Amazon and Chase Launch New 5% Cash Back Credit Card

If you’re an avid shopper, we’ve got some great news for you. This morning Chase launched the new Amazon Prime Rewards Visa Signature Card, which they say is the only card that offers 5% cash back on all purchases.

On top of that, it comes with a 2-1 rewards structure, whereby you earn 2% cash back at restaurants, gas stations, and drugstores, and 1% on every other qualifying purchase made with the card.

That means for every $100 you spend at Amazon, you get $5 cash back, which is a good deal if you already do most (or all) of your shopping with the mega e-tailer.

Non-Prime Members Earn 3% Cash Back at Amazon

Amazon rewards

If you happen to be a non-Prime Amazon member, you’ll only earn 3% cash back at Amazon with this credit card, but Chase has introduced some new added benefits.

You will no longer pay foreign transaction fees when using the card abroad, and cardmembers will receive a new metal card to show off to their friends.

The non-Prime version also comes with 2% cash back at restaurants, gas stations, and drugstores, and 1% elsewhere. So, for every $100 spent at Amazon, you get $3 back. Do the math to determine if Prime is worth it to you based on how often you shop at Amazon.

If you are already an existing Amazon Rewards Visa Signature cardmember with an Amazon Prime account, you will receive a new card soon. But in the meantime, the new benefits will kick in right away.

Note that there’s no promotional APR with the Amazon Prime Rewards Visa Signature Card. At the time of this writing, both purchase and balance transfer APR were a variable 14.49% to 22.49%.

In other words, you’ll want to pay off your balance in full each month to avoid costly finance charges.

How to Earn 5% Cash Back at Amazon without This Card

There’s actually a well-known (in some circles) trick to earn 5% cash back at Amazon currently, without the need for this new credit card.

If you have an old Chase Ink Plus card that earns 5% back at office supply stores, you can simply purchase Amazon gift cards at places like Staples or Office Depot and apply them to your account.

You will earn 5% back on these purchases up to $50,000 per year, so there’s not necessarily a need for this card if you’ve already got that one.

However, there’s a chance Amazon will change the Chase Ink benefits in the near future, so this new card could soon become the only game in town to earn 5% back at Amazon.

Pro tip: Also look out for the rotating 5% cash back category that is often featured with both the Chase Freedom Card and the Discover it Card. It’s limited to $1,500 in spending, but it’s yet another way to earn 5% cash back at Amazon.

Amazon Prime Rewards Visa Signature Card Highlights:

other redeem

  • $70 Amazon gift card upon approval
  • 5% cash back on all purchases
  • 2% cash back at restaurants, gas stations and drugstores
  • 1% cash back on other qualifying purchases
  • No foreign transaction fees
  • No annual fee
  • No limit on rewards you can earn
  • Rewards don’t expire, can be used to purchase Amazon products
  • Can also redeem for cash back, gift cards, and travel

(photo: Joe Le Merou)

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