rewards Visa Signature Card vs. Bank of America® Customized Cash Rewards credit card
The Bank of America® Customized Cash Rewards credit card is another popular option that lets you choose how you want to earn rewards. You'll earn 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% cash back on all other purchases
The 3% purchase categories include gas, online shopping, dining, travel, drug stores or home improvements and furnishings, and you can choose your bonus category monthly. If you happen to spend more at Amazon, or on other online purchases, in a particular month, you can choose to earn 3% on online shopping.
The sign-up bonus may be harder to achieve for some consumers: Online $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. If you prefer to diversify your spending, the Bank of America® Customized Cash Rewards credit card can help adjust your rewards to your specific needs.
Earning and redeeming points
As mentioned above, the Amazon Prime Rewards Visa Signature Card lets users earn 5% back at Amazon.com and Whole Foods Market with an eligible Prime membership, 2% back at restaurants, gas stations and drugstores and 1% back on all other purchases..
You'll earn rewards in the form of points, which can then be applied to future Amazon purchases through the Shop with Points Program. Or, you can redeem your points for cash back, gift cards or travel through Chase.
Each point is worth 1 cent each, so 100 points equal $1 in rewards. So long as you're a cardholder, your rewards won't expire, and there's no limit to how many points you can earn.
Is it worth signing up for Amazon Prime?
Amazon Prime costs $119 per year, comparable to the cost of many credit cards with annual fees. Since the Amazon Prime Rewards Visa Signature Card is only open to existing Prime members, you may wonder if it's worth opening a membership if you don't own one already. Here is the list of the ongoing benefits you'll enjoy with Amazon Prime:
- Free two-day shipping on millions of eligible products, with free same-day or 2-hour delivery in select cities
- Extra 10% discount on sale items (excluding alcohol) at Whole Foods
- Prime Video, offering access to thousands of movies and TV shows for free
- Prime Music, offering over two million songs ad-free with the opportunity to upgrade to Amazon Music Unlimited at a Prime member rate
- Amazon Photos, with free unlimited photo storage shareable to up to five family members or friends
- 30-minute early access to Amazon Lightning Deals
- Borrow one e-book for free on any Kindle device
If you live in a metropolitan area, Whole Foods offers free two-hour delivery or one-hour same-day pickup, which can be helpful to grocery shoppers who need items in a pinch. While the shipping benefit alone is why millions of people subscribe to Amazon Prime, there are many entertainment and shopping perks with this subscription.
Amazon Prime also offers a free six-month trial exclusively for college students. After that, you'll enjoy a 50% discount on membership while you're still a student.
Upon approval, you're automatically granted a Get a $100 Amazon Gift Card instantly upon approval..
This is a considerable offer, as most credit cards require you to spend a certain amount of money to lock in the welcome bonus. But with the Amazon Prime Rewards Visa Signature Card, you are rewarded simply for opening your account.
Equal pay financing offer
Suppose you're making a purchase on Amazon that costs thousands of dollars. With the Amazon Prime Rewards Visa Signature Card, you can choose to opt out of earning rewards and participate in the special 0% APR offer instead:
- On purchases of $50 or more, split into six equal monthly payments
- On purchases of $250 or more, split into 12 equal monthly payments
- On purchases of $500 or more, split into 18 equal monthly payments
If you choose the pay-over-time offer instead, you won't accrue any interest for the promotional period. The monthly payments will be charged to your statement on your Amazon Prime Rewards Visa Signature Card. If you fail to make your payments within the allotted time period, you'll start to accrue interest.
While this offer may be helpful for large purchases, we recommend that you avoid this option as you'll lose the ability to earn rewards on all of your Amazon purchases.
Other card benefits
While the main draw of the card stems from its 5% rewards rate and gift card, you don't want to miss out on the other benefits of the Amazon Prime Rewards Visa Signature Card. As this is a Chase-issued, Visa signature card, you'll enjoy plenty of unexpected travel benefits:
When paying for your transportation with this card, you'll receive up to $500,000 in the event of accidental death or dismemberment. For legal, medical or other emergency situations, you can call the Benefits Administrator when traveling.
You'll receive up to $3,000 per passenger if you or an immediate family member has a carry-on or checked bag that is damaged or lost by a common carrier. If your bag is delayed for six or more by a common carrier, you'll receive up to $100 per day for three days.
Call 800-847-2869 in the event of a roadside emergency.
You'll receive secondary coverage on rental car insurance, protecting you against theft and collision damage.
You won't have to pay any foreign transaction fees when paying with another currency.
You'll have access to over 900 luxury hotels worldwide that offer the best rates and room upgrades and complimentary wifi, both subject to availability. You can also enjoy 24/7 concierge services to find tickets to events, make dinner reservations or any other inquiries by calling 800-953-7392.
Your new purchases are covered for 120 days against damage or theft. You can file a claim and receive reimbursement of up to $500 per item and up to $50,000 per cardholder account.
If your item comes with a U.S. manufacturer warranty under three years or less, your card will offer an additional year of coverage.
While all of these benefits likely won't be used every day, they could come in handy whether you need help with your purchase or on vacation. These perks tend to come with top-notch credit cards with annual fees, so the Amazon Prime Rewards Visa Signature Card offers superb coverage overall.
The information related to Amazon Prime Rewards Visa Signature Card and Bank of America® Customized Cash Rewards credit card has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.