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Amazon Prime Rewards Visa Credit Card Review

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Flexible, high-yielding rewards create attractive benefits for the Amazon Prime Rewards card, especially if cardholders tend to shop at Amazon anyway. However, the card is best used in a zero-carryover scenario, due to variable APR rates and stringent interest accrual terms. To reap all the benefits and none of the drawbacks, balances should be paid off immediately. 



The Amazon Prime Rewards Signature Visa card offers up to five percent back in reward points on certain purchases, which can be redeemed at Amazon.com or in a number of other ways. Backed by CHASE, this card was explicitly designed for loyal Amazon customers and is maximized by maintaining an active, eligible Prime membership. 

Real estate investors may find the Amazon Prime Rewards card useful because of the variety of reward redemption options. Those who tend to shop regularly at Amazon or Whole Foods Market may accumulate reward points quickly. Points could then be used to offset certain investor expenses (such as travel costs or staging merchandise) or be converted to cash. 

Before signing up for the Amazon Prime Rewards card, investors should be aware of variable APR rates and take special care to pay the balance in full at each statement cycle. Failure to pay the full balance could lead to high interest accrual on the entire statement total, which would quickly negate the benefits of holding the card. 


Quick facts

  • Up to five percent back on Amazon and Whole Foods Market purchases 
  • Reward points can be seen and accessed easily at Amazon.com checkout
  • Includes travel protection benefits and hotel perks
  • Rewards may also be redeemed for cash or program products 
  • No annual fee and no reward point expiration 
CURRENT SIGN-UP BONUS
When signing up for the Amazon Prime Rewards card, successful applicants receive a $70 Amazon gift card, which is automatically added to the affiliated Amazon Prime account. The gift card can be used on any future purchase of the cardholder’s choice, and this bonus is subject to credit approval.  

CREDIT REQUIREMENTS
Reports indicate that a credit score of 640 increases the likelihood of acceptance for the Amazon Prime Rewards Visa. Outlying testimonials say that a credit score as low as 600 could be approved, but applicants in that range might be subject to higher interest rates.  


The stats

  • Variable APR: between 14.24 and 22.24 percent based upon market performance and individual credit worthiness. 
  • Annual fee: None
  • Balance transfer fee: $5 or five percent, whichever is greater
  • Cash advance fee: $10 or five percent, whichever is greater 
  • Foreign transaction fee: None


The rewards

The Amazon Prime Rewards card allows customers to earn reward points which can be redeemed on future Amazon purchases or in the form of cash. Other reward redemption options include travel, gift cards, and other products made available through the program.

Every dollar spent on the Amazon Prime Rewards card earns rewards in the following percentages:  

  • Five percent back on Amazon or Whole Foods purchases with an eligible Prime membership 
  • Three percent back on Amazon or Whole Foods purchases without an eligible Prime membership
  • Two percent back on restaurant, gas station, and drugstore purchases
  • One percent back on everything else.
Eligible Prime memberships are subject to change, but currently this category includes regular annual or monthly memberships, student memberships, and even trial memberships. For those wishing to use all or part of their reward points on Amazon purchases, the available balance is shown upon checkout. 

Reward percentages are translated into points. For example, one dollar spent at a local grocery store would earn one percent back, which is equivalent to $.01 or one reward point. There is no minimum reward redemption, so cardholders may redeem their accumulated points at any time. Reward points do not expire, as long as the account remains open and in good standing.

In addition to accrued rewards, the Amazon Prime Rewards card also offers travel protection, including emergency assistance, luggage insurance (delay or loss), a rental collision waiver, and travel accident insurance. To qualify for these services, the travel must be purchased using the Amazon Prime Rewards card. Cardmembers can also access hotel perks and concierge services via a customer service line. 



PROS

  • High reward percentage on qualified purchases
  • Easy to redeem reward points at Amazon.com
  • Additional reward redemption options beyond Amazon purchases
  • Generous sign-on bonus
  • No annual fee
  • No reward expiration

CONS

  • High and variable APR with no introductory rate
  • Balance transfers and cash advances earn interest beginning on transaction date
  • Must pay balance in full to avoid interest on the entire statement (not just the remainder, according to reviewers)
  • Rewards points will be lost if account is closed 
  • Low grocery reward benefits except at Whole Foods
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