Amazon Introduces Another 5% Cashback Credit Card For Prime Members

I've discussed Amazon's Prime Store card in the past which offers members of their premium Prime subscription a line of credit in addition to 5% cashback on all Amazon-related purchases. Since this is a store-only card, you are limited to purchases made at Amazon only, and the line of credit cannot be used elsewhere. This was the best card offered for earning cashback on Amazon purchases at the time, so I signed up for early on and have been reaping the benefits on all my Amazon-related purchases during the past 24 months.

However, Amazon just made a major announcement today regarding their standard Amazon Rewards Visa Signature Card which previously offered a maximum 3% cash back at Amazon now has the earning potential bumped up to 5% for any qualified applicant with an active Prime subscription. If your Prime status is deemed invalid at any point, then you'll be dropped to the standard card with the default 3% cash back version.

Beyond purchases on Amazon, you'll also be deemed eligible for 2% cashback on purchases made at restaurants, gas stations and drugstores plus 1% back on all other purchases. The card offers a sleek design with a brushed metal finish similar to the Chase Sapphire Reserve (another favorite of mine).

As an added incentive, many are receiving a sign-up bonus of $70 in Amazon credit for a new, approved application although this offer may be selective based on your Amazon account and credit history. If you currently have the standard Amazon Rewards Visa Signature card and are an active Prime subscriber, you card will be upgraded automatically to this new Prime version.

Keep in mind, this card does carry a hefty APR so like any other credit card, the cash back benefits will not be worth pursuing if you are going to be carrying a balance month-to-month as the fees will long outweigh the savings potential.

Via: Business Insider