If you're a frequent Amazon shopper, the Prime Visa card is one of the best methods — if not the best — of earning cash back with the online retailer. You can also earn rewards for shopping at Whole Foods, restaurants, gas stations and more. This flexibility is astounding for any cash back card, let alone a retail card. The card also carries a decent welcome offer and multiple ways to redeem rewards.
Rewards: Unmatched rewards rate at Amazon.com and Whole Foods
Amazon.com, Whole Foods Market and Chase travel purchases earn an unlimited 5 percent back in rewards. Plus, you’ll earn 2 percent at restaurants, gas stations and transit and 1 percent back on all other purchases.
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 only 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. Given you can purchase nearly anything from the retailer, even occasional Amazon shoppers could benefit from adding this card to their wallet.
The 5 percent category also applies to Whole Foods Market. This is a remarkably competitive rate for grocery purchases considering the Prime Visa is a store card. The current reigning champion of grocery store rewards, the Blue Cash Preferred® Card from American Express, earns 6 percent back on U.S. grocery store purchases but with a spending cap of $6,000 annually (then 1 percent). Its uncapped rate makes the Prime Visa one of the best cards for grocery rewards rates if you do your grocery shopping at Whole Foods Market.
Welcome offer: Solid value for a retail card
Amazon is offering a gift card worth $100 just for getting approval for the Prime Visa card. While that's half as much as the card's previous $200 gift card offer and falls short of the bonus value on some of the best no-annual-fee cash back and rewards cards, it's still impressive for a retail card bonus. Many store cards offer no sign-up bonus at all.
The new bonus also stands out among the best credit card sign-up bonuses since it has no spending requirement (you receive the bonus instantly upon approval). Most bonuses of this value require at least $500 in spending in your first three months. If nothing else, the bonus can offset a large chunk of the cost of an Amazon Prime membership for the first year.
Cardholder perks: Strong travel benefits for a store card
The Prime Visa card carries a surprising number of benefits for a retail card, such as Luxury Hotel Collection benefits, concierge service and premium travel perks. The Visa Signature level of the Luxury Hotel Collection grants cardholders seven VIP Guest status amenities, including automatic room upgrades when available and other complimentary privileges. And when you need to save time, the free Visa Signature Concierge Service is like a 24-hour personal assistant that can book reservations, tickets and more.
The card’s auto rental collision damage waiver, roadside dispatch, travel accident insurance (coverage up to $500,000), lost luggage reimbursement (up to $3,000 per passenger) and baggage delay insurance (reimburses up to $100 per day for three days) can help you recoup some costs if your trip doesn’t go as planned. The Prime Visa also offers purchase protection that covers damage or theft up to $500 per claim ($50,000 per account). Considering how light co-branded store cards are on perks, the Prime Visa card’s depth of travel protection coverage is remarkable.