A new partnership between JPMorgan Chase and Amazon resulted in the Amazon Prime Rewards Visa Signature Card. It is the first card for Amazon Prime users, the e-commerce site’s most loyal customers. What are its benefits? The card requires no additional fee from Prime members, which is a good thing as they already pay $99 per year. Also, Prime users get a generous 5% Amazon credit rebate with every purchase on the site. So, that pretty much means a 5% discount on everything on Amazon, an unprecedented range of benefits for a free credit card.
The Amazon card, which JPMorgan Chase provides, also offers 2% Amazon credit for purchases made in restaurants and gas stations. For everything else, you get Prime users get 1% off. The card also boasts no foreign transactions fees and a 24/7 concierge service, Business Insider noted.
Amazon is coming out with a Prime-only credit card. The e-commerce giant will release the Amazon Prime Rewards Visa Signature Card in… pic.twitter.com/xXsPjbtimC
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Similar to the Sapphire cards of Chase, the Amazon Chase card is metal and is acceptable for international travel. Users will also get a $70 Amazon gift card once their application becomes approved. For non-Prime users who want this card, they can get it and instead receive the old 3% credit back for Amazon purchases reward scheme, according to Yahoo News.
The Amazon Prime card is set to boost Chase’s engagement with Amazon’s unrivaled user base. Amazon, as its offerings include practically everything in the retail world, is also set get more people hooked on the service. It is unclear how these generous benefits will affect Amazon’s bottom line, as it is practically a subsidy. But, in any case, the tactic to get people in on the hype seems effective. With the decline of the Sapphire Reserve card, Chase is trying to regain its earlier success with the Amazon Card. The spending power of Amazon Prime users, which covers basically half of US households, could be Chase’s golden ticket.
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