There is a new Amazon Prime Store Card that offers 5% back to Amazon Prime members or special 0% financing options for many Amazon purchases. This is an upgraded Amazon Store Card specifically for Amazon Prime members.
This isn’t exactly an Amazon cash back credit card, because the credit only hits your statement, but it is an interesting option that savvy shoppers will want to pay attention to.
With the right budgeting and planning this offers an option for users to save 5% on an iPad, new Android tablet, most Android phones, MacBooks, Windows notebooks and tablets, HDTVs, the PS4, Xbox One, major appliances, DVDs and books to name a few things. Many of these items also qualify for the special Amazon Store Card financing options for 5, 12 or 24 months.
The Amazon Store Card for Prime Members is issued through Synchrony Bank, the same bank that handles the mainAmazon.com Store Card. There are some negative reviews from users who did not understand the payment terms with the special financing options, so make sure you pay attention to the details.
Here are seven important details you need to know about the new Amazon Prime Store Card.
5% Back on Amazon Purchases
The biggest reason this new Amazon Store Card is a tempting option for Amazon Prime members is that you can score 5% back every day.
For comparison the Amazon Rewards Visa only offers 3% back at Amazon, but there is a bigger sign up bonus and you can use the Amazon Rewards Visa by Chase at other stores.
Unlike the Chase Freedom card that only offers 5% back on Amazon purchases in the last several months of the year, this works every day.
No Interest on Major Purchases for 6, 12 or 24 Months
For users who don’t want to get the 5% cash back on a purchase it is possible to use the promotional financing. As long as you pay off the purchase before the 6, 12 or 24 month period there is no interest on the purchase, but if you don’t pay it off on time you need to pay interest on the whole purchase from the date of the purchase.
This will stack of the 25.99% interest rate on your card for the last 6, 12 or 24 months. If you use this, it may be best to only make one major purchase at a time.
What Qualifies for Special Financing Offers
Amazon offers a handy list of things that qualify for the special Amazon Store Card financing deals. The 24-month special financing offers on Amazon are only good on HDTVs and Autodesk software.
The 12-month and 6-month special financing options are valid on any order above $599 or $149 respectively. That means you can add almost anything to your cart to hit this level and use the promotional financing.
When you check out you can choose 5% back or the financing offer, but beware that Amazon may set a default for you or set this card to a default payment option as part of the checkout process, so be sure to verify that your payment options are right for the next purchase you make.
No Annual Fee, But $99 Amazon Prime Required
There is no annual fee for the Amazon Store Card, but that doesn’t mean that it is free to use. You need to be an Amazon Prime member to use this special Amazon Prime Store Card.Amazon Prime is $99 a year and it includes free two day shipping, $3.99 one day shipping options, unlimited access to music, movies and TV shows. Users also get free Amazon Cloud Drive storage with unlimited photo storage and can read free books through the Kindle First and Kindle Owners’ Lending Library.
$40 Sign Up Bonus
When you apply and are approved for the Amazon Prime Store Card you get a $40 Amazon account credit. This is small compared to some of the other bonus sign up options, but it is almost like getting Amazon Prime for half off for one year.
This is on top of the 5% back bonus and financing offers, so you don’t have to choose between this offer and the others — but you only get it once.
Only Purchases at Amazon.com
The Amazon Store Card and Amazon Prime Store Card are only good for purchases at Amazon. You cannot use this to make purchases at the gas station, McDonald’s and any other store.
This is fine as long as you know what you are signing up for and plan to use it accordingly, but if you want one you can use at other locations there are other cards to look at.
Compare to Other Credit Cards
Before you jump in and sign up for the Amazon Store Card and Amazon Prime Store Card you should look at other options. The Amazon.com Rewards Visa Card offers a $70 sign up option, 3% back at Amazon, 2% back at gas stations, restaurants and drugstores as well as 1% cash back on other purchases. This card also offers drastically lower interest rate options starting at 14.24% — but without any special financing options.
There is also a Chase Freedom card that includes 5% cash back on Amazon purchases from October through December only.