How the Amazon Prime Rewards Signature Visa Card Works
Amazon.com is the virtual store that has everything—and at low prices. Order it today; have it as soon as tomorrow. Not only does it offer a wide variety of goods, but the company also offers a co-branded visa card, especially for its Prime members.
The Prime Rewards Signature Visa is similar to its alternative co-branded card, named the Amazon Rewards Signature Visa credit card. Both credit cards can be used anywhere Visa is accepted and are backed by Chase Bank USA, N.A., a subsidiary of JPMorgan Chase & Co., which handles all revolving credit services and issues.
The card can be used anywhere that accepts Visa. The card offers 5% cashback on all items purchased on Amazon.com and Whole Foods markets. Newcomers get a $100 Amazon.com Gift Card instantly upon credit card approval. Cardholders may select a card design featuring either Amazon or Whole Foods, as well.
- The Amazon Prime Rewards Signature Visa Card is a co-branded credit card offering rewards like 5% cash back on purchases made on Amazon.com and in Whole Foods markets.
- Besides good credit, you must have a Prime membership to be eligible for a Prime Rewards Signature Visa.
- The Amazon Rewards Visa Signature Card is nearly identical to the card designed for Prime members. However, cardholders only receive a 3% rebate on purchases.
- You must have a good credit score—at least 670—to be considered for either of the co-branded Amazon Signature Visa cards.
- Amazon also offers two store cards, but these cards are not credit cards. The cards are used for purchases on Amazon.com but eligible for use in Whole Foods markets.
Rewards and Benefits
If you do a lot of shopping on Amazon and at Whole Foods, this card offers several perks. You earn a 5% rebate (or 3%, for non-Prime members, who are eligible for the Visa Rewards card) for all Amazon.com and Whole Foods Market purchases; 2% at gas stations, restaurants, and drugstores; and 1% on all other purchases. Your rewards come in the form of points. You’ll get one point for each penny you earn in rebates.
When you open an Amazon Signature Visa credit card, you will receive 5% back everywhere you shop on up to $2,500 in purchases for the first three months of owning the card if you have a Prime account. If you tend to buy your groceries at Whole Foods and frequently shop online at Amazon as a Prime member, this card could provide substantial rewards and rebates.
Example of Points
Let’s say you bought an item on Amazon for $20. You would earn a 3% rebate (60 cents), which would become 60 points. Every 100 points are worth $1. Your points are available as soon as they are processed as a discount at checkout.
When you are approved for the card, Amazon will give you a $100 gift card. There is no annual fee, no foreign transaction fees, no earning cap, and your points never expire.
Where Can Someone Get the Amazon Prime Rewards Signature Visa Card?
Interested customers can apply for the card online at Amazon.com. However, the vetting process will go through Chase Bank, which authorizes and administers the financial logistics and the approval process.
According to Amazon.com, “if your application is instantly approved, you’ll be taken to a page that includes the Cardmember Agreement, the terms of your Amazon Rewards Visa Signature account, and other important information.”
Conversely, if your application isn’t approved instantly, Chase Bank will inform you about your status after reviewing your credit history. This takes approximately two to four weeks. Amazon recommends waiting two weeks after submitting your application before contacting Chase Bank.
What Kind of Credit is Required for the Amazon Prime Rewards Signature Visa Card?
Unlike the Amazon store card, which only requires fair credit, the Amazon Rewards Signature Visa cards (Prime member or non-member) both require a higher credit score because they are Visa credit cards.
Amazon.com offers both a store credit card that can only be used on Amazon.com orders and several co-branded Visa card options such as the Amazon Rewards Visa Signature Card that can be used anywhere Visa is accepted.
Where Can the Amazon Prime Rewards Signature Visa Card Be Used?
You can expect to use your Amazon credit card anywhere that takes Visa, most likely anywhere in the U.S., and over 150 countries worldwide. Unlike store cards tied to use at a specific retailer, a visa card connected to Amazon.com is a regular credit card in many ways.
You will earn rewards if you use it to shop on Amazon.com or Whole Foods, but you can also benefit from rewards when used at participating gas stations, pharmacies, and other retailers.
Alternatives to the Amazon Prime Rewards Signature Visa Card
Amazon offers two store-only cards, similar to its credit cards, as the Amazon Prime store card offers its Prime member holders more perks. Synchrony Bank issues the Amazon.com Store Card and the Amazon Prime Store Card, and the cards are useful if you are a frequent shopper on Amazon.com.
Amazon.com and Amazon Prime Store Cards
If you don’t want or don’t qualify for either of the Amazon Rewards Signature Visa cards, the Amazon.com or Prime store cards may be a viable option for saving money on your Amazon purchases. Amazon store cards are not accepted at Whole Foods markets, unlike the Amazon Prime Rewards Signature Visa and the Amazon Rewards Signature Visa.
When you are approved for an Amazon.com store card, you receive a $60 gift card from Amazon.com, quite a bit less than the $100 gift card you receive for opening an Amazon Prime Visa card. The Amazon store card’s reward program is not as robust as its Visa Rewards Signature Visa card, but it does offer introductory financing opportunities for new cardholders.
Amazon Rewards Signature Visa Credit Card
The Amazon Rewards Signature Visa card is another alternative if you don’t have a Prime membership but want the convenience and the benefits of an Amazon Visa credit card. The Amazon Rewards Signature Visa is nearly identical in its perks and terms and conditions as the Prime Rewards Visa Signature Card, with one exception, if you are not a Prime member, you will only reap a 3% reward when you shop on Amazon.com and at Whole Foods.
Terms and Conditions of the Amazon Prime Rewards Signature Visa Card
The annual percentage rate on your card will depend on your credit history. There’s no introductory APR. Expect a rate between 14.24% and 22.24%, but it will vary based on the prime rate. Balance transfers have the same APR as purchases instead of the higher one many cards impose.
Cash advances on the Amazon Prime Rewards Signature Visa have an interest rate of 24.99%. You have 21 days after the end of the billing cycle to pay the balance in full to avoid any interest charges. The late payment fee is up to $39, depending on your card’s balance. Customers will pay $5 or 5% of the balance transfer amount, whichever is greater. Cash advances cost $10 or 5%, whichever is greater.
The card does not have an annual fee attached, but if you want the Amazon Prime Rewards Signature Visa, you will have to pay to be an Amazon Prime member, which costs $119 per year. You must be age 18 or older to apply for the card, and credit limits are based on the applicant’s credit.
|Amazon Prime Rewards Signature Visa|
|APR||Late Fee||Return Check Fee||Grace Period|
|Amazon Prime Rewards Signature Visa||14.24% and 22.24%||$39||None||21 days after the end of the billing cycle|
Who Should Consider the Amazon Prime Rewards Signature Visa Card?
If you frequently shop in Whole Food markets and on Amazon.com as a Prime member, this card might make sense given the rebates and rewards. A co-branded card like this provides not only access to rewards but a line of credit, and you have the flexibility of being able to use the card anywhere that takes Visa. If you don’t want to take out a credit card, but you have brand loyalty to Amazon and shop frequently on its website, you might consider an Amazon.com or Amazon Prime Store card.
The Bottom Line
Although the card is only available to Prime members, the rewards structure of either Amazon Visa card might make it useful even for people who only shop at Amazon infrequently. The APR is still higher than most non-retail cards, but this card’s terms are attractive in the retail space.
Rewards are most valuable to people who don’t carry a balance, as you can quickly pay more in interest charges than the benefits are worth if you don’t pay it off. Second, it may be wise not to make purchases solely to earn rewards. Saving your money and investing it will always win out over spending.
If you are interested in owning a Visa card and an avid Amazon.com and Whole Foods shopper, you may want to investigate opening this card.
Frequently Asked Questions
What Kind of Credit Score Do I Need to Open an Amazon Prime Rewards Signature Visa Card?
Amazon.com doesn’t state explicitly about the score. Still, numerous reviewers of the product report that the recommended credit score to be eligible for an Amazon Prime Signature Visa card needs to be at least 670.
Where Can I Use My Amazon Prime Rewards Signature Visa Credit Card?
You’ll earn 5% back on all Amazon.com and Whole Foods markets purchases, but you can use the card anywhere Visa is accepted.
Does Amazon Prime Rewards Signature Visa Card Help You Build Credit?
Yes. Like any Visa credit card, if you manage your credit wisely, it can help you improve your credit over time.
Does the Amazon Prime Rewards Signature Visa Have an Annual Fee?
No, the card does not have an annual fee. However, you will be required to purchase an Amazon Prime membership ($119 a year) if you want to open an Amazon Prime Rewards Signature Visa credit card account.
What’s the Difference Between the Amazon Prime Rewards Signature Visa Card and the Amazon Rewards Signature Visa Card?
Both cards are co-branded by Chase and offer the same terms and conditions but slightly different rewards. Prime members get a 5% back on all items purchased on Amazon.com, and at Whole Foods, non-prime cardholders receive a 3% rebate. Both cards come without an annual fee, but a Prime membership costs $119 a year.