Credit Card News
Chase and Amazon Add New Perks to Co-Branded Credit Cards
Chase and Amazon have announced some changes to their cobranded credit card line-up. First, both cards will be gaining simplified names. Now, the Amazon Prime Rewards Visa Signature Card will be known as the Prime Visa while the former Amazon Rewards Visa Signature Card will become the Amazon Visa. Along with the updated nomenclature and new card designs, the products will be adding a pair of new perks for customers.
Effective immediately, Chase Amazon card customers will be able to earn rewards on Chase Travel bookings as well as on local transit/commuting purchases, including rideshare. Specifically, Prime Visa cardholders will earn 5% back on purchases made through Chase Travel, while Amazon Visa customers will earn 3% back on Chase Travel purchases. Both cards will earn 2% back on the new local transit category.
These new benefits join the existing slate of rewards for Amazon’s cards. With the Prime Visa, cardholders who have an eligible Prime membership will earn 5% back on Amazon and at Whole Foods Marketplaces. Amazon Visa users earn 3% back in the same category. Meanwhile, both cards continue to earn 2% back at restaurants, 2% back at gas stations, and 1% back on all other purchases. Neither the Prime Visa nor the Amazon Visa carry an annual fee.
To celebrate the launch of the refreshed cards, Amazon and Chase are offering a special welcome bonus. For a limited time, new Prime Visa cardholders can earn $150 Amazon gift card and earn 5% back on all purchases (capped at a total of $2,500 in spending) for their first three months from account opening.
As for new Amazon Visa cardmembers, they’ll earn a $60 Amazon gift card and earn 3% back on all purchases (up to $1,500 in spending) during their first three months from account opening.
On the one hand, any perks that are added to a credit card and that don’t come at the expense of other benefits are undoubtedly a good thing. However, these updates to the (now much easier-named) Prime Visa and Amazon Visa likely won’t move the needle much for non-cardholders. That’s because there are plenty of Chase cards that already offer 5% back on Chase Travel purchases — including the Freedom Flex, which also earns 3% back on dining, 3% back on drug store purchases, and 5% back on rotating quarterly categories.
As for the 2% local transit category, while it may be useful for cardholders without other rewards cards, the ubiquity of 2% flat rate cards makes this uncompetitive overall. Nevertheless, for Prime members who do a lot of shopping with Amazon, the Prime Visa continues to be a fairly compelling option that could also be a strong part of a fully-formed rewards credit card portfolio.
