- Jul 18, 2007
- Reaction score
New Amazon Prime Credit Card Offers 5% Cash Back | Credit.com
The New Amazon Store Card Gives Prime Users 5% Cash BackAmazon and Synchrony Bank released a new credit card offer for Amazon Prime customers last week, offering 5% cash back on qualifying purchases and even promotional financing for orders over $149.
The store credit card is a credit product you may be familiar with at bricks-and-mortar retailers. Often, these cards offer a discount at sign-up, and promises of exclusive discounts or or coupons in the future. With the 5% cash-back offer on all purchases, is the new Prime card a good fit for frequent Amazon shoppers?
How This Card Works
Subscribers to Amazon’s Prime service are eligible to receive 5% cash back on qualifying Amazon.com purchases as a statement credit. Or, they can receive a variety of promotional finance offers. For example, cardholders will pay no interest on charges of $149 or more if the balance is paid in full within six months of purchase. Otherwise, the standard interest rate of 25.99% will apply. In addition, new applicants will receive an Amazon.com gift card loaded into their account instantly upon approval.
This card is offered by Synchrony Bank, and is not affiliated with any payment network, so it is only valid for purchases from Amazon. Applicants must be members of Amazon Prime, which costs $99 per year and includes free two-day shipping and access to their streaming video and music services. There is no annual fee for this card, but cardholders must be current Amazon Prime subscribers to receive the 5% discount or the promotional financing offers.
If you're an Amazon Prime subscriber and a fan of cash back rewards, Amazon's Store Credit Card may be worth a look. The store card gives owners 5% cash back on Amazon purchases every day, along with special promotional financing. Here's the skinny.
This card—which is different than the very popular Amazon Rewards Visa from Chase—offers 5% cash back eligible Amazon purchases and comes in the form of a statement credit. After some boiler plate reading, the only items not eligible are "Amazon Prime memberships, digital newspaper and magazine subscriptions, and games and software downloads."
Spend more than $149 on a purchase and you'll get the option of either 0% financing for a set period of time or a flat 5% cash back. The store card has no annual fee, fraud protection, and is backed by Synchrony Bank. If you're an invited guest to a Prime account, you'll need to create your own account to be eligible.
If you use Amazon Prime frequently, and pay off your debts every month, it seems to be a no-brainer. Especially since they're currently giving away a free $40 gift card once your application has been approved. But if you tend to carry a balance, you'll want to stay away or potentially get nailed with a hefty 25.99% APR.