Amazon Stores has a new version of credit card for their Prime Members, this card is known as Amazon Prime Card. Thus, if you have attained Prime membership in Amazon, you can qualify for this card. The Amazon Prime Card has a lot more rewards in stock for cardholders. These benefits and how to maximize them will be described in details below. You will also get to find out 8 things to know before signing up for the Amazon Prime Card.
Receive 5% Back Rewards | Amazon Prime Card Review
The Amazon Prime Card is a rewards version of the Amazon.com Store Card. Pricing details are the same for both cards, but with the Prime version, purchases earn 5% back. This is an attractive offer compared to other reward cards.
Rewards are paid automatically as a statement credit. There’s not much flexibility with the rewards; you can’t use them at your discretion to reduce the price of an expensive item, for example. You also can’t earn on products that are provided by affiliates or on purchases from merchants who’ve enabled Pay with Amazon as an option.
Special Financing Options Available | Amazon Prime Card Review
Big-ticket purchases receive tiered special financing – the larger your purchase amount, the longer your interest-free period. You can receive six months special financing on purchases of $149 or more, 12 months on purchases $599 or more, 24 months on select Amazon-sold items, and 12-month equal pay on select Amazon-sold items. Equal pay financing requires you to make 12 equal monthly payments.
The special financing is deferred interest, not a true 0% no interest promotion. You must pay the balance in full before the promotional period ends to avoid paying any interest. If you don’t, you’ll be assessed interest from the date of your purchase.
It Requires Amazon Prime Membership Subscription
There’s no annual fee with the Amazon Prime Card, but you do have to subscribe to Amazon Prime. Membership costs $99 per year after a 30-day free trial period. You’d have to spend close to $2,000 on your Amazon Prime Store Card to offset the cost of the Prime membership, but if you already subscribe to Prime, the card may be worth it.
Rewards or Special Financing, but Not Both
Amazon’s not letting you have your rewards and get up to 24-months of no interest at the same time. The retailer says “The 5% back benefit cannot be combined with any applicable promotional financing offers. If your purchase is $149 or more, you will have the option to select either the promotional financing or the 5% back benefit you would like to apply to your purchase.”
Amazon lets you choose a default option that will be applied to purchases if you don’t make a selection at checkout.
High Non-Special Financing APR | Amazon Prime Card Review
Since you don’t get special financing on purchases that earn rewards, that means those purchases are subject to the regular APR, which is as high as 25.99%. While pretty normal for a store credit card, it’s high compared to co-branded rewards credit cards. If you want to make the most of your rewards, pay your balance in full every month. Otherwise, the interest can negate the rewards you earn.
You Can Use Amazon Prime Card on Amazon Only
Synchrony Bank issues the Amazon Prime Store Card and a major credit card processing network does not back it. Since it’s a store credit card, you can only use it on Amazon purchases. But that’s not necessarily a bad thing since you can find almost everything you need on Amazon.
You Can Use Your Card Right Away
Once you complete and submit your application, you’ll get an instant decision in as little as 15 seconds. If approved, not only do you receive a $10 Amazon.com gift card loaded to your account, you can also use your card right away. You don’t have to wait for the card to arrive in the mail.
Other Ways to Earn Amazon Rewards
If a store card with limited usage – or the $99 price tag on Amazon Prime – sound unappealing, but you still would like a way to earn rewards for Amazon, there are a few other options. The Amazon.com Rewards Visa from Chase offers 3% back on Amazon.com purchases; 2% at gas stations, restaurants, and drugstores, and 1% on everything else with no earning caps.
The Sallie Mae MasterCard pays 5% on some Amazon.com purchases, but it depends on whether the retailer uses the bookstore code retailer for your purchases. The 5% rewards are capped at $750.
If you have another points or cash credit card, like the American Express Blue Cash Everyday Card, you may be able to redeem your rewards for an Amazon.com gift card.