How Does the Amazon Prime Rewards Signature Visa Credit Card Work: Benefits and Rewards

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How Does the Amazon Prime Rewards Signature Visa Credit Card Work: Benefits and Rewards

How the Amazon Prime Rewards Signature Visa Card Works

Amazon is the one-stop shop for everything. Place your purchase now and it will be delivered as soon as tomorrow. Not only does the firm sell a large range of products, but it also provides a co-branded Visa card, just for Prime members.

The Prime Rewards Signature Visa is identical to the Amazon Rewards Signature Visa credit card, which is another co-branded card. Both cards may be used everywhere Visa is accepted and are guaranteed by Chase Bank, a JPMorgan Chase affiliate that handles all revolving credit services and problems. 1

The card is accepted everywhere Visa is accepted. It provides 5% cashback on all Amazon and Whole Foods Market purchases. Upon credit card acceptance, newcomers get an immediate $200 Amazon Gift Card. 2 Cardholders may also choose between card designs featuring Amazon or Whole Foods.

Key Takeaways

  • The Amazon Prime Benefits Signature Visa Card is a co-branded credit card that offers rewards such as 5% cashback on Amazon and Whole Foods purchases.
  • In addition to having strong credit, you must be a Prime member to be eligible for a Prime Rewards Signature Visa.
  • The Amazon Rewards Visa Signature Card is essentially similar to the card created for Prime members, which offers a 3% reward on purchases.
  • To be eligible for any of the co-branded Amazon Signature Visa cards, you must have a credit score of at least 670.
  • Amazon also provides two store-only cards, which are not credit cards and may only be used for Amazon transactions.

Rewards and Benefits

This card provides various benefits to users who often purchase on Amazon or at Whole Foods. These incentives and refunds might be rather large. You will receive:

  • 5% off all Amazon and Whole Foods Market purchases (or 3% off for non-Prime members who qualify with the Visa Rewards Card).
  • 2% in gas stations, restaurants, and pharmacies
  • 1% on all other purchases1

Your incentives are in the form of points. 3 You will get one point for every cent you earn in rebates. Prime members also get an additional 10% or more cash back on some goods. These promotions are only available for a short period. 2

This is how it works. Assume you paid $20 for an item on Amazon. You would get a 3% refund (or 60 cents), which would be converted into 60 points. Each 100 points is worth $1. Your points will be accessible as soon as they are used as a discount during the checkout process.

There are no yearly or international transaction fees, no earning limits, and your points never expire. 2

How to Get the Amazon Prime Rewards Signature Visa Card

Customers who are interested in the card may apply for it online at Amazon. However, the verification procedure is handled by Chase Bank, which approves and manages the financial logistics as well as the approval process. 2

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According to Amazon’s site:

“If your application is accepted promptly, you’ll be sent to a website that contains the Cardmember Agreement, the conditions of your Amazon Rewards Visa Signature account, and other critical information.” 4

In contrast, if your application isn’t accepted right away, Chase will notify you after evaluating your credit history. This takes around two to four weeks. Amazon advises you to contact Chase Bank two weeks after filing your application. 4

Required Credit Score

Whether you can add the Amazon store card or the Amazon Rewards Signature Visa to your wallet is determined on your credit score. Almost every lender evaluates your credit score to establish your creditworthiness.

The Amazon Rewards Signature Visa cards (Prime member or non-member) both demand a better credit score since they are Visa credit cards, as opposed to the Amazon store card, which simply requires fair credit.

The Amazon store card is issued by Synchrony Bank.5

Where Can the Amazon Prime Rewards Signature Visa Card Be Used?

You may use your Amazon credit card anyplace that accepts Visa. This means you may use it everywhere in the United States and in over 150 countries around the globe. In many aspects, a Visa card linked to Amazon is similar to a conventional credit card, as opposed to store cards that are attached to a single business.

You will get points if you use it to shop at Amazon or Whole Foods, but you will also receive benefits if you use it at partner gas stations, pharmacies, and other stores.

Alternatives

Amazon provides two shop-only cards, comparable to credit cards, with the Amazon Prime store card providing additional benefits to Prime members. The Amazon Store Card and the Amazon Prime Store Card are issued by Synchrony Bank and are beneficial if you purchase on Amazon often.

Amazon and Amazon Prime Store Cards

If you don’t want or qualify for either of the Amazon Rewards Signature Visa cards, the Amazon or Prime store cards may be a good alternative for saving money on Amazon purchases. Amazon store cards, unlike Amazon Prime Rewards Signature Visa and Amazon Rewards Signature Visa, are not accepted in Whole Foods shops. 6

When you apply for an Amazon store card, you will get a $60 gift card from Amazon, which is less than the $200 gift card you would receive when you apply for an Amazon Prime Visa card. The Amazon store card’s reward program is not as substantial as its Visa Rewards Signature Visa card, but it does provide new users with introductory financing options. 5

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Amazon Rewards Signature Visa Credit Card

If you don’t have a Prime membership but desire the convenience and perks of an Amazon Visa credit card, the Amazon Rewards Signature Visa card is another option. The Amazon Rewards Signature Visa is essentially similar to the Prime Rewards Visa Signature Card in terms of advantages and terms and restrictions, with one exception: if you are not a Prime member, you will only get a 3% reward while shopping on Amazon and at Whole Foods.

Unlike many credit cards, the Amazon Prime Rewards Signature Visa Card has no introductory APR.

Terms and Conditions

Your card’s annual percentage rate (APR) is determined by your credit history. Expect a rate of 14.49% to 22.49%, however this may fluctuate depending on the prime rate. 7 Instead of the increased APR that many cards apply, balance transfers carry the same APR as purchases.

The Amazon Prime Rewards Signature Visa has a cash advance interest rate of 25.24%. To avoid interest costs, you have 21 days following the end of the payment cycle to settle the debt in full. The late payment cost is up to $39, depending on the amount on your card. Customers will pay either $5 or 5% of the amount transferred, whichever is larger. Cash advances are charged a fee of $10 or 5%, whichever is larger.

The card does not have an annual charge, but you must be an Amazon Prime member, which costs $139 per year, if you want the Amazon Prime Rewards Signature Visa. To apply for the card, you must be at least 18 years old, and credit limits are determined by the applicant’s credit history.

Amazon Prime Rewards Signature Visa

APR

Late Fee

Return Check Fee

Grace Period

Amazon Prime Rewards Signature Visa

14.49% and 22.49%

$39

None

21 days after the end of the billing cycle

Who Should Consider the Amazon Prime Rewards Signature Visa Card?

Given the rebates and points, this card may make sense if you are a regular Whole Foods shopper and an Amazon Prime member. A co-branded card like this one gives you access to not just points but also a line of credit, and you may use it anyplace that accepts Visa.

If you don’t want to get a credit card but have a strong affinity for Amazon and often purchase on its website, you can consider an Amazon or Amazon Prime Store card.

How Can I Pay Off My Amazon Prime Rewards Signature Visa Credit Card?

Payments for your Amazon Prime Rewards Signature Visa credit card may be made using the Chase website or the mobile app. You may also send in a check each month when you get your Amazon Visa card statement.

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How Can I Cancel My Amazon Prime Rewards Signature Visa Credit Card?

You must contact Chase customer support at 1-888-247-4080 to cancel your Amazon Prime Rewards Signature Visa Credit Cards.

Does Amazon Prime Rewards Signature Visa Card Help You Build Credit?

Yes. If you handle your credit correctly, it, like any other credit card, may help you improve your credit over time. This entails utilizing the card and either paying off the debt or making the minimum payments by the due date.

Does the Amazon Prime Rewards Signature Visa Have an Annual Fee?

No, there is no yearly charge with this card. If you wish to establish an Amazon Prime Rewards Signature Visa credit card account, you must first acquire an Amazon Prime membership ($139 per year).

What’s the Difference Between the Amazon Prime Rewards Signature Visa Card and the Amazon Rewards Signature Visa Card?

Chase co-brands both cards, which have the same terms and conditions but somewhat different rewards. Prime members get a 5% discount on all Amazon.com and Whole Foods purchases, while non-prime cards receive a 3% rebate. Both cards have no annual fees, however Prime membership costs $139 per year.

The Bottom Line

Although the card is exclusively accessible to Prime members, the rewards structure of any Amazon Visa card may be advantageous even for consumers who only purchase at Amazon on a limited basis. The APR is still higher than most non-retail cards, but the parameters of this card are appealing in the retail market.

People who do not carry a debt get the most from rewards since you might fast pay more in interest charges than the perks are worth if you do not pay it off. Second, it may be prudent not to make purchases purely for the purpose of earning incentives. Saving and investing your money will always win out over spending.

If you want to possess a Visa card and are a frequent Amazon.com and Whole Foods customer, you should look into getting this card.

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