You may have seen the “Amazon Prime Rewards Visa Signature Card” option when shopping on Amazon. If you’re not sure what this is or how it works, then read on! The card offers many benefits for users, and we’ll discuss them all in detail below.
This article will tell you everything about the Amazon Prime Rewards Visa Card so that you can decide if it’s right for your needs. Let’s get started.
The Amazon Prime Rewards Visa Signature Card
This is a credit card that Amazon.com offers to their customers who already have an Amazon Prime membership and is designed for people with a good or excellent credit score. This is a credit card that Amazon.com offers to their customers who already have an Amazon Prime membership and is designed for people with good or excellent credit scores.
The Key Features of the Card
You earn five percent back at amazon purchases, four percent back at gas stations, drugstores, and restaurants, three percent on travel purchases including airfare and hotels, plus two percent back on all other purchases made with your card.
You also receive free unlimited photo storage in the cloud and access to special deals available only to Prime members through Alexa shopping assistant devices such as Echo Spot, which allows shoppers to shop by voice commands.
How does it work?
The card has a $0 annual fee, and it enables the users to earn reward points which can be exchanged for Amazon.com gift cards or other rewards at any time. For example, the user earns five percent back on purchases made from Amazon, including digital products such as games and apps, through your account will automatically get you three percent cashback when shopping elsewhere with this credit card.
Also, you’ll receive two percent back at restaurants, gas stations, and drugstores plus one percent money everywhere else Visa is accepted in America. You may also redeem these reward dollars for airplane tickets on over 150 airlines that participate and hotel accommodations throughout the world by using their exclusive travel portal while reserving via Chase Ultimate Rewards. There’s no limit to how much they can earn, and the rewards never expire.
However, there are some things to keep in mind if you’re considering this credit card for your wallet. It doesn’t offer any introductory interest rate or bonus points just for using it within a certain amount of time, which many other cards do come with.
The APR rates will vary depending on the type of transaction and your creditworthiness, but they can go up -to nearly 25 percent-in cases you fail to make payments when due or exceed your purchase limit each month.
There’s also no option to carry over monthly balances from one billing cycle to another like what most all other major cards provide their customers, along with balance transfer offers, an annual fee (apart from the Prime membership), and a foreign transaction fee. For some consumers, these features might be attractive. Still, they indicate that the Amazon Prime Rewards Visa Signature Card is best for people who pay off their balances in full each month or don’t mind paying an annual fee to earn more points on all of their purchases when shopping with Amazon.
How to apply for an Amazon Prime Rewards Visa Signature Card?
To apply for this card, you must have an Amazon Prime membership. It is free with a paid annual subscription of $99, and it comes with many perks such as unlimited video streaming from thousands of movies and TV shows and two-day shipping on millions of items.
You can sign up at any time by visiting their official website. To apply for the credit card itself, visit their leading site. Enter all of your personal information and credit card details to complete the application process.
What are the benefits of the Amazon Prime Rewards Card?
- Users earn 5% back at Amazon.com and Whole Foods Market with an eligible Prime membership.
- Newcomers get a $70 Amazon.com Gift Card instantly upon credit card approval.
- No annual fee. This means no yearly fees, late charges, over-limit charges, etc. All those annoying non-beneficial charges will be waived from your wallet!
- There are no other additional costs associated with owning this card either. There is also no balance transfer fee, so if you’re looking to consolidate some debt, then consider using this option.
- No foreign transaction fees! This is helpful for international travelers. If you travel overseas, you won’t have to worry about hidden charges when purchasing in a different country or currency. Just swipe away and enjoy the local cuisine without having to stress out over additional costs at the end of your billing cycle.
- This card does not come with any introductory offers either, which means that there are no bonuses associated with using this credit card during its first year of service. However, if you’re already an Amazon Prime member, applying for this card will automatically entitle you to receive five percent cash back on all eligible purchases made through their website.
What are the downsides of the card?
The downsides of the Amazon Prime Rewards Visa Signature Card include:
A variable interest rate.
This means that you will not know precisely what your APR is until you are approved for this card. This works well if you don’t carry any balances, but it could be costly for those who plan to pay off their balance in full each month and want a more stable interest rate.
No introductory 0 percent APR deal.
It can increase your short-term borrowing cost if you’re not able to pay off your balances in full at the end of each billing cycle.
Is it worth applying for this card, or should I go with a different one with more benefits and lower fees?
Amazon Prime Rewards Visa Signature Card is definitely worth applying for. This card may not have all the bells and whistles, but it’s straightforward to use, easy to understand, and offers some great benefits that other credit cards don’t.
Not only do you get $70 just for signing up (use this later as you shop on Amazon!), but there are no annual fees associated with owning this card either, which means more savings in your pocket once approved.
This also comes equipped with an introductory 0 percent APR offer. So if you’re looking for a new way to finance your next big purchase, then consider using this option instead of paying exorbitant interest rates charged by most traditional lenders or private financial institutions.
Just remember that after the one-year past date of approval, the interest rate is not fixed, so you may want to consider switching cards if you are paying off your balance each month and don’t plan on carrying debt from one billing cycle to another.
As for other benefits outside of cashback offers, keep in mind that this is a reward credit card, so if you pay off your balances in full each month, then you won’t have to worry about interest rates, late fees, annual fees, or over-limit charges. So it’s definitely worth applying for as long as you’re aware of the variable APR and other associated costs after approval.
The Amazon Prime Rewards Visa Signature Card is a must-have for anyone who doesn’t want to worry about annual fees, balance transfer fees, and other hidden costs associated with owning a credit card. Unfortunately, it offers no introductory 0% APR rate, but if you make sure to pay off your balances in full each month, then this shouldn’t be an issue at all.
Just keep in mind that if you do plan on carrying a balance, then the variable interest rate could increase over time, so it’s best to consider switching cards after your first year of service expires.