The Amazon Prime Rewards Visa Signature Card is offered exclusively to Amazon Prime members and earns unlimited 5% back at Amazon.com and Whole Foods, 2% at restaurants, gas stations, and drugstores, and 1% on everything else. Because the Amazon rewards are unlimited, this a more valuable card than a typical cash back card with category spending caps. And since Amazon aquired Whole Foods, the addition of those purchases to the 5% bonus category is a huge plus. Online shoppers will also appreciate the $70 Amazon gift card which is yours on approval.
Note that this card is different (and more useful than) the Amazon Prime Store credit card issued by Synchrony bank which can only be used on Amazon.com. Because this is a Visa Signature card and not a store card, it can be used pretty much anywhere.
Rewards can be redeemed on Amazon.com or with Chase for cash back, gift cards and travel.
If you're already an Amazon Prime member, this card will earn you the best rewards on your Amazon.com and Whole Foods purchases (5%). Should you sign up for Amazon Prime just to get this card? For the first year, the $70 gift card will nicely reduce the cost of an annual $99 Prime membership. Then, for the remainder of your first year you would only need to spend about $1,500 on the card within the 2% bonus categories to yield $30 in rewards, which would cover the remaining amount spent on membership ($99 Prime membership - $70 gift card = $29).
After the first year, you would need to spend about $5,000 or more a year on Amazon.com and/or Whole Foods to get your Amazon Prime membership fee covered. How was this figure calculated? We compared the rewards earnings from this card with the Amazon.com Rewards Visa Signature -- which doesn't require Amazon Prime membership and offers 3% back on Amazon and Whole Foods purchases and 2% on other bonus categories. In order to pay for the added $99 Amazon Prime membership fee, you would need to spend about $5,000 a year at Amazon and/or Whole Foods or within the bonus categories, or some combination of both (Amazon and Whole Foods earnings difference between the cards is 2% x $5,000 = $100, which covers a $99 annual Prime membership). But even if your spending isn't enough to pay for your Prime membership with rewards, you may still want to join Amazon Prime for its other benefits like 2-day shipping, Kindle lending library, and unlimited TV/movie streaming.
Ease of Reward Redemption
Perks & Features
This table shows approximate credit score category ratings based on FICO® Score 8 and should only be used as a general guide.