Amazon. com Help Upgrade to 5% Back on Amazon Prime Rewards Visa Signature Card

Amazon just upgraded its no-fee credit card to offer 5% back on all Amazon purchases — but there's a catch

The new Amazon Prime Rewards Visa Signature card, in partnership with JPMorgan Chase, will be offered exclusively to Amazon Prime members. It will grant 5% back on all Amazon. com purchases, as well as 2% back at restaurants, gas stations, and drugstores, and 1% back on every other purchase, the companies said in a press release Wednesday.

Amazon currently offers a rewards credit card to all account holders with 3% back on all Amazon. com purchases. Prime members with this card will be upgraded to the new card — made with metal, like the popular Chase Sapphire Reserve card — and start earning rewards immediately.

The card awards $1 for every 100 points. Once members reach 2,000 points, they can redeem them for cash.

There's no cap on the amount in rewards that members can earn, and there's no expiration date as long as the account stays open. All points will be lost if a member closes the account linked to the rewards card.

While there's no annual fee or foreign transaction fees for the new rewards card, it's available only to those who pay for a Prime account, which costs $99 a year and includes access to free two-day shipping and TV and movie streaming, among other perks. Non-Prime members can upgrade their accounts to apply for the new card. They'll also get a $70 Amazon. com gift card upon approval.

The new Amazon-Chase rewards card comes on the heels of the bank's announcement last week that it was slashing its 100,000-point sign-up bonus in half for the Chase Sapphire Reserve, effective January 12.

That credit card, which has a $450 annual fee, made waves for its lucrative rewards offerings when it debuted in August. But it included benefits that were perhaps too generous. In December, JPMorgan Chase said it expected an earnings dip in the fourth quarter to the tune of $200 million to $300 million as a result of the card's popularity, according to CEO Jamie Dimon.

Amazon Prime Rewards Visa Signature Card

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Worth checking out if you’re an avid Amazon shopper, this metal credit card earns 5% back at Amazon and Whole Foods and offers an Amazon gift card upon approval. You’ll need an Amazon Prime membership to apply.

Amazon Prime Rewards Visa Signature Card

Highlights & Features

5% cash back at:

Amazon. com Whole Foods Market

2% cash back at:

Gas Stations Restaurants Drugstores

1% cash back on all other purchases

INTRODUCTORY BONUS

Balance Transfers

A balance transfer is a way to move credit card debt from one credit card to another with the goal of saving money on interest.

Intro Balance Transfer APR	None
Regular Balance Transfer APR	16.49%–24.49% Variable
Balance Transfer Fee	5%, $5 minimum

Penalty APR	None
Late Fee	Up to $39
Returned Payment Fee	Up to $39
Additional Cards Annual Fee	None
Foreign Transaction Fee	None

Cash Advances

Borrowing cash on your credit card is a cash advance. Cash advances usually come with very high fees. Even worse, cash advances can signal to lenders that you’re being irresponsible with money.

Cash Advance APR: 27.24% Variable Cash Advance Fee: 5%, $10 minimum

ABOUT THE ISSUER

Chase has several card types depending on your needs.

Manage your Account & Pay your Bill

You can usually pay your bill online on your

Speak to Customer Service

Amazon Prime Rewards Visa Signature Card

Highlights

Requires active Prime membership Cash back can be redeemed for statement credits or at Amazon. com checkout Earn 5% back at Amazon. com and Whole Foods Market Earn 2% back at gas stations, restaurants, and drugstores Earn 1% back on all other purchases Get a $70 Amazon. com Gift Card instantly upon credit card approval

The Amazon Prime Rewards Visa Signature Card is a credit card offered by Amazon and Chase that has no annual fee, but Requires a valid Amazon Prime membership. If you’re an Amazon Prime member and buy a lot on Amazon, this card might be a great fit for all those Amazon purchases.

You’ll earn 5% cash back on all Amazon purchases, as well as at Whole Foods Market. 2% cash back is earned at gas stations, restaurants, and drugstores.

Cardholders also get a $70 Amazon gift card instantly upon account approval.

If you don’t have an Amazon Prime membership you can get the Amazon Rewards Visa Signature Card (Review), which is a bit less rewarding. And if you ever cancel your Prime subscription you’ll be downgraded to that card.

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Amazon. com Help: Upgrade to 5% Back on Amazon Prime Rewards Visa Signature Card

New Amazon Prime Rewards Visa Signature Card

Amazon and Chase introduced a face-life to the Amazon Rewards Credit Card. Now Amazon Prime members will earn 5% back for their purchases on Amazon (matching the Amazon Prime store card offered by Synchrony).

If at any time your Prime membership expires, then you go back to earning 3% back.

New cardmembers are also eligible for a $70 gift card for signing up.

Also, I called the 800 # last night. Existing Amazon Rewards cardholders are Automatically updated the the Prime Rewards card. Your new card will be shipped in the next 45 days. But you will be enjoying 5% back on your Amazon purchases (Assuming you are a Prime member) as of January 11, 2017.

Up to 5% Back With the New Amazon Prime Rewards Visa Signature Card

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Update: Some offers mentioned below are no longer available. View the current offers Here – Chase Freedom

Update 1/11/17 11:38am: Customers who sign up for this card will receive a $70 Amazon. com gift card instantly upon approval.

Today, Amazon’s unveiling a new co-branded credit card from Chase: the Amazon Prime Rewards Visa Signature Card. It will be available exclusively to Amazon Prime members and will replace the current Amazon Rewards Card for existing cardholders with an eligible Prime membership. The new metal card will be issued to Prime members, who can continue using their current Amazon card (with the new benefits) until a metal replacement arrives.

Here’s an overview of this new card’s benefits:

5% back on all Amazon. com purchases (for Prime members) 2% back at restaurants, gas stations and drugstores 1% back on all other purchases No cap on rewards earned Rewards never expire and are redeemable on hundreds of millions of products at Amazon. com No foreign transaction fees when traveling abroad or for cross-border shopping No annual credit card fee Zero fraud liability Benefits including travel and purchase protections, as well as 24/7 concierge service, through Visa Signature

Is it worth it?

This card is definitely an improvement over the Amazon Rewards Card, which earns a lower 3% back on Amazon purchases (in addition to the same 2% back at restaurants, gas stations and drugstores). The new Prime Rewards Card also waives foreign transaction fees — and this perk will extend to the older Amazon Rewards Card as well (the card previously charged a 3% fee per transaction).

While the new Amazon Prime Rewards Card doesn’t technically have an annual fee, you need to be a Prime member to sign up — Prime will run you $99 per year unless you’re sharing an account with someone in your household. If you’re already a member or have been considering signing up, this shouldn’t be a huge barrier to entry, but if you aren’t sure that you can maximize Prime benefits such as expedited shipping and Prime Video, you probably don’t shop at Amazon frequently enough for the membership to be worth it.

You can’t beat getting 5% back on every purchase.

Ultimately, the Prime Rewards Card’s main draw is the ability to earn an uncapped 5% back on all Amazon purchases — the same rate available with the Amazon Prime Store Card. Your rewards are actually earned as points rather than cash back, though each point is worth 1 cent so you are indeed earning a 5% return on purchases with the retailer. This makes the card a solid option for spending in this category, though there are some other competitive options. For instance, the Discover it Card Earns 5% cash back on up to $1,500 spent on rotating quarterly bonus categories, which have included Amazon in the past. Even better, during your first year of cardmembership, Discover will match your cash back at the end of the year, meaning you could effectively get a 10% return on Amazon purchases if the retailer is a bonus category again this year. Still, note that there is a cap on your bonus cash-back earnings with this card, while there isn’t with the Prime Rewards Card.

The Chase Freedom Card is another option to consider; like the Discover it Card, it features quarterly bonus categories, and you’ll also earn 5% back on the first $1,500 spent. Amazon’s been included in the bonus categories before, and there’s no reason to think it won’t be again in the future. What makes this card potentially even more rewarding, though, is that you can redeem your earnings as Ultimate Rewards points rather than straight cash back if you also hold a premium Chase card like the Chase Sapphire Preferred, Chase Sapphire Reserve or Chase Ink Business Preferred. Since TPG values Ultimate Rewards at 2.1 cents apiece, that would equal an outstanding return of 10.5% on the first $1,500 in Amazon purchases when the retailer is a featured bonus category. If you were to maximize these capped bonuses on the Freedom and the Discover it Card though, the Prime Rewards Card would be a great go-to for additional spending with Amazon.

Will you be signing up for the Amazon Prime Rewards Card?