Editors' pick: Originally published Jan. 12.For Amazon Prime shoppers, life has just gotten a little cheaper. This morning, the online retailer announced its partnership with Chase bank to release the Prime Rewards Visa Card, a credit card which returns a whopping 5% cash back on all Amazon purchases.
The card, which is only available to Prime subscribers, also gives 2% cash back at an oddly specific mix of restaurants, gas stations and drug stores, and 1% cash back everywhere else. It will also eliminate foreign transaction fees, a vestigial rent that banks continue to charge users every time they travel overseas.
The card works on a points system, so shoppers get 100 points for every dollar in percent-back rewards they earn. So, to take a hypothetical $100 purchase, a cardholder would get:
- 500 points for shopping on Amazon,
- 200 points for shopping at a restaurant, gas station or drug store, or
- 100 points for shopping anywhere else.
Cardholders can then redeem 100 points for $1 in direct rewards, either deposited into their bank account, drawn down against their credit card balance or spent on future Amazon shopping. They need a minimum 2,000-point balance before those rewards kick in however.
In a final push for that financial X factor, the Prime Card will also be made out of metal, joining the ranks of such vehicles as the American Express Centurion, the Chase Sapphire Reserve and the Magnises in trying to look and feel like the coolest thing in your wallet.