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If you're an Amazon Prime member and you don't have the Amazon Prime Visa credit card, you're missing a lot of your possible Prime benefits, such as 5 percent off on all your Amazon and Whole Foods purchases, and cash back on all other purchases as well. That's a great benefit for no annual fee.
And, you will get a $150 Amazon Gift Card instantly upon approval exclusively for Prime members.
And, the benefits aren't limited to just Amazon purchases. Here are some of the other benefits:
- 10 percent Prime Card Bonus: Earn 10 percent back or more on a rotating selection of items and categories on Amazon.com with an eligible Prime membership
- Earn unlimited 5 percent back at Amazon.com, Amazon Fresh, and Whole Foods Market
- Earn unlimited 5 percent back on Chase Travel purchases
- Earn unlimited 2 percent back at gas stations, restaurants, and on local transit and commuting (including rideshare)
- Earn unlimited 1 percent back on all other purchases
- The card also does not charge foreign transaction fees.
Oh, and did I mention that's all for no annual fee. (You do have to be an Amazon Prime member, though. In the U.S., Prime membership does carry a fee of $14.99 per month, or $139 per year if you pay annually.)
Regular Amazon shoppers should have no problem earning plenty of rewards with the Prime Visa card. With one of the highest earning rates available for Amazon purchases, you’ll need to spend $2,780 each year — or about $232 per month — on Amazon or Whole Foods purchases to offset the cost of your Prime membership. Since you can purchase nearly anything from Amazon, even if you're only an occasional Amazon shopper, you could benefit from adding this card to your wallet.
As for the $150 gift card, this is slightly lower than the bonus value on some of the best no-annual-fee cash back and rewards cards, but it doesn't require any spending minimum to earn. It's certainly impressive for a retail card bonus, since many store cards don’t offer any sign-up bonus. If nothing else, the bonus can offset the cost of an Amazon Prime membership for the first year.
The Prime Visa card carries a lot of benefits for a retail card, including top-tier travel protections. The card’s auto rental collision damage waiver, roadside dispatch, travel accident insurance, lost luggage reimbursement and baggage delay insurance can help you recoup some expenses if your trip doesn’t go as planned.
The Prime Visa also offers extended warranty and purchase protection that covers damage or theft for new purchases for 120 days (up to $500 per claim, $50,000 per account). Considering how light most co-branded store cards are on perks, the Prime Visa card’s depth of travel and purchase protection coverage is remarkable.