Alternate Pick: Citi Double Cash Card
There are a number of credit cards on the market that will earn 2% rewards on everything you buy without the need to track categories. One pick to consider is the no-annual-fee Citi® Double Cash Card which earns 1% when you make a purchase and another 1% when you pay your bill. Rewards earned on the card can be used as a statement credit, direct deposit, check or converted to transferable points when paired with a premium card.
Also Consider: Scotiabank Gold American Express*
The Scotiabank Gold American Express has been a longtime favourite for Canadians, especially those who travel. The first thing youll notice about this card is the Scotia Rewards earn rate is a very healthy 5 points per $1 on groceries, dining and entertainment. Gas gets 3 points per $1, as do spends in two other categories: Public transit and eligible streaming services. All other purchases earn you 1 point per $1 spent. This card also doesnt charge a foreign transaction feeits one of the very few Canadian cards to offer this perk. Consider it a 2.5% bonus on all foreign currency transactions, including online purchases.
- Annual fee: $120
- Welcome offer: You can earn up to 50,000 points by spending $1,000 in everyday purchases in the first 3 months. You can also earn an additional 20,000 points when you spend $7,500 in everyday purchases in your first year. Apply by November 21 2021.
- Earn rate: 5 points per $1 spent on groceries, dining and entertainment 3 points per $1 on gas, public transit and eligible streaming services and 1 point per $1 on all other purchases
- Income requirement: $12,000
Best For Building Credit: Amazon Prime Secured Card
If you have a limited credit history or are working on rebuilding your credit after a few financial missteps, both the Amazon store cards and the Chase Amazon cards may be temporarily out of reach. And since nearly every new credit card application will result in a hard pull of your credit report, it makes sense to limit applications to cards that offer a decent chance at approval.
A great starting point is the Amazon Prime Secured Card, a secured version of the Amazon store cards. Also issued by Synchrony Bank, the Amazon Prime Secured Card charges no annual fee but requires you to put down a refundable deposit of $100 to $1,000 , which doubles as your credit limit.
To start, the card offers 2% back on Amazon.com purchases for Prime members. After 12 months of responsible use, you may be able to graduate to an unsecured Amazon store card, get your deposit back and boost your cash back rate to 5% on Amazon.com purchases with a Prime membership. The card also charges an ultra-low fixed APR of just 10% and a late fee of up to $5 .
Once your credit score improves, you can also look for a more flexible cash back credit card like one of the Amazon Visa cards. Just keep in mind that since the Amazon store cards and Amazon Visa cards have different issuers, you cant request a product change from one to the other. Youll need to put in a separate application and face a separate hard credit inquiry.
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How Do I Choose The Best Credit Card For Amazon
You have a few options when it comes to Amazon credit cards, so heres a few things to consider to help you make your choice:
- Do you want to earn rewards?Most Amazon credit cards and some Discover cards let you earn the highest rewards rate on Amazon purchases. But in most cases, youll need an Amazon Prime membership to tap the highest rewards.
- Do you have Prime?Most Amazon Prime cards benefit greatly from Prime membership and can differ substantially in terms of rewards or features. If you dont have Prime or dont plan on keeping Prime, know that a Prime version of an Amazon card will revert to the non-prime earning rates and features once youre no longer a member.
- Do you need interest-free days to pay for your purchases?Amazon store cards often let you get an interest-free period over a certain amount, such as $149 or more. This can be useful if youre looking to buy now and pay later with no additional cost.
- Does your business use Amazon business services?There is an excellent business credit card offered by American Express, specifically designed for businesses that use Amazon Web Services or Amazon Business services. With this card, youll either earn cash back on these categories or youll get up to 90 days of interest-free period.
Prime Day deals to look out for
The cool thing about having an Amazon Prime credit card is that the cash back you earn stacks with any Prime Day deals.
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Ad Choices & Personalization
These are highlights of the rewards program associated with this credit card account. To participate in the Program, you must have an Amazon.ca account that is open and in good standing, and otherwise comply with the Program terms and conditions. The Amazon Prime membership status of the Amazon.ca account that you select to be associated with your credit card account will determine the number of points earned on eligible purchases. Accumulated points will be redeemed for Amazon.ca Gift Card, which will be loaded to your Amazon.ca account by Amazon. Complete terms and conditions describing Program eligibility, limitations and restrictions will be sent after your credit card account is opened. The Toronto-Dominion Bank has no liability or responsibility for the Amazon.ca Gift Card or any aspect of your Amazon.ca account.
A Underwritten by TD Home and Auto Insurance Company. To be eligible for this coverage, the full cost of the item must be paid for using your MBNA Credit Card. Benefits, features and coverages are subject to conditions, limitations and exclusions that are fully described in the Certificate of Insurance included with your MBNA Guide to Coverage.
How To Use The Amazon Prime Rewards Visa Signature Card
To make the most of the Amazon Prime Rewards Visa Signature Card, youll want to add it as the default form of payment to your Amazon.com account right away. Youll have the $150 gift card earned upon opening your account in there already, and you can begin earning 5% back on all your Amazon.com purchases without any limits. It can also occasionally earn you up to 20% back on rotating categories and products.
Really maximizing that 5% category may require changing your shopping habits to ensure you purchase more of your regular budget items with the online marketplace or at your local Whole Foods. Consider setting up automatic shipments of toilet paper or diapers, for example, or trying out Amazons grocery delivery service.
In the meantime, you can also boost rewards by using the card for your purchases in 2% cash back categories: restaurants, gas stations, and drugstores. If you have another card that earns a higher rewards rate in these common everyday categories though, you may find more value in reserving this card solely for Amazon.com and Whole Foods purchases.
Finally, always make sure you pay your credit card bill in full and on time, or else youll pay the high variable rate on your purchases and wipe out any rewards youve earned.
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Honorable Mention: Chase Sapphire Preferred
The Chase Sapphire Preferred® Card earns 2x points on dining and travel globally. It also earns 5x points on Lyft rides through March 2022. Amazon purchases will only earn 1x Ultimate Reward point per $1 spent. But, your points can be redeemed on Amazon.com, though they are worth more when transferred to the Chase Ultimate Rewards portal and used to book travel. It has no foreign transaction fee but does have an annual fee of $95. You can learn more in our in-depth Chase Sapphire Preferred review.
Both the Chase Sapphire Preferred and Capital One Venture Rewards are some of the best travel miles credit cards. They are both good companions to have in your wallet.
Best Amazon Card For Benefits
The two Visa Signature cards finish in a tie in the race between the Amazon cards with the best benefits. Both cards have a standard suite of Visa benefits, including purchase protection and extended warranty, which extends any existing manufacturers warranties on a purchase you make with your Visa card.
Both Visa Signature cards also come with a great suite of travel benefits. There are no foreign transaction fees when you travel abroad. Youll be covered with enough protection to make any insurance salesman jealous: travel accident insurance, baggage delay insurance, auto rental collision damage waiver and lost luggage reimbursement.
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Our Thoughts On The Amazon Prime Rewards Visa Signature Card
The is the best credit card for Amazon purchases. It has $0 annual fee . It also offers 5% back at Amazon and Whole Foods Market with an eligible Prime membership*. 2% back at restaurants, gas stations, and drugstores*. 1% back on utilities, rideshare, and all other purchases. 10% back or more on select products. **Limited time offer. See terms..
Does Applying For An Amazon Card Hurt My Credit
When you apply for most credit cards, the credit card issuer will check your credit report with a hard inquiry. This will typically have a small, negative impact on your credit score. As long as you continue to use your line of credit responsibly, your score should recover in a short period of time.
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Good If You Don’t Have Prime
No Amazon Prime subscription is required to qualify for the Amazon Rewards Visa Signature Card , meaning you’ll profit from your very first purchase. For example, somebody who spends $4,000 per year at Amazon and Whole Foods would earn $120 back on those purchases with the Amazon Rewards Visa Signature Card , but only $81 with the Amazon Prime Rewards Visa Signature Card once you deduct the cost of Amazon Prime. However, this does not take into account any money you could have saved in waived shipping fees through an Amazon Prime subscription, so figuring out which card is best for you really depends on the total amount you spend and whether the products you regularly order are eligible for Prime shipping. In most cases, the Amazon Prime Rewards Visa Signature Card is the better choice.
The Best Credit Cards To Use For Amazon Purchases
While any rewards credit card can earn points on Amazon purchases, some are better than others. To maximize your spending, a cash back credit card can be a beneficial card to have. However, if youre looking to earn travel rewards, there are some valuable options to consider as well.
At the end of the day, find the card that makes the most sense for you and your spending habits.
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Balance Transfer Credit Cards
Once you accumulate a debt load on an existing credit card, the interest will compoundrapidly. Your best bet is to transfer the debt to a balance transfer credit card, which lets you move debt from a high-interest card to one with a lower rate. These cards often offer promotional interest rates for a specific period0% interest for the first 10 months, for examplewhich can buy you time to pay down your balance with little or no interest. Sometimes, even the regular interest rate on a balance transfer card is lower than usual.
Which Amazon Credit Card Is Right For You
If youre an existing Amazon Prime member and want a way to optimize that partnership, the Amazon Prime Rewards Visa Signature card can be an excellent option. With 5% cash back on all Amazon.com and Whole Foods purchases and no additional annual fee, the card can earn significant rewards without many cons. However, its important to keep in mind that earning potential is tied to Prime membership, which currently costs $119 per year.
If youre not an Amazon Prime customer and dont intend to become one, the Amazon Rewards Signature Visa may seem appealing, but you may want to shop around first. There are many other cash back credit cards on the market that offer more competitive rewards programs and enticing sign-up bonuses.
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Does Amazon Have Its Own Credit Card
Chase issues the co-brand Amazon credit cards for personal shopping:
- Amazon Prime Rewards Visa Signature
- Amazon Rewards Visa Signature
You get 5% back on Amazon and Whole Foods purchases with the Amazon Prime Rewards credit card. The non-Prime version earns 3% back on these purchases. Neither card has an annual fee.
American Express issues co-brand small business Amazon credit cards:
- Amazon Business Prime Card
- Amazon Business American Express Card
The Business Prime Card gives you 5% back for Amazon and Whole Foods-related purchases.
Citi Double Cash Card: Best For Cash Back
If you want to keep just one credit card in your purse or wallet to earn cash back on everything you buy including your Amazon.com purchases the Citi Double Cash Card is the way to go. Youll earn 2% cash back 1% when you buy, and another 1% when you pay your statement on all your purchases 365 days a year.
Thats a great return for a no-annual-fee card, and its simple you dont have to worry about bonus categories or figuring out complicated travel points. The cards simplicity and solid earning rate is why CNN Underscored chose the Citi Double Cash as its benchmark credit card, and why we use it to compare and contrast other credit cards we review.
Where the Citi Double Cash lags is in its shopping benefits. Unfortunately, the card no longer comes with damage and theft purchase protection, return protection or Citis previously well-known Price Rewind benefit.
So despite earning great cash back on your purchase with the Citi Double Cash, if youre buying something expensive, you might want to choose a card that has you covered in the event your item is broken or lost, or you potentially want to return it after the merchants return policy has ended.
Bankrates Takeis The Amazon Prime Rewards Visa Signature Worth It
The Amazon Prime Rewards card is undoubtedly worth it if you frequently order from Amazonespecially if you spend over $2,380 each year on the site or spend big on Amazon Prime Day.
With the Prime Rewards card, you can easily reimburse your Prime membership, better protect your purchases and utilize a few travel perks to boot. The unlimited 5 percent rewards easily outperform other credit cards online shopping categories.
On the flip side, a general-purpose rewards card may earn you more if you prefer higher rewards rates on more variable bonus categories or other online retailers. Still, the Amazon Prime Rewards Visa Signature offers better rates and more versatile rewards than many store cards.
All information about the Amazon Prime Rewards Visa Signature Card, Capital One® Walmart Rewards® Card, and Amazon Business Prime American Express Credit Card has been collected independently by Bankrate.com and has not been reviewed or approved by the issuer.
The Amazon Prime Rewards Visa Signature Card Vs The Capital One Walmart Rewards Card
Ultimately, whether the Amazon Prime Rewards card or the Capital One® Walmart Rewards® Card is the better choice depends on which retailer you shop with online more. They have comparable reward programs, except the Amazon card offers 2 percent rewards at drugstores while the Walmart card offers 2 percent cash back on travel. While the Walmart cards travel category would likely have more rewards potential, its gas category only covers Walmart and Murphy USA gas stations while the Amazon cards gas category is much more flexible.
You may be able to get more first-year value from the Walmart card since its 12-month 5 percent cash back rate on in-store purchases when using Walmart Pay only takes spending over $2,000 that year to eclipse the Amazon cards $100 bonus gift card. However, factors like richer benefits, a lower ongoing APR and a more popular online shopping platform could make the Amazon Prime Rewards card a slightly better option overall.
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