If you are someone who is spending a lot in the Amazon ecosystem, including Whole Foods, you should consider putting the financial credit system to work for you with an Amazon Prime Visa card. If you are loyal to Amazon, this card can provide attractive rewards.
The first note with this card is the requirement that you are an Amazon Prime member. If that membership (and annual fee) is not for you, then you may as well stop reading. Still with me? Excellent. Here are the other basics: other than your Prime account, there is no fee. Cashback for shopping in the Amazon ecosystems (including Whole Foods) is 5% – that’s a pretty high rate. You also get more rewards: 2% at restaurants, gas stations and drug stores, and then 1% on all other purchases.
Keep in mind, these rewards are redeemed as points with a value of one penny each. Redemption options include cash, Amazon purchases and Chase benefits. Also, there is no minimum for redemption. There are also other options for redemption, such as travel deals and gift cards.
Your thank-you bonus for signing up is a $70 Amazon that you get after your application is approved. Compare that to cards that give you $150 credit, but only when you spend $500 in the first three months. So, it is give and take with the sign-up benefit.
The main attraction is the Amazon 5% rewards. If you do a lot of business with Amazon, this can be a regular, predictable rewards scenario that you can write into your budget. Other cards get up to the 5% threshold, but only on a rotating basis and with spending caps. With the Amazon 5% you can bank on the same benefits all year long and there is no cap.
This card isn’t for everyone. You may not appreciate the way in which the Amazon Prime membership becomes a de facto annual fee for the card. There are plenty of decent cards out there with no annual fee. Also, you may want to take advantage of a low introductory APR promo, which this card does not have.
If, however, you are an Amazon fanatic and do as much shopping through the retail behemoth as you possibly can, then the Prime Visa is a perfect way to bring efficiency and benefits to your spending.