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There’s a new credit card on the market exclusively for Amazon Prime members.
There isn’t anything particularly compelling about this card other than offering 5% cash back on Amazon purchases. If you spend a lot of money on Amazon and don’t have or want a Chase Ink card (which offers 5 points per dollar on Amazon purchases, but is a small business credit card), this could be a decent way to earn cash back at Amazon.
This card just came out and the signup bonus is a pretty weak $40 Amazon credit. I’d think that it would increase at some point in the future to be competitive with other rewards credit cards. The Chase Amazon Rewards card offers up to a $70 credit that I’m aware of but only offers 3% cash back at Amazon, however it doesn’t require having Amazon Prime.
- The card is issued by Synchrony Bank, which doesn’t have any other rewards cards that I know of. You won’t have to sacrifice an application slot with another bank (such as Chase or AMEX).
- You can do better than the 5% cash back offered with this card if you have a Chase Ink card. Chase Ink offers 5 points per dollar at office supply stores, where you can readily pick up Amazon gift cards to get 5% or more back on your Amazon spend.
- The signup bonus is currently very low ($40 in the form of a credit applied to your Amazon account.
Will you be picking up an Amazon Prime Rewards card?