Amazon to offer own brand credit card for Prime members
Amazon is seeking to coax its Prime members into splurging more cash with the introduction of its own brand credit card offering 5% cashback on all Amazon purchases, 2% cashback at selected restaurants, petrol stations and chemists and 1% cashback on all other purchases.
Issued by JP Morgan Chase, the Visa cards represent a significant boost to the 3% cashback offered by the current iteration of cards and come with the added perk of no annual fee and no foreign transaction levy – although you will need to stump up $99 per year for Prime membership.
Points can be spent directly on Amazon’s website or redeemed for cash once 2,000 points have been accrued.
For heavy Amazon spenders the card could represent a neat way to save a few pennies with the advantage for Amazon that it can help lock customers down deeper into its ecosystem.