Amazon Shop Cards Are The Best For Establishing Credit
Any credit card can help you develop credit if you use it wisely and make your monthly payments on time. You may have to look at other possibilities if your credit score isnt high enough to qualify for a specific credit card.
Because they have fewer restrictions than many other credit cards, store cards tend to be easier to qualify for. In other words, Amazon store cards are a better option for developing credit than Amazon Visa cards because you dont need an exceptional or decent credit score to get approved.
A FICO score of at least 580 is usually sufficient for obtaining a retail credit card if you have only fair credit. At least a 670 FICO Score is required to be eligible for one of the Amazon Rewards Visa cards.
Not Sure This Is The Card For You Consider These Alternatives
The Amazon Prime Rewards Visa Signature Card isnt a perfect fit for everyone. If youre looking for a new card but havent fallen in love yet, take a look at these other options.
- Citi® Double Cash Card: Consider this card if youre looking for a strong cash back rate on every purchase you make.
- Petal® 1 Visa® Credit Card: This is a decent starter card with no annual fee and the opportunity to earn cash back on some purchases.
- Discover it® Cash Back: This card is a good option for earning cash back wherever you shop.
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Is The Amazon Prime Rewards Visa Signature Card Worth It
For existing Prime customers, the Amazon Prime Rewards Visa Signature Card could help you save big. Although there’s $0 annual fee, think of the $119 Prime membership cost as part of the requirement to open this card. Still, only frequent Amazon or Whole Foods shoppers should consider this card above other options, as other cashback cards can help you earn bonus rewards on a wider variety of purchases.
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Alternate Pick: Ink Business Preferred Credit Card
The Ink Business Preferred® Credit Card may be a solid alternative to the Amazon Business American Express Card*, offering a strong rewards rate on areas many businesses are likely to find appealing. 3 points per dollar on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per dollar on all other purchases. It also comes with an annual fee of $95 but that may be balanced out by the flexibility of your earnings.
Rewards earned are Chase Ultimate Rewards points which can be redeemed for cash back at 1 cent per point or redeemed for 25% more value when used to book travel through the Chase Travel Center. You can also use your rewards to , but that yields a lesser value of around 0.8 cents per point.
Can You Cancel Amazon Visa Card
You can cancel your Amazon credit card by calling customer service at 888-247-4080. There is no fee associated with closing your account, but you will have to repay any outstanding balances. Closing a credit card can also have a temporary impact on your credit score. You can learn more about that here.
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Amazon Rewards Points Value Uk
UK Amazon Rewards Points are worth 1p each and are automatically redeemed for a £10 Amazon.co.uk gift card once you hit 1,000 points. The gift card will be loaded to the Amazon.co.uk account that the Amazon credit card is tied to.
This is the only redemption option for Amazon Rewards points earned in the UK.
Financing Options With The Amazon Store Credit Builder Card
The following finance options are available:
Special Financing Option
No interest is charged if you pay in full within the stipulated time frame. Depending on your purchase amount, this timeframe can be six, twelve, or 24 months.
Remember that this is deferred interest and not a 0% APR offer. If you fail to pay within the designated time frame, youll be charged the full interest accrued.
This financing option applies only to qualifying items. With this finance option, youll not be eligible for the 5% rewards rate.
Equal Pay Option
This option extends equal monthly installments, which must be paid back within a fixed timeframe. Depending upon your purchases, the time frame can be six, twelve, or 24 months. If you pay within the fixed timeframe, no interest will be charged.
This financing option applies only to qualifying items. Youll not be eligible for the 5% rewards rate with this finance option.
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How Amazon Prime Rewards Visa Signature Card Compares To Other Cards
Although this card did not make it to our list of top-rated cash back credit cards for 2022, it is still a good option and able to match up with other cash back cards because of its zero annual and international transaction fees, as well as its high cash back rates, especially for purchases made on Amazon and Whole Foods. Ultimately, how this card compares with other cards depends on what you are looking for in a card and your use for it.
Below we feature a head-to-head comparison between Amazon Prime Rewards Visa Signature Card and another cash back credit card that is also backed by Chase.
Quick Comparison of Amazon Prime Rewards Visa Signature Card
Amazon Prime Rewards Visa Signature Card
- Annual Fee: $0
- Cash Back Rate: 1%-5%
- 5% on purchases at Amazon and Whole Foods
- 3% on restaurants, gas stations and drugstore purchases
- 1% on all other purchases
Chase Freedom Unlimited
- Cash Back Rate: 1.5%-5%
- 5% on travel purchased through Chase Ultimate Rewards
- 3% on dining at restaurants, including takeout and delivery
- 3% on drugstore purchases
- 1.5% on all other purchases
How Long Does It Take To Get Approved For An Amazon Credit Card
You can get approved for the Amazon Prime Rewards Visa Card or the Amazon Rewards Visa Card within seconds after applying online. According to the Amazon.com Store Card page, youll get your decision after you apply online in as little as 15 seconds.
These card accounts should be automatically linked to your Amazon account after approval and you can begin using yours right away after getting approved.
The Amazon Secured Card requires a security deposit, so even though youll get a decision about your approval shortly after applying, youll have to fund the security deposit from your bank account within 60 days of approval before you can charge anything.
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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.
Discover It Cash Back
For three quarters of the year, the Discover it Cash Back card only offers 1% cash back on Amazon purchases, but in the fourth quarter of 2021, the Discover it Cash Back is a winning proposition for Amazon purchases especially for new cardholders. If you remember to enroll in the category that quarter, you will receive 5% back on your Amazon purchases, on up to $1,500 in purchases . And, since Discover matches your cash back at the end of your first year of card membership, new cardholders can essentially earn 10% cash back on Amazon purchases in the fourth quarter.
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What Is The Amazon Prime Rewards Visa Card
The Amazon Prime Rewards Visa Card 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 youre an Amazon Prime member. It awards 5% back on purchases made at Amazon.com or Whole Foods and rewards of 1%-2% for purchases outside the Amazon ecosystem.
This card is on Team Clarks list for the top cash back credit cards, top no-annual-fee credit cards and best cards for grocery shopping.
Can I Use My Amazon Credit Card Anywhere
It depends on which Amazon credit card you have because Amazon store cards arent the same as Amazon Visa cards. The major difference between is that the store cards will only work on Amazon and their card issuer is Synchrony. The Amazon Visa cards will work anywhere Visa credit cards are accepted and their card issuer is Chase.
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Is It Worth Signing Up For Amazon Prime
Amazon Prime costs $119 per year, comparable to the cost of many credit cards with annual fees. Since the Amazon Prime Rewards Visa Signature Card is only open to existing Prime members, you may wonder if it’s worth opening a membership if you don’t own one already. Here is the list of the ongoing benefits you’ll enjoy with Amazon Prime:
- Free two-day shipping on millions of eligible products, with free same-day or 2-hour delivery in select cities
- Extra 10% discount on sale items at Whole Foods
- Prime Video, offering access to thousands of movies and TV shows for free
- Prime Music, offering over two million songs ad-free with the opportunity to upgrade to Amazon Music Unlimited at a Prime member rate
- Amazon Photos, with free unlimited photo storage shareable to up to five family members or friends
- 30-minute early access to Amazon Lightning Deals
- Borrow one e-book for free on any Kindle device
If you live in a metropolitan area, Whole Foods offers free two-hour delivery or one-hour same-day pickup, which can be helpful to grocery shoppers who need items in a pinch. While the shipping benefit alone is why millions of people subscribe to Amazon Prime, there are many entertainment and shopping perks with this subscription.
Amazon Prime also offers a free six-month trial exclusively for college students. After that, you’ll enjoy a 50% discount on membership while you’re still a student.
Redeeming Your Cash Back
Though this is branded as a cash-back card, you will technically earn your rewards in the form of points, which are worth $0.01. You have a few options to choose from when it comes to redeeming your rewards.
First, as your balance loads automatically, you can apply points directly to your Amazon purchases at checkout. Or, you can redeem them as cash back in the form of a statement credit or a deposit into your bank account. Third-party offers on travel, gift cards and other deals may also be available for redemption at any given time. You don’t have to meet a minimum point balance to redeem your points.
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Other Considerations For Amazon Prime Rewards Visa Signature Card
You need to go over a few factors before jumping ahead and applying for an Amazon Prime Rewards Visa Signature Card. We have outlined a few basic considerations that you should look into, whether you plan to make your first card or are considering it as an additional line of credit.
Things to Consider if This Will Be Your First or Only Credit Card
As with all other credit cards, you should first think about how you plan on using the Amazon Prime Rewards Visa Signature Card, especially if it will be your first or only credit card. You will get the most out of this cash back credit card if you do most of your shopping on Amazon and Whole Foods. This will let you easily offset the $139 Amazon Prime membership fee that makes you eligible for this card.
You should also examine your cash flow. Signing up for the interest-free equal monthly payment scheme will allow you to spread out your payments into six, 12 or 18 months as well as to automate these payments. It is also easy to check the monthly payment that you need to settle to avoid paying interest. But keep in mind that this card also carries a relatively high APR, so it is better to look for other alternatives if you are someone who cannot pay off your balance in full every month.
Things to Consider if This Will Be an Additional Card in Your Wallet
There Are Other Amazon Credit Cards Out There
The Amazon Prime Rewards Visa Signature Card isnt the only Amazon card there are several choices you can consider.
- Amazon.com Store Card
- Amazon Rewards Visa Signature Card
- Amazon Prime Rewards Visa Signature Card
You can only use the two store cards on Amazon.com.
The other Amazon Visa card is similar to the Amazon Prime Rewards Visa Signature Card in that you can use it elsewhere, but it doesnt require an Amazon Prime membership. It also only gives you 3% back at Amazon.com and Whole Foods.
Also, know that youll be considered only for the card you apply for, so be sure to apply directly for the Amazon Prime Rewards Visa Signature Card if thats the card you want.
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Financing Options Are Available But Proceed With Caution
These cards offer several 0% financing deals for larger purchases. Instead of 5% back, you can choose a payment plan for certain purchases over $150. Depending on how much you spend, you could qualify for a payment plan lasting six to 24 months. You can choose between equal monthly payments or special financing.
The equal monthly payments plan gives you the ability to split your purchase across multiple statement cycles without paying interest as long as you pay each payment on time and in full.
With special financing, you won’t have any required monthly payments beyond your minimum payment. And as long as you pay off the entire balance before the promotional period is up, you won’t have to pay any interest.
This seems like a good deal, but it can be a little risky if you’re not completely sure you’ll be able to pay off the purchase before the 0% interest period runs out. That’s because this offer comes with deferred interest. Interest will still accrue in the background, even though you won’t have to pay it during the promotional period. If you pay off the purchase before the special financing period has ended, you won’t have to pay this interest. But if you still have a balance at the end of the period, you’ll be charged the full amount of interest on the entire purchase not just what’s left over.
For more card options, check out NerdWallet’s list of the best credit card deals.
Amazon Prime Rewards Visa Signature Card Vs Citi Double Cash Card 18 Month Bt Offer
The Citi® Double Cash Card 18 month BT offer is one of the few credit cards that lets you Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. This applies regardless of where you shop meaning you’ll earn 2% back whether you’re shopping on Amazon.com or purchasing movie tickets.
While the Citi® Double Cash Card 18 month BT offer doesnt give you the same 5% reward on Amazon purchases that you can get with the Amazon Prime Rewards Visa Signature Card, the unlimited 2% rate takes the guesswork out of earning rewards. Unfortunately, though, the Citi® Double Cash Card 18 month BT offer comes with no welcome offer whatsoever.
If Amazon.com makes up a large chunk of your total purchases, the Amazon Prime Rewards Visa Signature Card is the better deal. However, if your spending is more varied, go with the Citi® Double Cash Card 18 month BT offer instead.
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Amazoncom 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, 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.
Best Credit Cards For Amazon
What makes this card a standout for high net worth cardholders is tied to Bank of Americas Preferred Rewards program. Those who have qualifying combined balances in their Bank of America® deposit and/or Merrill® investment accounts will get a boost on their credit card rewards. That means the 3% categorywhich includes online shoppingcould go up to 5.25% and the 2% at grocery storeswhich includes Whole Foodsand wholesale clubs could go up to 3.5%, for the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, and the 1% for all other purchases could go up to 1.75%.
Annual Fee: $0
Rewards: 3% cash back in the eligible category of your choice, 2% at grocery stores and wholesale clubs and unlimited 1% on all other purchases
Welcome Bonus: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Other Benefits and Drawbacks: For those who qualify at the highest earnings tier of 5.25% rewards in the choice category, thats an unbeatable rate, surpassing even Amazons own Prime Visa card. But, those rewards are capped at $2,500 in combined spending per quarter. So bigger spenders may not be a match for this card.
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