How To Redeem Points
When youre ready to redeem the points youve earned with this Amazon credit card, there are a number of different tracks you can take. No matter what you do, youll receive a flat value of 1 cent per point for your redemptions. The easiest method is simply redeeming your rewards for Amazon purchases. There is no minimum amount of points required, and you can use them for all or part of your purchase.
If youd prefer cash back, you can deposit your rewards straight to your Chase account. You can also redeem for gift cards with a minimum of 2,500 points.
Perhaps the most intriguing and least-talked-about option is the ability to redeem your points for travel through Chase, although youll have to call in to use your points. Here you get a value of 1 cent per point, so its not as much as if you had the Chase Sapphire Reserve, which lets you redeem points at 1.5 cents each through the Chase Ultimate Rewards portal.
But youre not missing out on value with this card in particular by redeeming points for travel versus Amazon purchases. And airfare purchased through a third-party site will still accrue bonus miles and elite credit, in addition to granting elite status perks youve earned on the airline. The same cant be said for hotels, which will often disqualify bookings made via online travel agencies from any kind of earning.
Another Amazon Credit Card Worth Considering
If you don’t shop online enough to make an worth your while, you may want to think about signing up for the instead especially since new cardholders can receive a $50 Amazon.com gift card upon approval as a welcome bonus.
Note that this no-annual fee credit card does offer a lower rewards rate than the Prime Rewards card, but you’ll still earn 3% back for shopping at Amazon.com and Whole Foods Market as well as 2% back for spending at restaurants, gas stations and drugstores and 1% back for all other purchases.
To get approved for this card, you’ll need to have a good credit score of at least 670, though having a higher one certainly won’t hurt your chances.
How The Amazon Prime Rewards Visa Signature Compares To Other Rewards Cards
Although they may not reward you as lucratively for your Amazon.com purchases as the some of the , there are credit cards dedicated to rewarding you for your online and in-person store purchases. Retailers like Walmart and financial institutions like Bank of America are helping consumers earn more on their purchases with cards like the Capital One® Walmart Rewards® Card and the Bank of America® Customized Cash Rewards credit card. Depending on your shopping habits and preferences, any of these cards could work for you.
Don’t Miss: How Can You Check Your Credit Score
How To Earn Points
The main perk of this card is its spending structure it offers a 5% return on Amazon and Whole Foods purchases. It also earns 2% back at restaurants, gas stations and drugstores, which is similar to other no-annual-fee credit cards.
Purchases made anywhere else earn a flat 1% back. This adds up to a fairly generous return on spending, but those who dont already have Amazon Prime will need to consider whether the $139 annual cost for the subscription is worth it, especially if they dont shop with Amazon often.
This Credit Card Is Right For You If:
Truth be told, the Amazon Rewards Visa Signature Card serves a small niche. It’s great for consumers who want to earn more at Amazon, Whole Foods, and this card’s other bonus categories, but who dont want to pay for an Amazon Prime membership.
On the other hand, if you’re one of the many people who already have an Amazon Prime membership, you’ll qualify for the , which is a better card overall.
Also Check: Whats My Credit Score If I Have No Credit
How To Get A Credit Report
A credit report collects information about your financial history and current credit status. It includes details about the accounts you have open, the amounts you owe, and the terms of those loans.
You can get your free credit report online annually at AnnualCreditReport.com or through one of their partner agencies. is also an excellent source of free credit score reports. Additionally, you’re entitled to one free credit report from any credit bureau.
Once you have your report, use it to improve your score by checking for incorrect information and correcting any mistakes that may be on your record. You can also use it to understand better how secure your current debt positions are and make informed decisions about future financial commitments.
Your credit score also affects the interest rates lenders offer you when you’re looking to borrow money. Lenders may be more willing to offer you a good interest rate if they know that your credit score is in good shape.
So, keep track of your scores and make necessary changes so that you always have the best chance of getting approved for a loan or other financial product on Amazon.
Main Benefits And Perks
The Amazon Prime credit card features several solid consumer-focused benefits.
Among them, its purchase protection ranges up to $500 per claim and $50,000 per account, while its extended warranty protection provides an additional year of coverage on eligible purchases with a manufacturers warranty of three years or less.
The card also has a host of benefits for travelers, including no foreign transaction fees, travel and emergency service, lost luggage reimbursement , baggage delay insurance , travel accident insurance and roadside dispatch .
It also includes auto rental collision damage coverage although unlike credit cards such as the Chase Sapphire Preferred Card, which offer primary rental car coverage, this card only offers secondary car insurance, which kicks in after filing with your personal insurance company.
These benefits come as a result of its Visa Signature status, which also provides access to the Visa Luxury Hotel Collection. This allows members to book more than 900 hotels around the world with perks that imitate elite status, such as room upgrades and late checkout. Youll also be able to use the Visa Signature Concierge Service, which can help you with a variety of requests.
Don’t Miss: Hard Inquiry Credit Score Impact
Requires An Amazon Prime Membership
If youre not keen on shelling out the money for an Amazon Prime membership on an ongoing basis its better to skip this card. You can technically recoup the year one cost of the Amazon Prime membership with the sign-up bonus . This strategy only works if you planned on making at least $139 in Amazon.com purchases in the first place.
For someone who already subscribes to Amazon Prime, an unlimited 5% bonus is mere icing on the cake. However, other applicants will need to weigh the value of Amazon Prime benefits before springing for the card. Youll need to pay the $139 annual fee for an Amazon Prime membership before you apply, and, though Amazon Prime does offer very valuable benefits, the rewards that you earn from the card may not outweigh the membership fee.
Even when you factor in the $100 gift card that Amazon offers to new cardholders, the $139 annual fee for Amazon Prime membership takes a chunk out of your potential rewards earnings after your first year. If you spend less than $1,500 on Amazon purchases each year , you may be better off applying for an alternative rotating rewards card that offers 5% earnings on Amazon purchases and pairing it with a cash back card that offers a 1.5% to 2% cash back rate on everyday spending.
How Fast Can You Raise Your Credit Score
It may take years to fully rebuild your credit from bad to good, or excellent, depending on where you started and what your expectations are. But you can see improvement in your score within months if you make the right moves. To start, get your free personalized credit analysis from WalletHub. Well pinpoint the weak areas in your credit profile and give you advice on how to improve. And that will give you a sense of what kind of timeline youre looking at. read full answer
Another thing everyone should do is place a deposit on a secured credit card. Simply having an open credit card thats in good standing will result in positive information being added to your major credit reports each month. And that positive information will cover up past mistakes over time.
Also Check: Auto Loan Interest Rates By Credit Score
The Amazon Prime Rewards Visa Card Features
The Amazon Prime Rewards Visa Card offers you to earn rewards points for making eligible purchases. First, as soon as you start using it, you will be offered an instant welcome bonus. You will receive a $150 Amazon Gift Card instantly upon approval. Furthermore, Amazon Prime Rewards Visa Card provides you with relatively high cash-back rates:
-
5% back in rewards at Amazon.com with an eligible Prime Membership
-
5% back in rewards at Whole Foods Market with an eligible Prime Membership
-
2% back at restaurants, gas stations, and drugstores
-
1% back for all other purchases
-
10% back or more can be earned on a rotating selection of Amazon products. However, this offer is temporal.
Additionally, you will be offered more perks and travel insurance coverage options. For example, you will be provided with a car rental collision damage waiver that lets you charge the entire rental cost to your card and get secondary coverage. Also, you will have lost and delayed baggage protection that covers up to $3,000 per passenger if your luggage is lost and reimbursement if your baggage is delayed for over 6 hours by a passenger carrier up to $100 a day for three days. Finally, there is travel accident insurance coverage of up to $500,000.
Redeeming Your Cash Back
Though this is branded as a cash-back card, you’ll technically earn your rewards in the form of points, which are worth $0.01. You have a few options to choose from when it comes to redeeming your rewards.
First, as your balance loads automatically, you can apply your earned points directly to your Amazon purchases at checkout. Or, you can redeem them as cash back in the form of a statement credit or a deposit into your bank account. Third-party offers on travel, gift cards and other deals may also be available for redemption at any given time. You don’t have to meet a minimum point balance to redeem your points.
Read Also: Does Overdrafting Affect Credit Score
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!
You’ll 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! Plus, earn 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases. Here is 2022’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.
How Amazon Prime Rewards Visa Signature Card Works
The Amazon Prime Visa Card is a card that offers several perks making it an excellent choice for Amazon purchases.
First, it offers 5% for Amazon Prime members reward points on all your purchases at Amazon or Whole Foods Market. In addition, it offers 2% on drug stores, gas stations, and restaurants and 1% on any other purchase. This can add up quickly over time, and you can make huge savings with it.
Here’s how it works: each time you purchase on Amazon, you earn points you can redeem for rewards. The rewards range from gift cards to payments toward your Amazon account balance. The rewards are redeemable online or in-store.
After opening an Amazon Prime card, you also receive a $200 gift card from Amazon. This card’s APR depends on your credit history. It can range between 14.49% and 22.49%.
And the best part? The card has no annual fees, so you don’t have to worry about spending the extra money to keep your card active. The annual Amazon Prime membership fee of $139 is the only expense you incur.
The Prime Visa Card is similar to its alternative, the Amazon Rewards Card, a co-branded card. Both are backed by Chase bank, a subsidiary of Morgan Chase.
You can use the card anywhere that accepts Visa and is for Prime members who shop on Amazon regularly. It offers great rewards for shopping on , one of the few credit cards that give you value for your money.
See related: Best Sites like Rakuten rewards
Also Check: How Often Credit Score Updated
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 doesnt 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.
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.
Is The Amazon Prime Rewards Visa Signature Card Application Process Lengthy Can You Prequalify
Chase Bank administers the card approval process, which could take as long as two to four weeks.
If your application is instantly approved, youâll be taken to a page with the Cardmember Agreement, the terms of your Amazon Rewards Visa Signature account and other information.
If your application is not approved instantly, youâll be informed of the status after Chase Bank completes the review process, which usually takes two to four weeks after applying.
You May Like: What Credit Score Does Carmax Use
Still Not Sure About This Card Consider These Options
If you are still on the fence about how this card fits your lifestyle and overall spending habits, consider having a look at our top picks for cash back cards and rewards cards. See how well these compare with the Amazon Prime Rewards Visa Signature Card. You may also benefit from going through our recommendations and resources that could guide you in getting a cash back credit card.
Drawbacks Of Amazon Prime Rewards Visa Signature Card
Like any co-branded card, the Amazon Prime Rewards Visa Signature has rewards most beneficial for frequent Amazon shoppers. And while the additional everyday rewards categories restaurants, gas stations, and drugstores can help add value, there are other cards with better rewards rates in these categories. If you dont have a Prime membership, buy from the online retailer often, or do most of your grocery shopping at Whole Foods, youll probably get a better value elsewhere.
Another drawback of this card is its relative lack of added benefits. The travel and purchase protections offered through Visa Signature are robust, but you wont get any annual credits, additional perks, or intro APR offer which some competitors may provide.
Read Also: What Credit Score Does Carvana Use
Who Is This Card Good For
If you do most of your household shopping on Amazon.com and grocery shopping at Whole Foods, the Amazon Prime Rewards Visa Signature Card could be a match.
Even if you only occasionally shop at these stores but tend to make large purchases when you do , it could still make sense to get the card, because it technically doesnt have an annual fee. Plus, the 2% back at gas stations, restaurants and drugstores might cover a lot of your other everyday purchases.
But the rewards probably wont be worth it if you dont think youd get much use out of an Amazon Prime membership or youd wind up carrying a balance from month to month. Make sure you can afford to pay off your card on time and in full each month, and dont get tempted to make more purchases just because youll earn bonus points.
While there isnt a foreign transaction fee, you also wont earn a higher rewards rate on travel-related purchases with the Amazon Prime Rewards Visa Signature Card. It might make sense to keep a travel rewards credit card in your wallet for when youre booking travel or youre away from home.
Should You Get The Amazon Prime Rewards Visa Signature Card
If you spend big at Amazon, Whole Foods, or both, no other card can reward you as generously and consistently as the Amazon Prime Rewards Visa Signature Card. But if you aren’t doing most of your shopping at either place, there’s little reason to get this card.
Information related to the Amazon Prime Rewards Visa Signature Card and the Amazon Rewards Visa Signature Cardhas been collected by NerdWallet and has not been reviewed or provided by the issuer of this card.
Find the best credit card
Don’t Miss: Biggest Impact On Credit Score