The credit card (formerly known as the Amazon Prime Rewards Visa Card) offers Amazon Prime members 5% back on purchases made at Amazon and Whole Foods.And with special offers for cardmembers, some purchases can be discounted as much as 20%! But is it worth adding the card to your wallet based on those benefits alone? It likely depends on how much of your monthly shopping you do with Amazon.
In this review, Team Clark will assess all the details of this card and compare it to some of the top rewards cards on the market.
This article was updated in May 2023 and I review it every six months. Detailed notes on all updates can be found here.
Table of Contents
- 耀竣金融配资_在线配资炒股:What Is the Prime Visa Card?
- 耀竣金融配资_在线配资炒股:Card Spec and Perks
- 耀竣金融配资_在线配资炒股:Prime Visa vs. 2% Cash Back Cards
- 耀竣金融配资_在线配资炒股:Pros and Cons
What Is the Prime Visa Card?
The Prime Visa is a rewards credit card that offers cash back perks exclusively to Amazon Prime subscribers.This card does not carry an annual fee as long as you’re an Amazon Prime member, which costs $139 for a year-long subscription. It awards 5% back on purchases made at or and rewards of 1%-2% for purchases outside the Amazon ecosystem.
This card is on Team Clark’s list for the 耀竣金融配资_在线配资炒股:top rewards credit cards and best cards for grocery shopping.
Card Specs and PerksThe Prime Visa requires that you have an Amazon Prime membership in order to reap the benefits of this card. To join , which gives you access to free shipping and streaming TV among other benefits, you’ll need either a monthly or annual subscription:
- Monthly Amazon Prime subscription: $14.99 plus taxes
- Annual Amazon Prime subscription: $139 plus taxes
- Groups eligible for discounted subscription rates include: students, EBT recipients
Annual Fee: $0.00
Rewards Program Details: Earn 5% Back at Amazon.com and Whole Foods Market with an eligible Prime membership. Earn 5% Back on purchases made through Chase Travel. Earn 2% Back at restaurants, gas stations and on local transit and commuting, including rideshare. Earn 1% Back on all other purchases.
Bonus Offer: New cardmembers will receive a $150 Amazon gift card and can earn 5% back on all purchases, up to $2,500, for three months after account opening.
Balance Transfer Fees: Either $5 or 5% of the amount of each transfer, whichever is greater.
Top Cardholder Benefits
- 10% or more off select Amazon products: Cardholders will gain access to discount opportunities on select Amazon products. These are limited time offers, may have some restrictions and must be purchased with the credit card to receive the big discount.
- Gift card freebie upon approval: This credit card does not have a traditional welcome bonus that offers a cash reward for a certain threshold of spending. Instead, it offers an instant gift card that is added to your Amazon account upon application approval. The amount on the gift card can vary. At the time of this article, the offer was for a $100 gift card.
- Extended warranty on many purchases: If you use this card to make a purchase on an eligible warrantied product, it will extend the time period for the manufacturer’s warranty by an additional year. The manufacturer warranty has to be three years or less to qualify.
- Auto rental insurance: Amazon says, to get this coverage, you simply decline the rental company’s collision insurance and charge the entire rental cost to your Amazon card. The coverage is secondary to your personal auto insurance, but it can still save you money.
- Zero-liability fraud protection: If your credit card is lost or stolen, you’re not going to be held liable for any fraudulent charges made with your card.
Prime Visa vs. 2% Cash Back Credit Cards
Money expert Clark Howard’s 耀竣金融配资_在线配资炒股:standard credit card recommendation is to get a rewards card that pays unlimited 2% back on all purchases without an annual fee.This Amazon card isn’t quite that, but could it actually be better for a segment of dedicated Amazon consumers? Let’s do some analysis.
Spending AnalysisSince the merits of having this card are all about how often you spend money at Amazon or Whole Foods, the first thing you want to look at is how much money you spend at those two retailers each month. Every dollar you spend at either retailer will earn you an additional 3% back on the purchases with the Amazon card versus a 2% card.
|Amazon + Whole Foods Spending Per Month||Prime Visa Cash Back (5%)||2% Card Cash Back|
|Miscellaneous Spending Per Month||Prime Visa Cash Back (1%)||2% Card Cash Back|
Final ThoughtsAre you considering adding the Prime Visa to your wallet? Let’s review some of the major pros and cons of the card before you make your final decision:
Pros and Cons
|5% back on Amazon and Whole Foods purchases, as well as purchase bought through Chase Travel||Must pay for Prime subscription to receive maximum cash back rewards|
|No annual or foreign transaction fees||High balance transfer fee|
|Auto rental insurance and extended warranty coverages included||No introductory APR periods on new purchases or balance transfers|
Bottom LineIf you’re a frequent Amazon shopper and , this rewards credit card is a great candidate to add to your wallet. The 5% that you’ll get back on Amazon and Whole Foods purchases is among the best returns that you’ll find from any credit card, and the 2% back on three other popular spending categories helps ensure your total rate of return is high.
- May 3, 2023 update: Amazon rebranded this credit card from “Amazon Prime Rewards Visa Card” to “Prime Visa.” Among the adjustments to perks included a 5% back opportunity on purchases through Chase Travel, 2% on transit purchases and options for “daily redemption”of rewards.