A Glance at Amazon Credit Card – 2017 Updated

We all know about Amazon very well. But, How many of you know about Amazon Credit Card?

Amazon offers different Credit Cards and Store Cards for their customers in order to hold their business tight.

But, from a customer perspective, these cards offer great value as well, which makes them popular in the eCommerce and online shopping market.

Outcomes of this article

The main goal of this article is to introduce different Amazon Cards (if you don’t know them already) and to answer a couple of questions that are asked several times in the internet.

What are the different Store Cards and Credit Cards offered by Amazon?

Amazon has launched two kinds of Cards so far, they are;

  • Amazon.com Store Cards
  • Amazon Credit Cards

How are they different?

Well, these are specially designed Cards to offer you great values in return when you shop online. When I say “online”, that doesn’t mean any where on the internet.

Yes, that is true for the Amazon Store Cards. If you have an Amazon Store Card, you get value in return only if you spend your money at Amazon. That is pretty obvious.

Do you think, Amazon offers a Card that gives rewards and cash back when you purchase at eBay? No way, that is foolishness and they want you to be an Amazon customer.

Amazon Store Cards offer Reward points for your purchase at Amazon Store and You can redeem it when next time you purchase form Amazon.

I will talk more about it later in this article but, you know what, all these are old stories.

Today, Amazon has Credit Cards which offer you Rewards in return when you purchase anywhere in the internet or even retail stores.

That sounds great, right? It is for me.

There also, you get more values only when you purchase at Amazon. Come on, this is a win win business.

Let’s dive into the Cards in detail, that is better.

Amazon.com Store Cards

This is not just another Store Card as many other cards you see out there.

Unlike the other Store Cards, Amazon.com Store Card offers plenty of options for you to save money while shop at Amazon.

How to shop at Amazon with Amazon Store Cards?

There are two different ways to do it.

  • Pay with your Amazon.com Store Card and get rewards in return.
  • Finance for your purchase for 0% interest but, no rewards.

You might be little confused but, let me clear that for you.

Pay with your Amazon.com Store Card and earn Rewards

With Amazon.com Store Card, if you are an Amazon Prime Member, you will get 5% Back for every $1 you spend at Amazon. I know that is amazing.

Let’s discuss the second method.

Finance for your purchase for 0% interest but, no Rewards

With Amazon.com Store Card, you can choose to pay with promotional financing on eligible purchases.

But, the only thing is that you won’t get any 5% Back on these purchases. Is that really worth it?

Let’s have a close look at the offers.

There are three different options available for you which are;

  1. 6 months Special Financing on purchases of $149 or more.
  2. 12 months Special Financing on purchases of $599 or more.
  3. 24 months Special Financing is available on select Amazon-sold items.

What’s the deal? You won’t pay any interest on these purchases as long as you pay in full with in 6, 12, 24 months as applicable. I would say that it is awesome.

But, there is another side of it.

If the promotional balance is not paid in full within the promotional period, the interest will be charged to your account from the date of purchase. Sounds not really good, right?

One more thing, you should not miss the minimum monthly payment either.

Let’s do some math to understand if it is worth or not

You made a purchase of $600 and chose to pay with 12 months Special Financing. You paid that amount in full before your promotional period ends.

Outcomes: You didn’t pay anything as interest and you got 12 months to pay that off which is great.

What if you didn’t pick Special Financing to cover your purchase instead you made purchase with your card and got 5% Back (I’m assuming that you are an Amazon Prime member).

You owe that $600 to Amazon and if you have $600 in your hand to pay that before the next billing cycle, you are good. You will see some great numbers in your rewards.

But, what if you don’t have that $600 with you? You will need to pay interest every month until you pay it off. What ever you earn as points, will lose as interest on your Credit Card.

It is your call to choose what works for you.

One more thing, there is no annual fee for an Amazon.com Store Card. But, you need to be an Amazon Prime member in order to get 5% Back offers.

Nonetheless, Amazon Prime Membership will cost you a $99 per year. Oh Gosh.

Finally, you won’t earn a single reward point if you purchase anywhere else with your Amazon.com Store Card.

Amazon Credit Card

Here I will talk about the latest one in the list of Amazon Credit Cards.

Amazon Rewards Visa Signature Credit Card

Like I said, this is the latest Amazon Credit Card which they introduced in January 2017 as a Signature Credit Card.

Just like the Amazon.com Store Card, an Amazon Prime Member will be treated very well here as well which I will talk next.

Before that, there are two different Cards are introduced which are;

  1. Amazon Prime Rewards Visa Signature Credit Card.
  2. Amazon Non-Prime Rewards Visa Signature Credit Card.

Key things about Amazon Rewards Signature Credit Cards

  • No Annual Fee.
  • You will get 5% Back for all your purchases at Amazon Store if you are an Amazon Prime Member.
  • If you are not a Prime member, then you will get 3% Back for all your purchases at Amazon store.
  • 2% Back for your purchases at Grocery Stores, Gas Stations and Drug Store and finally, 1% Back at anywhere else.
  • No Foreign Transactions Fee.

In short, this Amazon Credit Card works pretty much everywhere you spend money on it.

I have a more detailed article about Amazon Rewards Visa Signature Credit Card here.

In conclusion

Now you know both of the Amazon Credit Cards. What next? Picking the right one for you.

Picking the right Credit Card is completely your call. But, I can help you with that.

Are you a Frequent shopper at Amazon and already have another Credit Card with great Cash Back rates? Amazon.com Store Card works great for you, I guess.

For everybody else, Amazon Rewards Visa Signature Credit Card works.

 

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Mithun Nath Written by:

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