Amazon is about to upgrade its previous rewards credit card, but there is a catch: It will be exclusive to Prime members.
The online retailer announced today a partnership with JPMorgan Chase to offer an Amazon Prime Rewards Visa Signature Card to Prime members only.
All cardholders will receive points in the amount of 5 percent on all Amazon purchases; 2 percent back on restaurants, gas stations, and drugstores; and 1 percent on all other purchases. Here is how it works: Your percentage-back rewards are earned as points, and you get one penny for every point you earn in rewards. So every 100 points is equal to $1.00 when redeemed at Amazon.com toward eligible purchases.
There is a lot of fine print in all of that, but the card hits all the right marks, especially for those who frequently shop on Amazon. The percentage-back amounts are comparable to the best of cards, and there is very little downside, with no foreign transaction or annual fees (save the annual Prime membership).
If you have the card and stop using your Prime account, or if you had the previous card without a Prime membership, your rewards on Amazon purchases will be 3 percent, instead of 5 percent. This is yet another incentive for Amazon shoppers to purchase the marketplace’s membership.
That $99 Prime fee is looking better than ever between Amazon Music, Video, exclusive TV shows, Prime Day, Pantry, two-day shipping, same-day shipping (Prime Now)—the list goes on—and now, what appears to be a solid credit card.
Visit the Amazon credit card website to read the rest of the fine print, including APR, balance transfer fees, and more.
H/T Mashable