When it comes to Amazon Prime card, a large number of people are really excited for it, because it offers 5% back at Amazon and a ton of premium benefits that you are only available with credit cards that have annual fees. We’re going to take a look at the benefits you may get with the card and who might not want to get the card, even if it does benefit them.
First of all, we’re going to take a look at who should get the card out. If you don’t have Amazon Prime or if you really don’t shop at Amazon frequently, then the card doesn’t really make sense. Therefore, the 5xback is only if you have Amazon Prime. As far as I know, there are some people who may have a Costco membership already or Sam’s Club membership, and they don’t want to pay for never membership or they know they can get better preston in some other places and they don’t really use the account.
There are other cards you can apply for that are probably better fit for you. My mantra is always to find cards that add a positive value for you. We are not necessarily going to get a card just because other people are getting a card. In this case, it would be fit into one of those two categories. There are probably better cards that fit more of your lifestyle than discard.
This card is more targeted towards people who shop at Amazon a lot and make a lot of orders very often. If you remember those people who like Amazon Prime, I’m one of them. I probably have about eight different Amazon Bustas around my room. I don’t think I need to sell you on the benefits of Prime, but this card makes a lot of sense, because you are getting 5% back on all of your purchases.
Personally, for 2016 winter–December, there was 15% back on certain items. I was actually considering getting the Amazon card solely, because there was a high-end DSLR that I really want to get. I didn’t really end up getting it, because it was really expensive, which was $3,000. It’s a Sony a7s. If I got the card, 15% back is $450. There are other ways to get five percent off on Amazon, but it typically involves buying Amazon giftcards or credit and not really using your credit card on Amazon.
The main problem is are you end up losing out on the credit benefits, such as purchase protection, return protection and extended warranty. When you’re using Amazon giftcards versus using a credit card on Amazon, even though you’re getting the 5%, it might not make sense that you lose out on extended warranty for me.
It’s really important, especially if I’m buying things in $100 or $500 or more range. It is simply because I really want that extra one year of manufactures warranty extended if something happens. The card also offers 2% back on gas stations drug stores and restaurants. As fun as it is, it’s not great. For a lot of people, they probably already have cards that fill those roles. If you don’t, it would be really helpful.
But there’s other cards like the city double cash card that offers 2% off of everything, making the 2% back on these three specific categories instead of the greatest with 1% backed on. All purchases are standard. It’s a nice perk, but it’s nothing outstanding.
One good feature is it has no foreign transaction fees, unlike most cards with this feature which usually have an annual fee. It means that it stands out for the backcash to some extent. I have a friend who actually had to get a Nordstrom card in order to get this benefit, because none of the cards has this feature. She did have a Discover card, though she knew that the acceptance rate was much lower in Asia and I can attest to that as well.
The other benefits of this card are very common. If you have any other visa signature card, you probably already have these benefits. Nonetheless, if you don’t, then they’re very helpful. The signup bonus is a $70 Amazon gift card, which you can enjoy after you get a proofreader card.
But it’s not great. There are other cards where you can get maybe $350 or $700 or even thousands of dollars of benefits compared to this card. You have to weigh what cards make more sense for you. I previously mentioned how there are some people who would benefit from the card who might still not get the card, because it doesn’t make sense for them.
I belong to this group of people, because I have freedom as well as a discovery card, which implies a lot of opportunities for me to buy gift cards at a discount, for example, a mixed quarter for the chase freedom. The category is drugstores, so I can go to Walgreens to buy an Amazon gift card.
Buying $500 Amazon gift card, I get 5%back for the chaise freedom. But for two points, what is freedom? They’re actually worth slightly more because I have the Chase Sapphire reserved, which is worth up to 1.5 X of the 5%. You could argue that it’s worth 7.5% or maybe even up to 10%. If I decide to use transfer partners to optimize my points, it borders the Discover Card.
I’m still in my first Skeeter, so I actually get two weeks of that, namely 5xtimes too, and so you get 10% back. For both cards, I’m getting 7 point 5 to 10% back, compared to 5% back. Overall, there are pros and cons. If you are making big purchases, I wouldn’t feel comfortable using a gift card, based on the fact that you lose much protection and get the value-extended warranty, which is a major thing for me.
I wouldn’t buy anything that’s high-value that I wanted to extend a warranty on an Amazon gift card. I don’t really do it on a credit card. The other group who would benefit from this card are people who are under five twenty four or those looking at other travel cards. If you’re not aware that Chase has rolled, we may limit our ability to get certain cards. If you have more than five cards in 24 months, those five cards could be from anywhere. In this case, I can be from Chase compute from Bank of America as long as you have five new accounts within the last 24 months.
You won’t be able to get cards like the ChaseSapphire Reserve, the Chase Sapphire Preferred are the ink cards, and people depending on your needs might benefit more by getting those cards than getting discards. Even if you look at how much you spend on Amazon, the back is only $50 even for a spending of $1,000 5%, and the back is only $250 for a consumption of $5,000 5%.
If you start looking at cards that issue SapphireReserve or the signup bonus is 50,000, your points transfer to $500 in cash or after $2,000 and travel. If you do transfer partners 750 using their portal, it depends on whether $70 or 5% back is achieved. In conclusion, this code is really helpful for people who shop at Amazon a lot, who has Amazon Prime in orbit five percent back, who are either over five twenty four or under and those aren’t really seeking for more cards or who don’t really travel or care about Hotel points.
You’re buying a lot of snacks or for multiple times, then I would definitely get it, even if I was under five twenty-four, It is a lot of money back to me and it makes a lot of sense.
We’re giving one lucky subscriber a ten minute consultation with me trying to figure out what credit cards make sense for me so as to help them through that process. If you don’t want to talk to me or if it is not something that you’re interested in, we’re giving you a New York Times subscription to the online service.