Amazon Prime Rewards Visa Signature Card Review: No Annual Fee - But There’s a Catch

Amazon customers earn big-time cashback rewards with the Amazon Prime Rewards Visa Signature Card, but is it worth the cost of an Amazon Prime Membership?
Last updated Sep 12, 2020 | By Kevin Payne

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There are few retailers that can compete with Amazon today, and if the number of blue Prime vans that drive past my house daily is any indicator, the company continues to grow and expand. But Amazon doesn’t have to be the only one rewarded.

The Amazon Prime Rewards Visa Signature Card offers extended rewards earning at Amazon.com and Whole Foods Market, along with valuable rewards in other spending categories. And although this card has a $0 annual fee, it does come with a cost you might not expect.

In this Amazon Prime Rewards Visa Signature Card review, we’ll discuss who should get this card, what it offers, and whether it deserves a spot in your wallet.

Earn Easy Cash Back at Amazon.com

Amazon Prime Rewards Visa Signature Card

Amazon Prime Rewards Visa Signature Card

Amazon Prime Rewards Visa Signature Card

Benefits

  • Get a $70 Amazon gift card upon approval
  • 5% cash back at Amazon.com and Whole Foods Market
  • No foreign transaction fees
  • No annual fee

Drawbacks

  • Need an Amazon Prime membership
  • No intro APR for either purchases or balance transfers

In this Amazon Prime Rewards Visa Signature Card review:

Who should get the Amazon Prime Rewards Visa Signature Card?

The Amazon Prime Rewards Visa Signature Card is best for loyal Amazon customers. Cardmembers earn 5% cash back at Amazon.com and Whole Foods Market; 2% at restaurants, gas stations, and drugstores; 1% on all other purchases.

Although it doesn’t come with an annual fee, you need an Amazon Prime membership to qualify for this credit card. If you aren’t an Amazon Prime member, you’ll need to look at other rewards card options or sign up for a Prime membership. Of course, earning a higher rewards rate isn’t the only perk of Amazon Prime. A membership gives you access to free Prime delivery services, Amazon Video, and other free and discounted Amazon services.

Although it's one of the best credit cards for shopping on Amazon, it’s not for everyone. If you prefer to shop elsewhere or don’t make enough Amazon purchases to justify having the co-branded card, other cashback credit cards may offer better earning potential over time.

Some cashback credit cards also come with introductory APR offers for purchases and balance transfers. However, the Amazon Prime Rewards Visa Signature Card is not one of those cards. Other credit cards are better suited for balance transfers and large purchases.

Card basics

Card type Cash back
Card issuer Chase
Annual fee $0
Intro bonus $70 Amazon gift card upon approval
Reward rate 5% cash back at Amazon.com and Whole Foods Market; 2% at restaurants, gas stations, and drugstores; 1% on all other purchases
Recommended credit score Excellent
Intro APR N/A
Foreign transaction fee None

Amazon Prime Rewards Visa Signature Card benefits and perks

  • Generous sign-up offer: You’ll automatically receive a $70 Amazon gift card upon approval for the Amazon Prime Rewards Visa Signature Card, redeemable for millions of items on Amazon.com.
  • No annual fee: The Amazon Prime Rewards Visa Signature Card has a $0 annual fee.
  • Lucrative rewards: With this card, you can earn 5% cash back at Amazon.com and Whole Foods Market; 2% at restaurants, gas stations, and drugstores; 1% on all other purchases. It’s rare to find a no-fee credit card that offers such high rewards earning rates as this Amazon co-branded card.
  • No foreign transaction fees: Amazon purchases aren’t the only thing this card is good for. It’s also the perfect travel companion; cardholders pay no foreign transaction fees on international purchases.
  • Travel perks: Travel stress-free thanks to travel accident and baggage delay insurance, and lost luggage reimbursement offered through the Chase credit card.
  • Extended warranties: Extend the warranty period by a year on eligible purchases with the Amazon Prime Rewards Visa Signature Card.

Drawbacks to the Amazon Prime Rewards Visa Signature Card

  • Limited to Prime members: You must have an Amazon Prime account to qualify for the Amazon Prime Rewards Visa Signature Card. An Amazon Prime membership costs $119 annually. A Student Prime membership is $59. Before you apply, consider whether you’ll earn enough rewards to justify the Prime membership cost.
  • No intro APR: The Amazon Prime Rewards Visa Signature Card comes with no introductory APR offer on balance transfers or purchases.

Earning and redeeming Amazon rewards

Potential earnings in years one and two

Here's a look at how your Amazon rewards can add up with the Amazon Prime Rewards Visa Signature Card.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $612 in Amazon rewards

Year two earnings: $512 in Amazon rewards

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model, which takes a look at points earned via spending, the sign-up bonus, and the annual fee.

You could potentially get more value from this card if you do all your grocery shopping at Whole Foods. However, if you factor in the cost of a Prime Membership, year one and two earnings drop to $493 and $303, respectively.

Best ways to earn

If you spend a lot on Amazon purchases, you're in luck. That’s precisely where the Amazon Prime Rewards Visa Signature Card shines. Cardmembers earn unlimited 5% back at Amazon.com and Whole Foods Market with an eligible Amazon Prime membership.

Of course, purchases at Amazon.com and Whole Foods Market aren’t the only ones that earn rewards with this credit card. You’ll also earn 2% back on purchases at restaurants, gas stations, and drugstores and 1% back on all other purchases. The earning potential is comparable with other no-fee rewards cards.

There are few items Amazon and Whole Foods don’t sell. Combined with earning in other popular categories, it's hard to think of a purchase that wouldn’t earn rewards with the Amazon Prime Rewards Visa Signature Card.

Categories Rewards rate
Amazon.com and Whole Foods Market 5%
Restaurants, gas stations, and drugstores 2%
All other purchases 1%

Maximizing your redemptions

With this card, you earn rewards points redeemable toward eligible Amazon purchases. You can use points as with any other payment method on Amazon.com. Just choose your Amazon Rewards Visa Signature Card as your payment method and select how many points you want to use toward your purchase.

Using your points is an easy way to save money on Amazon purchases. Amazon rewards points are worth 1 cent apiece.

You can redeem rewards points outside of Amazon too. Other redemption options include:

  • Cash back (in the form of a statement credit or direct deposit)
  • Travel
  • Gift cards

Amazon Prime Rewards Visa Signature Card FAQs

Is Amazon Prime Rewards Visa Signature Card worth it?

If you’re a frequent Amazon and Whole Foods shopper with a Prime membership, there isn’t a better credit card for earning rewards for your purchases with the retail giant. Throw in rewards in popular spending categories, and you have a no-fee credit card that earns on just about every purchase imaginable.

What credit score do I need for Amazon Prime Rewards Visa Signature Card?

You’ll likely need an excellent credit score to qualify for the Amazon Prime Rewards Visa Signature Card. An excellent FICO score is a score of 800 or higher. If your score is lower than 800, work to improve your credit score before applying or consider a different rewards credit card.

Is Amazon Prime free with Amazon credit card?

Unfortunately, no Amazon credit card comes with a free Amazon Prime membership. You’ll need to pay the $119 membership fee to gain access to the popular Amazon program. Student Prime memberships are $59. There’s also an option to pay a monthly fee of $12.99.

What happens to my Amazon Prime Rewards credit card if I cancel Prime?

Rewards earning rates drop considerably if you use your Amazon Prime Rewards credit card after canceling Amazon Prime. Instead of earning 5% back on Amazon.com and Whole Foods Market purchases, you’ll earn only 3% cash back.

Does the Amazon credit card have an annual fee?

The Amazon Prime Rewards Visa Signature Card has a $0 annual fee, but does require an eligible Amazon Prime membership as a condition for card approval. An Amazon Prime membership currently costs $119 annually or $12.99 a month. Student Prime memberships are $59 annually.

Other cards to consider

If you don’t have an Amazon Prime membership, you can still earn rewards for Amazon and Whole Foods Market purchases with the Amazon Rewards Visa Signature Card. It doesn’t offer the same rewards seen with the Amazon Prime Rewards card offers, but you also don’t need to spend $119 on a Prime membership. It offers 3% cash back at Amazon.com and Whole Foods Market; 2% at restaurants, gas stations, and drugstores; and 1% on all other purchases. Plus, you’ll automatically earn a $50 amazon gift card upon approval of credit card application, and it has a $0 annual fee.

If you’d rather earn cash back at a flat rate for all purchases, opt for Citi Double Cash.

You’ll earn up to 2% cash back on all purchases: 1% as you buy and 1% as you pay. There’s no need to track spending categories with Citi Double Cash, and it has a $0 annual fee. It’s simply one of the best cashback credit cards on the market today.

Earn Easy Cash Back at Amazon.com

Amazon Prime Rewards Visa Signature Card

Amazon Prime Rewards Visa Signature Card

Amazon Prime Rewards Visa Signature Card

Special Offer

$70 Amazon gift card upon approval

See how these cards compare:

Amazon Rewards Visa Signature Card
Amazon Rewards Visa Signature Card
  • Receive a $50 Amazon gift card upon approval
  • Earn 3% cash back at Amazon.com and Whole Foods Market
  • Earn 2% cash back at restaurants, gas stations, and drug stores
  • No annual fee
Citi Double Cash Card
Citi Double Cash Card
  • 0% intro APR on balance transfers for 18 months
  • 2% cash back on all purchases - 1% when you buy and 1% when you pay
  • No annual fee