If you're a frequent Amazon shopper, the Prime Visa card is one of the best — if not the best — ways to earn 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, and the card also carries a decent welcome offer and a great range of protections.
Rewards: Unmatched rewards rate at Amazon.com and Whole Foods
Amazon.com, Amazon Fresh, 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. Since 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. 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 offers a gift card worth $200 just for getting approved for the Prime Visa card. This is roughly the same as the bonus value on some of the best no-annual-fee cash back and rewards cards, and is impressive for a retail card bonus. Many store cards offer no sign-up bonus at all.
The new bonus stands out among the best credit card sign-up bonuses since you receive the bonus instantly upon approval. Most bonuses of this value require at least $500 in spending within 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 protection for a store card
The Prime Visa card carries a surprising number of benefits for a retail card, including top-tier travel protections. 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 expenses if your trip doesn’t go as planned.
The Prime Visa also offers 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 co-branded store cards are on perks, the Prime Visa card’s depth of travel and purchase protection coverage is remarkable.