Chase has introduced a new Amazon Prime Rewards Visa Signature Card and made some changes to their existing Amazon Rewards Card.
The Amazon Rewards Card is one of the biggest portfolios that Chase has — because it’s marketed to everyone checking out at Amazon. And it will no longer add foreign transaction fees.
Both cards have no annual fee. The Amazon Prime Rewards card is available only to Amazon Prime members, and existing Prime customers who have the Amazon Rewards Card will be product-changed to the better new card.
In order to keep earning 5% back a Amazon you have to keep your Prime membership. You’ll drop to 3% earning if you remove the Amazon co-brand card from your Amazon account, close your Amazon account, or link a different card account to your Prime membership.
This new product has a $70 Amazon gift card signup bonus. 5% back at Amazon for a no annual fee card (though it does require being a Prime member which isn’t free) is pretty good especially since you can buy most everything at Amazon. However I still have a card that earns 5 points per dollar at office supply stores where I can buy Amazon gift cards, and I’d rather earn points transferrable to miles than points worth a penny apiece.
(HT: Sarah Silbert who says the new product is metal.)