Amazon.com Rewards Visa Card Review
Most rewards credit cards require you to reach a certain amount of rewards before you can make a redemption. The Amazon.com Rewards Visa let you redeem your rewards as you earn them without having to reach a minimum threshold.
Earning Rewards With the Amazon.com Rewards Visa Card
If you make a lot of purchases on Amazon.com, the Amazon.com Rewards Visa Card is definitely worth a look. It pays 3 points per dollar on Amazon.com purchases; 2 points per dollar at restaurants, gas stations, and drugstores; and 1 point on all other purchases. You can redeem points directly on Amazon.com purchases or create a Chase.com account (Chase issues the Amazon.com Rewards Visa), and redeem for a statement credit, gift cards, or travel.
Redeeming your rewards toward Amazon.com purchases is simple and straightforward. You can take $1.00 off your purchase for every 100 points. So, if you've accumulated 1012 points, you can use $10.12 for an Amazon purchase. The points are automatically deducted from your total price when you check out.
Instant Sign up Bonus
If you're approved a $50 gift card will be loaded onto your card instantly. Most other rewards credit cards with signup bonuses require you to spend a certain amount on the card within the first 90 days before you can earn the signup bonus. Then, even after you reach the spending requirement, it can take another 6-8 weeks before the bonus is applied to your account. You can use the Amazon.com bonus instantly.
There's no annual fee for the Amazon.com Rewards Visa Card. The APR for purchases and balance transfers will be 14.49% to 22.49% based on your creditworthiness. The APR varies based on the prime rate. You'll pay a $5 or 5% fee for balance transfers, but there's a chance your account may not be eligible for balance transfers. The cash advance and overdraft advance APR is 25.24%, also variable with the market. The cash advance fee is $10 or 5% of the advance, whichever is greater. Transactions made in a foreign currency will be charged a 3% fee.
If you're late on a payment you'll be charged $15 if the balance is less than $100; up to $27 if the balance is between $100 and $250; and $37 if the balance is greater than $250. Returned payments are charged a fee of $37. There's no fee for exceeding your credit limit.
What About the Amazon Prime Card?
If you're trying to choose between the Amazon.com Rewards Visa Card and the Amazon Prime Store Card, here's how the two cards stack against each other.
|Amazon.com Rewards Visa||Amazon Prime Store Card|
|Can be used anywhere||Can only be used on Amazon purchases|
|$50 instant gift card||$10 instant gift card|
|3% back on Amazon purchases||5% back on Amazon purchases|
|APRs between 14.49% and 22.49%||25.99%|
|No special financing||Opt for special financing on certain purchases|
|No Prime membership required||Must pay $99 annually for Amazon Prime|
|No annual fee||No annual fee|
Amazon Prime members make a lot of Amazon.com purchases and always pay their balances in full may prefer the Amazon Prime Store Card. The Amazon.com Rewards Visa Card would make a better primary credit card since you can use it at more places and earn rewards on those purchases too.
Edited by LaToya Irby. Credit card terms and sign-up bonuses are subject to change from the time of this review. Refer to the application for current terms and conditions.