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There is no annual fee for the Amazon Prime Rewards Visa Signature Card, and the $70 gift card received upon approval provides an immediate cash incentive.
- With 5% cash back on all Amazon and Whole Foods purchases, the Amazon Prime Rewards Visa Signature Card is a must-have for existing Prime members who shop frequently on the site.
- With no annual fees, 0% APR for the 15 months, and an instant $70 gift card for applicants who are approved, the Amazon Prime Rewards card pays for itself instantly, with no additional costs.
- Shopping outside of Amazon earns 2% back on gas and groceries, and 1% on everything else, making this an excellent all-around card.
With no annual fee, and an impressive 5% back on all Amazon and Whole Foods purchases (with a Prime membership), the Amazon Prime Rewards Visa Signature Card is the highest tiered card of the four offered by e-commerce giant.
While a $119 annual Amazon Prime membership fee might deter some people (though we think the cost is justified for these 14 reasons), the card has virtually no downsides for existing Prime members. With points redeemed seamlessly for cash on the Amazon site, the earning system is one of the most straightforward of any rewards card, and adds instant savings for big users of the site.
Benefits of the Amazon Prime Rewards Visa Signature Card
When it comes to rewards credit cards, the two important factors to keep in mind are how do you earn points and how do you burn points? And when it comes to the Amazon Prime Rewards, the answer for both is by shopping on Amazon Prime.
If you're not a Prime member, the first question is whether or not you want to pay for the service. Amazon's Prime currently costs $119 a year, or $12.99 a month, and has become tremendously popular, with Amazon disclosing it had reached 100 million subscribers worldwide last year. The free two-day shipping service has grown as Amazon has added streaming services via Prime video and exclusive offers to its members on Prime Day. New subscribers can sign up for a 30-day free trial of Amazon Prime here.
While the benefits justify the cost for many, we wouldn't argue joining Prime just to earn the 5% on this card (unless you spend over $6,000 a year on Amazon). If you don't plan on enrolling in Prime but still want to earn cash for using the site, we'd recommend checking out the standard Amazon Rewards Visa Signature Card, which earns 3% back on Amazon purchases.
However, for those who are existing Prime users, the Amazon Prime Rewards is definitely worth it.
There is no additional cost for the card, and you instantly and seamlessly earn 5% on every purchase made through Amazon and Whole Foods. Your card is automatically linked to your account, and Amazon makes it incredibly easy for you to use your points toward existing purchases. Available points are displayed at every checkout, where you have the option to put them toward your current purchase with the click of a button. No necessary portals, no redemption process.
If you're like me, there's no single company you'd rather have this deal with, as Amazon is basically a proxy for the entire online merchant ecosystem.
Virtually everything is available there, and it appears to only be growing in inventory. For frequent shoppers of the platform, this is basically like earning 5% cash back on everything you buy - clothes, holiday and wedding gifts, or large electronics and furniture purchases. If you are living with roommates, you can order household essentials that are split between everyone, and reap 5% while being the roommate who conveniently takes care of everything.
The card also recently added its 5% cash back to Whole Foods purchases after the company was acquired. This not only makes it one of the highest earning grocery cards we've seen (to those with loyalty to the brand), but its 2% back at other grocers, restaurants, and gas stations puts its on par with many all-around spending cards.
Other Visa Signature benefits
The Amazon Prime Rewards is a Visa Signature Card, which grants it a number of travel, auto, and purchase protections you expect from other Visa Signature cards. These include:
- Travel accident insurance: When you pay for transportation with your Amazon Prime Rewards card, you are eligible to receive accidental death or dismemberment coverage of up to $500,000.
- Emergency assistance and roadside dispatch: Roadside services cover everything from tows and jump starts, to tire changes, to gas delivery. The Visa Benefit Administrator Roadside is available for legal and medical need during emergency assistance. However you are responsible for any paid services incurred.
- Lost or delayed luggage insurance: If you or an immediate family member's luggage is damaged or lost by the carrier, you're covered up to $3,000 per passenger. You can also be reimbursed for baggage delays of six hours for up to $100 a day, for three days.
- Auto rental collision damage waiver: Covers theft and collision damage for most rental cars in the US and abroad. Coverage is secondary to your personal insurance.
- Purchase protection and extended warranty: New purchases are covered for 120 days against damage or theft up to $500 per claim and $50,000 per account. Eligible warranties of three years or less are also extended an additional year.
The bottom line
The Amazon Prime Rewards Visa Signature Card is recommended for anyone who has an Amazon Prime membership. If you're already paying for the service, it's hard to justify not getting an additional 5% in cash back, unless you have a hard credit card limit.
There is no annual fee for the card, and the $70 gift card received upon approval provides an immediate cash incentive. Amazon has extended their 5% eligibility to Whole Foods, and it's not improbable to think the card's benefits will extend to other subsidiaries should Amazon continue their acquisition spree. The 2% back on groceries, restaurants, and gas add versatility to what is already highly efficient company-specific card.
Read more about Amazon Prime membership benefits:
- Amazon Prime costs $119 a year - here are 14 reasons that more than justify its price
- 29 useful Amazon Prime benefits to know that go beyond free 2-day shipping
- This little-known Amazon hack helps keep your gift purchases a secret while sharing Prime benefits with family
- 19 Amazon shopping hacks that will help you get the most out of the site - even if you don't have a Prime membership
- Free holiday shipping is the new normal this season as stores like Amazon and Target drop their order minimums
- The 18 best Amazon-original TV shows to stream on Prime Video
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