Amazon now offers a new facility for its fans and Amazon Prime loyalists. It is called Amazon Prime Rewards Signature Visa Card. The new Amazon credit card provides the owners with huge opportunity to get 5% discount when shopping at this global online marketplace. The discount program applies to all product categories. If you are the fans of Amazon Prime, you have the opportunity to get the credit card. However, if you are not, Amazon offers some other different schemes that allow you to enjoy similar benefits.

What the New Amazon Credit Card Offers

Besides the direct 5% discount for every product you but at Amazon.com, you have more opportunities for additional benefits. They include 2% discount, which you can enjoy when shopping at partner’s’ stores, including drugstores, gas stations, and restaurants. Besides the discount, the new Amazon credit card provides the owner with rewards points, which can be used when shopping for at Amazon online shop.

However, if you prefer to redeem the rewards points, you can do it Amazon’s partner bank, namely JPMorgan Chase. The rewards points may be redeemed for cash back, travel bonus, or gift cards. That sounds interesting, right? More interestingly, redeeming the rewards points is much easier right now. When checking out at Amazon.com, you will see the rewards points you have and you can claim them anytime, regardless of the number of rewards points you have.

Unlike any other rewards points, Amazon offers a different scheme through the new credit card. Any rewards points mean a certain balance. Therefore, you can redeem them anytime for your purchase. Then, you only need to pay the rest by using credit card or other payment methods.

How to Get the New Amazon Credit Card

To get the new Amazon credit card, you need to have a Prime membership, for which you have to pay an annual cost of $99. However, no annual fee applies for the credit card. However, Amazon is offering an additional scheme that cuts down the annual cost to $29 for the first year of the membership.

Nonetheless, those who do not have Prime membership has a chance to get an almost identical card, which is called Amazon Rewards Visa Signature Card. Unlike Amazon Credit Card that offers a 5% discount, this card only offers a 3% cash back from the rewards points. It also provides the owners with a $50 bonus for card signup.

The new credit card sounds great for shopaholics. However, it must be noted that credit card equals debt. Therefore, you need to analyze the need making a debt before hunting the 5% cash back offered via the card.  In addition, the analysts are not convinced enough that the new credit card will encourage people to shop more.

In fact, the market has been flooded with cash back and reward point programs. For example, JPMorgan Chase – Amazon’s partner bank – has its own sign-up bonus. The bank offers 100.000 bonus points for those who are approved for its Chase Sapphire Reserve card. Many other banks offer almost similar schemes. Therefore, make sure to analyze your need for credit card before applying for it.