Amazon Business Prime American Express Card Review

Frequent Amazon.com, Amazon Business, and Whole Foods Market shoppers may love this business credit card since it lets you choose between 5% back or 90 days without paying interest. You also get 2% back at U.S. restaurants, U.S. gas stations, and wireless telephone services from U.S. providers.

Pros Explained

• Good rewards-earning rate on Amazon purchases: You’ll get 5% back on the first $120,000 you spend on purchases from Amazon.com, Amazon Business, Amazon Web Services, or Whole Foods Market. After that, these purchases earn 1% cash back as a statement credit.
• Optional 90-days interest-free offer on select purchases: If you forgo the 5% rewards you earn on Amazon, you can choose to avoid interest on those purchases for 90 days without counting toward the $120,000 cap. This option, called “Payment Terms,” can help you save money or manage cash flow when funds are tight. 
• Decent bonus for new cardholders: You’ll get $125 upon approval for the card with no purchase required. Most business cards require spending to earn the bonus.
• High spending cap: Although there is a cash back cap, it’s much higher than competitor cards unless you pay an annual fee.

Cons Explained

• Longer 0% interest offers exist: If you need some time to pay down your purchases without making interest payments, many business credit cards offer 0% interest ranging from 6 to 12 billing cycles. Some offer no interest on purchases for up to 12 months and rewards on each dollar you spend.
• Rewards options are limited: Unlike other business credit cards that let you redeem your rewards in several different ways, cash back accrued with this card can only be used for purchases made with Amazon-affiliated businesses or toward a statement credit to cover charges on your account. You must have the equivalent of $100 worth of points in your account to redeem points, which is a high minimum redemption amount. 
• Amazon Prime required for best rewards rate: If you don’t have an Amazon Prime membership of any kind, you’ll need to purchase one to get this particular credit card or have a trial membership. Five tiers of business membership run from the single-user business prime membership starting at $69. If you don’t retain an Amazon Prime membership (either business or personal), you can keep the card but earn less back in rewards. Those without an Amazon Prime membership can apply for the non-Prime version of the Amazon American Express Business card—more on this below. 

Bonus for New Cardholders

If you’re approved for this credit card, you’ll receive a $125 gift card to use toward Amazon.com purchases.

Earning Points and Rewards

This card offers a high rate of return for Amazon.com, Amazon Web Services (AWS), Amazon Business, and Whole Foods Market purchases—a solid 5% back, which is counted as “points.” So when Amazon states you get 5% back, you actually receive 5 points for each $1 spent. If you spend $10 on an eligible purchase, you earn 50 points, which you can redeem for 50 cents in rewards. If you spend $100, you earn 500 points or $5.

You’ll also receive an unlimited 2% back at U.S. restaurants, U.S. gas stations, and on purchases made with U.S. wireless telephone providers, as well as 1% back on everything else you buy. You continue to earn these percentages back until you hit $120,000 in spending, which is earning about $6,000 in 5% purchases. After $120,000, you earn 1% back for purchases at eligible Amazon businesses and Whole Foods. The other categories remain as is. 

If at some point in the future you’re no longer a Prime member, your earning rate is reduced to 3% on Amazon purchases and 2% at restaurants, gas stations, and wireless telephone services from U.S. providers. You also receive 1% on other purchases. The cap of $120,000 is still in place. 

You can’t earn points by shopping with Amazon Pay, Amazon’s online payment service.

Redeeming Rewards

Each point is essentially worth 1 cent. The Amazon Business Prime American Express Card lets the primary cardholder redeem rewards in one of two ways. You can use them online toward Amazon.com or Amazon Business purchases, or you can redeem them for statement credits to cover other charges made to your account. 

However, to redeem rewards for charges, you must have at least 1,000 points in your account or the equivalent of $100 stored up. You can’t redeem until you hit the 1,000 point minimum. All charges must be at least $1 and made in the U.S.

Your points won’t expire provided your account remains open, but there are several ways you could lose points. You’ll only have 90 days to redeem your points if your card is canceled for inactivity. If you close your card, you immediately lose all points unless you have another American Express card—and then you’ll have 30 days to redeem points. 

If you don’t pay your account minimum on time, you forfeit all points you’ve earned for that statement period. You can reinstate the points up to 12 months after paying the required charges, but that comes with a hefty $35 surcharge.

How to Get the Most out of This Card

Obviously, use this card for your Amazon.com, Amazon Business, Amazon Web Services, and Whole Foods Market purchases. Also, use your card when you pay at restaurants, gas stations, and for wireless services in the U.S. 

Once you’ve amassed enough points, the smartest redemption method is using the points for statement credits. If you use points for purchases, you won’t earn the 5% back.

If you’re planning to make a big purchase, weigh the competing introductory offers of 90 days of 0% interest versus 5% back. You might save more in interest charges than you earn in cash back. If you choose the introductory interest-free financing period, you can use your points to either buy items upfront or pay off any purchases with the statement credit.

Excellent Perks

There are a number of perks that may come with credit cards. The Amazon Business Prime American Express Card offers one that we consider excellent.

• Insurance coverage for lost luggage: Qualify for reimbursement in amounts up to $1,250 per person, per trip for lost carry-on baggage, or $500 per person for lost checked baggage. Certain high-risk items in your luggage may also qualify for an additional benefit of $250.

Other Benefits

• Rental car collision insurance (secondary to your own policy)
• Insurance for stolen or damaged purchases
• Extended warranties
• Sports, music, and event ticket presales, plus VIP access at some events

Customer Experience

American Express continually receives high marks for its customer service. Recently, J.D. Power gave American Express the top spot (out of 11 issuers ranked) in its 2020 U.S. Credit Card Satisfaction Study and J.D. Power’s 2020 U.S. Credit Card Mobile App Satisfaction Study.

You can manage receipts, track purchases and categorize expenses with the American Express Business App, and speak with customer services 24 hours a day, every day of the week.

Security

American Express credit cards come with standard security features for the industry, including encryption technology, fraud monitoring, and zero liability for fraudulent purchases. You can set up account alerts that will notify you when purchases are made, payments are due, and more.

Fees

Fees for this card are standard for the industry.