Credit score needed to get amazon credit card -No Bloatware
Amazon Store Credit Card Review
Shopping from the comfort of home is a lot more convenient than trying to fight the crowds at the mall.
If you’re a regular Amazon customer, signing up for an Amazon credit card is a no-brainer.
The Amazon store credit card is designed to be used exclusively for Amazon purchases.
This card is good for someone who wants to earn a whopping 5% cash back on Amazon spending (requires a Prime membership) or to take advantage of 0% APR financing for big purchases.
In this Amazon credit card review, we'll compare rates, fees, and services to other popular credit cards.
Key credit card features:
Credit cards come with lots of fine print and we know how easy it is to get bogged down in the details. To make it easier, we’ve highlighted the best reasons to apply for an Amazon credit card:
No annual fee
Some credit cards charge you an annual fee just to have them. That’s on top of the interest you pay if you carry a balance.
The Amazon store card has no annual fee at all.
If you spend $149 or more with your card, you pay no interest if you pay the balance off within six months.
If you spend $599 or more, you get 0% financing for 12 months. There’s also a 0% deal available on selected items for up to 24 months. That includes things like appliances, jewelry, and computers.
5% back when you upgrade to Amazon Prime
With the upgraded Amazon Prime Store card, you earn 5% back every time you shop online at Amazon.com. That’s $5 back on every $100 you spend.
Equal pay financing
Amazon offers 0% financing on certain items for 12 months without requiring a $599 minimum purchase.
Card rates and fees
If you make a purchase that doesn’t qualify for 0% financing, you’ll pay a regular variable annual percentage rate. A variable rate means your APR can go up or down over time. The minimum interest charge is $1.50.
This card doesn’t allow balance transfers or cash advances so there are no fees for that. The only other cost is a $35 late fee if you make a payment past the due date.
Amazon Store Card Account Fees
|Annual Percentage Rate (APR) for Purchases||27.49% This APR will vary with the market based on the Prime Rate.|
|How to Avoid Paying Interest on Purchases||Your due date is at least 23 days after the close of each billing cycle. We will not charge you any interest on purchases if you pay your entire balance by the due date each month.|
|Minimum Interest Charge||If you are charged interest, the charge will be no less than $1.50.|
|Late Payment||Up to $38|
Why it’s worth it to get the Amazon Prime credit card instead
The basic store card is good for Amazon shoppers but there’s a better option if you want to get paid back even more for shopping online.
Upgrading to an Amazon Prime Store Card opens the door to more impressive benefits, including streaming TV and movies as well as free 2-day shipping on Amazon purchases. Not only that but you can earn rewards on what you spend.
With a Prime store card, you automatically earn 5% back on everything you spend at Amazon, every day.
The rewards you’re earning are applied as a statement credit. Amazon doesn’t cap the amount of rewards you can earn.
They don’t expire as long as your account is open and in good standing.
Getting 5% back on your purchases can add up to some serious savings if you’re a regular Amazon shopper.
It’s the equivalent of getting $50 back for every $1,000 you spend so if you charge $10,000 a year, you’re putting $500 of that right back in your pocket.
Even if you only spend $2,000 a year, you still earn enough back to cover the Prime membership’s annual fee.
Amazon does enforce a catch of sorts for customers who change from the store card to the Prime card.
If you make a purchase that qualifies for 0% financing, you have to decide whether you want to avoid the interest charges or get the 5% back. Amazon doesn’t let you have both.
The current annual membership fee for Prime benefits is $99.
If you already have a membership or you decide to sign up for one, your store card is automatically upgraded to an Amazon Prime credit card.
If you’re on the fence about paying a $99 annual fee, Amazon gives you 30 days to try Prime for free. You can always switch back to a regular Amazon store card before the trial period expires.
Amazon store cards vs. other rewards credit cards
It’s always smart to compare the different Amazon credit card options to some of the most popular rewards cards on the market.
Specifically, we were interested in whether any other cards could help you save the same amount or more on Amazon purchases.
Here’s a quick rundown of the top card alternatives for Amazon shoppers:
Blue Cash Preferred Card from American Express
The gives you cash back for making supermarket purchases each year.
If your grocery store sells Amazon.com gift cards, you can use the Blue Cash Preferred card to save money on gift cards you buy.
This card has a $95 annual fee (see Rates & Fees; terms apply) but that’s still less than the $99 you’d pay each year for an Amazon Prime credit card.
You can earn the fee back and then some if you max out the 3% cash back bonus each year.
Read Blue Cash Preferred Card Editor's Review
U.S. Bank Cash+ Visa Signature
The has a more customizable cash back program that makes it a good pick if you love Amazon.
The card offers the option to earn 5% cash back on the first $2,000 in purchases in two categories of your choice each quarter.
One of the choices is electronics stores, including Best Buy, which sells Amazon gift cards so you can save when you stock up.
read U.S. Bank Cash+ Visa Signature Card Editor's Review
The doesn’t offer any rewards but it’s got something better for people who don’t like paying interest charges.
Typically, the card offers 0% financing on purchases for an extended period of time. You get the same deal on balance transfers. Best of all, there’s no annual fee, no late fees and no penalty rate.
Read Citi Simplicity Card Editor's Review
Discover it® Cash Back
The Discover it® Cash Back card is another cash back card that features rotating spending categories. The cash back bonus tops out at 5% and it applies to Amazon.com purchases during certain quarters of the year.
If you don’t shop at Amazon as often but you still want to get a deal, this no-annual-fee card is worth a look.
Applying for an Amazon store card or Prime card
You can apply for an Amazon store card if you’re a U.S. resident and at least 18. You need to have a Social Security number of a Taxpayer ID number to fill out the application.
Amazon store cards are issued by Synchrony Bank and they’ll check your credit report when you apply. You’ll find out in as little as 15 seconds if you’re approved.
If you’ve got serious delinquencies or a bankruptcy on your credit, it may be tougher to get a card.
Final verdict: Is an Amazon store credit card a good choice for online shoppers?
The answer to that question ultimately depends on how much shopping you do at Amazon and how you prefer to save money.
For shoppers who don’t want to pay interest on larger purchases or get hit with an annual fee, the Amazon store credit card makes sense.
On the other hand, if you already have a Prime membership the 5% back option with the Amazon Prime credit card offers you a little more in the way of rewards.
If you want rewards but you don’t think you’ll use Prime to stream movies or TV or take advantage of the free two-day shipping, you’re better off sticking with one of the no-annual-fee alternatives we mentioned earlier.
See the rates & fees for the mentioned American Express cards: Blue Cash Preferred from American Express (Rates & Fees; terms apply).
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Amazon Pay Credit Card Features
- Amazon Prime customers can earn up to 5% cashback and non-prime customers can up to 3% cash back.
- 15% discount at partner restaurants of ICICI Bank
- Fuel surcharge waiver across all petrol pumps
- 3% cashback is offered on purchase at Amazon.in
Amazon Pay Credit Card Benefits
- Earning made on Amazon pay credit card is via amazon pay balance.
Amazon Pay Credit Card Eligibility
An applicant needs to meet the following criteria to get Amazon Pay Credit Card from ICICI Bank:
- CIBIL: ICICI Bank require a minimum CIBIL score of 700 for issuing its Amazon Pay Credit Card.
- Occupation: ICICI Bank offers this credit card to both, salaried and self employed professionals and businessman with regular source of income.
|CIBIL Score||700 and above|
|Occupation||Salaried and Self Employed|
More about Shopping Card
- Shopping credit cards are the most popular category of credit cards as it helps people save on shopping various items. Shopping card offers attractive cash back or reward points, every time you spend a certain amount on pre-specified categories on the card. The demand for such cards is so high that almost all the banks are offering these cards. You can enjoy cash backs, reward points and schemes like one plus one.
- Easy to pay on your online shopping deals.
- Saves time and effort of paying in cash.
- Allows conversion of your shopping bills into convenient monthly payments (EMIs).
- Earn Discount/Cash back or rewards points offers on pre-specified categories of spend or shopping outlets including dining, departmental stores, grocery and international spends.
ICICI Bank Credit Card Customer Care Details
Check More Cards from ICICI Bank
Other Shopping Credit Cards
✅What charges I need to pay as joining fee for Amazon Pay Credit Card of ICICI Bank?
Joining fee charged on ICICI Bank Amazon Pay Credit Card is NIL.
✅What is the annual fee for Amazon Pay Credit Card ?
Annual fee charged on Amazon Pay Credit Card is NIL.
✅Is there any late payment charge on Amazon Pay Credit Card ?
No, ICICI Bank does not charge any late payment fee on your Amazon Pay Credit Card.
✅What is the second year renewal fee on Amazon Pay Credit Card ?
ICICI Bank charges a second year renewal fee of NIL on your Amazon Pay Credit Card
✅What is the interest charge per month on Amazon Pay Credit Card ?
ICICI Bank charges an interest of 3.50% per month on Amazon Pay Credit Card.
ICICI Credit Card News - Nov 2021
- 2021-11-17 : ICICI Bank Reports Growth In Credit Card Usage
ICICI Bank has reported growth in credit card spending of Rs 17,268 crore in September 2021, compared to Rs 15,271 crore in August 2021. This time the lender has surpassed SBI Cards in credit card spendings in September 2021.
- 2021-11-08 : Credit Card Spending Seen Sharp Rise in Oct and Nov
As per the reports of ICICI Securities, the spending on credit cards has seen a sharp growth of 17% in October and 11% in November. Previously, credit card spend have grown 34% quarter-on-quarter in the second quarter of 2021-22.
- 2021-10-20 : Avail Discount Using ICICI Bank Card
ICICI Bank customers can avail discounts on flight tickets on Yatra.com. This offer can be redeemed by a credit card and debit card user till December 31, 2021. The lender is offering flat 12% on flight tickets.
- 2021-10-07 : ICICI Bank Has Launched Contactless Payment System
ICICI Bank has launched a contactless payment system through its banking app- iMobile. This new system will enable tap their smartphones to pay at POS (Point of Sale) machines of merchant outlets.
- 2021-07-14 : Amazon Pay ICICI Bank credit card issuance crosses 20 lakh mark
ICICI Bank and Amazon Pay announced that the lender had crossed the 20 lakh mark for issuing ‘Amazon Pay ICICI Bank’ credit cards, becoming the first co-branded card to achieve this feat.
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Amazon Prime Rewards Visa Signature Review
- Up to $150 Amazon Gift Card
- 14.24% to 22.24% Variable
- Recommended credit score:670-850 (Good to Excellent)
5% back at Amazon.com and Whole Foods Market with eligible Prime membership* 2% back at restaurants, gas stations, and drugstores* 1% back on all other purchases*
- Rewards on Amazon.com and Whole Foods purchases, plus popular everyday spending categories
- No foreign transaction fees
- Metal card
- Sign up bonus comes in the form of an Amazon gift card
- No annual fee, but $119 Amazon Prime membership required
- High variable APR
Additional Card Details
- Visa Signature Card with benefits like Visa Signature Concierge Service and Luxury Hotel Collection access
- Travel and emergency assistance
- Lost luggage reimbursement and baggage delay coverage
- Travel accident insurance
- Purchase protection
- Extended warranties
- Auto rental coverage and roadside assistance
Amazon Prime Rewards Visa Signature Card Full Review
The Amazon Prime Rewards Visa Signature Card is a co-branded card between Amazon and Chase with cash back rewards. You’ll get the best rewards rate on Amazon and Whole Foods purchases, but you can use the card anywhere Visa cards are accepted.
This card charges no annual fee, but you must be an Amazon Prime member to qualify. Prime membership generally costs $119 per year.
You can qualify for an Amazon.com gift card worth up to $150 instantly upon approval.
The Amazon Prime Rewards Visa Signature earns top cash back rates on Amazon.com and at Whole Foods, but you can also earn rewards on other everyday spending. Here’s what you’ll get with this card:
- 5% cash back on Amazon.com and at Whole Foods (with eligible Prime membership)
- 2% cash back at restaurants, gas stations, and drugstores
- 1% cash back on all other purchases
You can redeem your rewards toward Amazon purchases at checkout, or for cash back, gift cards, or travel through Chase.
This card has a variable APR between 14.24% and 24.24%. There’s no annual fee (except your annual Prime membership) and no foreign transaction fees.
Fees you should be aware of include a late payment and returned payment fee of up to $39, as well as a 5% ($10 minimum) fee for any cash advances.
Benefits of Amazon Prime Rewards Visa Signature Card
This card’s main benefit is its Amazon rewards, but there are a few more perks to know about. First, you can get a solid welcome bonus of up to $150 to put toward purchases at Amazon.com. And since this is a Visa Signature card, you’ll get a number of travel and purchase protections too, from travel accident and baggage delay insurance to Visa Signature Concierge access.
Drawbacks of Amazon Prime Rewards Visa Signature Card
Like any co-branded card, the Amazon Prime Rewards Visa Signature has rewards most beneficial for frequent Amazon shoppers. And while the additional everyday rewards categories — restaurants, gas stations, and drugstores — can help add value, there are other cards with better rewards rates in these categories. If you don’t have a Prime membership, buy from the online retailer often, or do most of your grocery shopping at Whole Foods, you’ll probably get a better value elsewhere.
Another drawback of this card is its relative lack of added benefits. The travel and purchase protections offered through Visa Signature are robust, but you won’t get any annual credits, additional perks, or intro APR offer which some competitors may provide.
How to Use the Amazon Prime Rewards Visa Signature Card
To make the most of the Amazon Prime Rewards Visa Signature Card, you’ll want to add it as the default form of payment to your Amazon.com account right away. You’ll have the $150 gift card earned upon opening your account in there already, and you can begin earning 5% back on all your Amazon.com purchases without any limits. It can also occasionally earn you up to 20% back on rotating categories and products.
Really maximizing that 5% category may require changing your shopping habits to ensure you purchase more of your regular budget items with the online marketplace or at your local Whole Foods. Consider setting up automatic shipments of toilet paper or diapers, for example, or trying out Amazon’s grocery delivery service.
In the meantime, you can also boost rewards by using the card for your purchases in 2% cash back categories: restaurants, gas stations, and drugstores. If you have another card that earns a higher rewards rate in these common everyday categories though, you may find more value in reserving this card solely for Amazon.com and Whole Foods purchases.
If you regularly spend on Amazon.com, then the Amazon Prime Rewards Visa Signature Card could help you rack up tons of cash back. Just be sure to pay your bill in full each month to avoid paying the high variable APR, which will fall between 14.24% to 22.24% based on your creditworthiness.
Finally, always make sure you pay your credit card bill in full and on time, or else you’ll pay the high variable rate on your purchases and wipe out any rewards you’ve earned.
When it’s time to redeem rewards, you can easily turn your cash back into more purchases from Amazon. You can redeem rewards directly toward purchases on Amazon.com, but if you redeem for cash back or statement credits instead, you can put those rewards toward your next Amazon purchase to continue earning on each purchase you make. You can also choose to redeem through Chase for travel and gift card options.
Amazon Prime Rewards Visa Signature Card Compared to Other Cards
Amazon Prime Rewards Visa Signature Card
- Intro bonus:Up to $150 Amazon Gift Card
- Annual fee:
- Regular APR:14.24% to 22.24% Variable
- Recommended credit:670-850 (Good to Excellent)
- Learn moreAt our partner’s secure site
Blue Cash Preferred® Card from American Express
- Intro bonus:
- Annual fee:$0 introductory annual fee for the first year, then $95.
- Regular APR:
- Recommended credit:670-850 (Good to Excellent)
- Learn moreAt our partner’s secure site See Rates & Fees, Terms Apply.
Bank of America® Customized Cash Rewards credit card
- Intro bonus:
- Annual fee:
- Regular APR:13.99% – 23.99% Variable APR on purchases and balance transfers
- Recommended credit:670-850 (Good to Excellent)
- Learn moreAt our partner’s secure site
Is Amazon Prime Rewards Visa Signature Right for You?
The Amazon Prime Rewards Visa Signature Card is obviously best-suited for those who regularly spend money with Amazon.com and regularly shop at Whole Foods Market. If your porch is constantly littered with Amazon deliveries and the Whole Foods cashier knows you by name, you can easily gain enough value from the card to save on your regular spending and offset the cost of Amazon Prime membership. But if you don’t shop Amazon.com or Whole Foods, you can find better rewards rates on your spending from other cards.
You’ll get the most value from this card if you’re already an Amazon Prime member (a $119 annual cost). Non-members can still qualify for Amazon’s Rewards Visa Card, but you’ll only earn 3% back on Amazon.com and Whole Foods purchases, not 5%.
Before you apply, make sure to compare this card to other cash back options that aren’t as tied to a single merchant. The key is finding the card that will reward you the most for your spending.
*All information about the Amazon Prime Rewards Visa Signature Card and Bank of America Customized Cash Rewards credit card has been collected independently by NextAdvisor and has not been reviewed by the issuer.
As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.
Frequently Asked Questions
Is the Amazon Prime Rewards Visa Signature Card worth it?
The Amazon Prime Rewards Visa Signature Card is easily worth it if you spend regularly on Amazon.com or at Whole Foods. Imagine you spend $1,000 each month on Amazon purchases and grocery delivery. In that case, this card would net you $600 in cash back in those categories alone every year.
What happens if you cancel Amazon Prime?
If you set your Amazon Prime Rewards Visa Signature as your preferred payment method on Amazon, your Prime membership will automatically be charged to the card upon renewal.
You may choose to cancel your Prime membership at any time and continue using your Prime Rewards Visa card, but if the Amazon account associated with your card no longer has Prime membership, your rewards rate at Amazon and Whole Foods will drop from 5% to 3% cash back — the same rate you would earn with the Amazon Rewards Visa card, which doesn’t require Prime membership.
What credit score do I need for Amazon Prime Rewards Visa Signature Card?
Generally speaking, you’ll need excellent credit to qualify for the Amazon Prime Rewards Visa Signature Card. This typically means a credit score of 740 or higher.
Can I cancel the Amazon Prime Rewards Visa Signature Card?
You can cancel the Amazon Prime Rewards Visa Signature Card at any time.
Do you have an Amazon Prime subscription? If so, there is an easy way to save 5% on many of your purchases.
The Amazon Prime Rewards Visa Card offers Prime members 5% back on purchases made at Amazon and Whole Foods.
And with special offers for cardmembers, some purchases can be discounted as much as 20%!
But is it worth adding the card to your wallet based on those benefits alone? It likely depends on how much of your monthly shopping you do with Amazon.
In this review, Team Clark will assess all the details of this card and compare it to some of the top cash back rewards cards on the market.
What Is the Amazon Prime Rewards Visa Card?
The Amazon Prime Rewards Visa Card is a rewards credit card that offers cash back perks exclusively to Amazon Prime subscribers.
This card does not carry an annual fee as long as you’re an Amazon Prime member. It awards 5% back on purchases made at Amazon.com or Whole Foods and rewards of 1%-2% for purchases outside the Amazon ecosystem.
This card is on Team Clark’s list for the top cash back credit cards, top no-annual-fee credit cards and best cards for grocery shopping.
Card Specs and Perks
The Amazon Prime Rewards Visa Card requires that you have an Amazon Prime membership in order to reap the benefits of this card.
To join Amazon Prime, which gives you access to free shipping and streaming TV among other benefits, you’ll need either a monthly or annual subscription:
- Monthly Amazon Prime subscription: $12.99 plus taxes
- Annual Amazon Prime subscription: $119 plus taxes
- Groups eligible for discounted subscription rates include: students, EBT recipients
If you don’t have a Prime membership, you have the option to apply for the Amazon Rewards Visa Card instead. It’s similar to this card but rewards only 3% back on Amazon purchases.
The top rewards opportunities for this card are Amazon-related, but they’re not limited to spending with the online retail giant.
Here’s a rundown of the rewards you can expect from this card:
- 5% cash back on purchases made through Amazon.com: An active Prime membership, which nets you free two-day shipping (or faster) on many items, is required to earn this level of cash back rewards.
- 5% cash back at Whole Foods: The well-known, high-end grocer is an Amazon property, so the online retail giant makes shopping at Whole Foods a big perk with this credit card.
- 2% cash back at restaurants, gas stations and drugstores: This matches the rewards you could get from everyday 2% cash back cards like the Clark-endorsed Citi Double Cash in three popular spending categories.
- 1% cash back on all other purchases.
You’ll receive your cash back in the form of rewards points.
You can use your accumulated points to pay for Amazon purchases directly, as credit card statement credits, or you can request a deposit of the cash back to a bank account you attach to your credit card account.
Top Cardholder Benefits
- Up to 20% off select Amazon products: Cardholders will gain access to discount opportunities on select Amazon products. These are limited time offers, may have some restrictions and must be purchased with the credit card to receive the big discount.
- Gift card freebie upon approval: This credit card does not have a traditional welcome bonus that offers a cash reward for a certain threshold of spending. Instead, it offers an instant gift card that is added to your Amazon account upon application approval. The amount on the gift card can vary. At the time of this article, the offer was for a $70 gift card. We’ve seen it as high as $100 in the past.
- Extended warranty on many purchases: If you use this card to make a purchase on an eligible warrantied product, it will extend the time period for the manufacturer’s warranty by an additional year. The manufacturer warranty has to be three years or less to qualify.
- Auto rental insurance: Amazon says, to get this coverage, you simply decline the rental company’s collision insurance and charge the entire rental cost to your Amazon card. The coverage is secondary to your personal auto insurance, but it can still save you money.
- Zero-liability fraud protection: If your credit card is lost or stolen, you’re not going to be held liable for any fraudulent charges made with your card.
- Annual Fee: None
- Balance Transfer Fee: 5% of the amount of the transfer with a $5 minimum
- Cash Advance Fee: 5% of the amount of each advance with a $10 minimum
- Foreign Transaction Fee: None
- Late Payment Fee: Up to $39
Amazon Prime Rewards Card vs. 2% Cash Back Credit Cards
Money expert Clark Howard’s standard credit card recommendation is to get a rewards card that pays unlimited 2% back on all purchases without an annual fee.
This Amazon card isn’t quite that, but could it actually be better for a segment of dedicated Amazon consumers?
Let’s do some analysis.
Since the merits of having this card are all about how often you spend money at Amazon or Whole Foods, the first thing you want to look at is how much money you spend at those two retailers each month.
Every dollar you spend at either retailer will earn you an additional 3% back on the purchases with the Amazon card versus a 2% card.
That adds up pretty quickly:
|Amazon + Whole Foods Spending Per Month||Amazon Card Cash Back(5%)||2% Card Cash Back|
Next, for the purposes of this spending analysis, you should throw out any monthly spending on dining, gas and drugstore purchases. That’s because the Amazon card and the unlimited 2% cash back cards are going to reward these purchases at the same rate of return: 2%.
Finally, you should add up all of the purchases that you’ll be making with the credit card each month that don’t fall into the reward categories we’ve already mentioned above: Amazon, Whole Foods, dining, gas or drugstores.
In all the rest of these spending categories, the 2% cash back card is going to give you twice as much return as the Amazon card (1%).
That, too, can add up quickly:
|Miscellaneous Spending Per Month||Amazon Card Cash Back(1%)||2% Card Cash Back|
At the end of the day, we think the best solution is to carry both types of cards in your wallet and use each when it is most advantageous.
However, if you’re picking just one, you’ll have to do some quick math on where you fall in that first table versus where you fall in the second table to figure out which card is going to give you the most cash back in a given month.
Here’s a quick look at some of the high-level details for the Amazon card vs. three of the top 2% cash back cards:
|Card Characteristic||Amazon Prime Rewards Visa||Citi Double Cash||PayPal Cashback Mastercard||Fidelity Rewards Visa Signature|
|Cash Back Rate||5% at Amazon and Whole Foods, 2% on gas, dining and drugstores, 1% on all other purchases||Unlimited 2% (1% when you buy, 1% when you pay your bill)||Unlimited 2%||Unlimited 2%|
|Welcome Bonus||Instant Amazon Gift Card ($70)||None||None||None|
|Intro APR Offer for New Purchases||None||None||None||None|
|Intro APR Offer for Balance Transfers||None||0% for 18 months||None||None|
|Foreign Transaction Fee||None||3% in U.S. dollars per transaction||None||1%|
|Auto Rental Collision Damage Waiver||Yes||No||No||Yes|
|Cell Phone Protection||No||No||No||No|
The Big Takeaways
- 5% can add up quickly: There’s a reason this Amazon card is so appealing. If you shop frequently with the online retailer, there’s simply no beating that rate of cash back return on a card with no annual fee.
- 2% cards are the Little Engine That Could: With no spending or category restrictions, the possibilities for getting your 2% back are limitless. And that can really help your cash back returns add up by the end of a month.
- This card isn’t the place to look for welcome bonuses and promotional rates: When you’re dealing with a card that already offers some of the top rewards rates in the industry, it shouldn’t come as a surprise to learn that it doesn’t come with any big introductory offers. And that’s OK. Clark Howard recommends evaluating cards on what they offer you in the long term — not on the deal they give you for the first few months of membership.
Are you considering adding the Amazon Prime Rewards Visa Card to your wallet? Let’s review some of the major pros and cons of the card before you make your final decision:
Pros and Cons
|5% back on Amazon and Whole Foods purchases||Must pay for Prime subscription to receive cash back rewards|
|No annual or foreign transaction fees||High balance transfer fee|
|Auto rental insurance and extended warranty coverages included||No introductory APR periods on new purchases or balance transfers|
If you’re a frequent Amazon shopper and Prime subscriber, this rewards credit card is a great candidate to add to your wallet.
The 5% that you’ll get back on Amazon and Whole Foods purchases is among the best returns that you’ll find from any credit card, and the 2% back on three other popular spending categories helps ensure your total rate of return is high.
And, with no annual fee and a rewards program that gives you cash, the card checks a lot of the boxes for what money expert Clark Howard looks for in a rewards credit card.
This card makes so many of our “best of” credit card lists for good reason.
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Amazon Prime Rewards Visa Signature Card Credit Score
Are you thinking about applying for the Amazon Prime Rewards Visa?
The minimum recommended credit score for this credit card is 640. As you can see below, 640 is considered “fair”.
Poor: 300 to 579
Fair: 580 to 669
Good: 670 to 739
Very Good: 740 to 799
How to Increase Your Chances of Getting Approved for Amazon Prime Rewards Visa
Getting approved for a credit card requires a little planning. Most credit card offers require very good credit. When applying for new credit, it’s important to know your credit scores and what’s on your credit reports.
Credit card issuers want to see a strong credit history, steady income, and low credit utilization. If you’re using too much of your existing revolving credit, it’s a sign that you may not pay them back. It’s also important to make sure that you haven’t applied for too much credit in the recent past. Having too many credit inquiries can lessen your chances of getting approved.
Need help improving your credit score?
One of the best ways to improve your credit scores is by removing negative items from your credit report. Lexington Law can help you dispute (and possibly remove) the following items:
- late payments
- charge offs
They have over 28 years of experience and have removed over 7 million negative items for their clients in 2020 alone. So if you’re struggling with bad credit and want to increase the likelihood of getting approved for new credit, give them a call at (800) 220-0084 for a free credit consultation.
Christmas shopping: check out the best ways to pay
Buying festive gifts used to be so simple but the march of technology, Covid and other factors have shaken things up and led to a dizzying array of payment options.
Buy something on the fashion website Boohoo, for example, and you can choose from seven ways to check out: credit and debit cards, PayPal, Amazon Pay and four different “buy now, pay later” companies.
But in some cases, payment methods are being taken away. Earlier this month Amazon announced it is banning people from using UK Visa credit cards from 19 January. And when it comes to physical shops, Covid transmission worries mean some are steering clear of notes and coins.
Here, we look at the pros and cons of different payment methods.
One big plus is that you usually get up to 56 days’ interest-free credit from the moment of purchase. However, some providers are offering new customers 0% interest on purchases for up to 23 months. Some credit card holders never pay any interest because they settle up in full each month.
Using a credit card for large purchases offers protections if things go wrong
Using a credit card for large purchases offers protections if things go wrong. Under section 75 of the Consumer Credit Act, if a retailer goes out of business or fails to deliver goods as promised and the items cost £100-£30,000, the credit card company is “jointly and severally liable”. So if you buy a big item and the retailer goes bust, the card company should cover the cost.
On top of that, some credit cards offer decent rewards such as cashback, air miles or money-off vouchers. American Express’s Platinum Cashback Everyday card is currently offering new customers 5% cashback on purchases for the first three months (up to £100).
But, as the government’s MoneyHelper website says, if you only make the minimum payments or run up a bill you can’t pay back, “credit cards can be costly and can lead to a spiral of debt”. Many charge more than 20% interest. You could also damage your credit score.
With these, the money comes directly out of your bank account. The protection you enjoy isn’t as good as that offered by credit cards, although some banks offer something called chargeback, which means they might be able to get some or all your money back if there’s a problem.
Some banks offer rewards linked to spending: for example, the new digital bank Chase is offering its current account holders 3% cashback on Amazon.co.uk spending until 31 December. It was already offering 1% cashback on all eligible debit card spending for 12 months.
These are a form of credit you can only use to pay for items at a particular retailer or group. There are still a few around offered by retailers such as Argos. The interest rates are often quite high: the Argos one has a representative APR of 34.9%, for example.
Buy now, pay later
These services let you delay payment for an item, with no interest or charges – unless you fail to pay back on time, at which point some firms impose late fees.
The three main BNPL firms are Klarna, Clearpay and Laybuy. Klarna lets shoppers “pay in 3”, where the cost is split into three equal interest-free payments, the first taken immediately and the next two 30 and 60 days later, or they can pay in 30 days’ time. With Clearpay you can pay in four fortnightly instalments, and with Laybuy it’s six weekly instalments. PayPal and the digital bank Monzo have also launched their own BNPL services.
Klarna doesn’t impose late fees but some others such as Clearpay do. There have been claims that those falling behind with their payments are experiencing more than just debt – some say they have seen their credit score drop, while others believe they have been rejected for loans after missing repayments.
Lots of big and small retailers, including John Lewis and Marks & Spencer, allow people to pay online via PayPal. It offers a “buyer protection” scheme covering all eligible purchases that entitles you to reimbursement of the full price plus shipping costs when you don’t receive your item or it isn’t what you ordered. However, even if your PayPal account is attached to your credit card you will lose out on the, arguably stronger, safeguards offered by section 75.
Some retailers have Zettle payment terminals, which allow people to pay in-store with PayPal via QR codes.
You can use this to buy items in shops, on the web and in apps – you just add a credit, debit or prepaid card to the Wallet app on your iPhone. You can add your card(s) to other Apple devices (Apple Watch, Mac, iPad) you want to use with Apple Pay. Devotees like the fact that Face ID, Touch ID or your passcode are required for purchases, making it arguably more secure than using a physical card, and that your card number isn’t stored on your device or on Apple’s servers, or shared by Apple with retailers. It works in any physical outlet that takes contactless, and you can use it to pay online in Safari or within apps when you see it listed as an option.
This has a lot of similarities to Apple Pay. It lets you make purchases in stores and on websites and apps. You download the app and add a payment method such as a credit card. If a physical store accepts contactless, you can pay with your phone. In apps and on websites you can pay wherever you see the logo. When you pay in stores, Google Pay doesn’t share your card number.
If you have an Amazon account, you can use this service wherever you see the Amazon Pay button, which includes the online checkouts of many retailers. It uses the information and payment methods stored in your Amazon account. And you can use Alexa to pay by voice. It says eligible purchases of physical goods are protected by its “A-to-Z guarantee”.
But campaigners have long urged shoppers to boycott Amazon over its tax avoidance, among other things.
This lets you spread the cost over a set period (which might be as little as three months or as long as five years) via monthly payments. That’s all fine if you stay up to date with your repayments, but if you don’t, you could be hit with interest and additional fees, and your debt could mount up rapidly.
Notes and coins are still hanging on in there despite the UK seemingly hurtling towards becoming a cashless society. Pluses include the fact that you can’t go into the red, you know exactly what you have spent, and there are no hidden fees or interest. However, some places have stopped taking cash or never did in the first place.