Amazon's annual Prime Day sale is running June 23 through June 26 this year. If you're looking for even more ways to save on your Prime Day purchases, now is a great time to apply for the Prime Visa (see rates and fees).
This no-annual-fee credit card is available to consumers who already have an Amazon Prime membership, which currently costs $139 annually or $14.99 per month. New cardholders can take advantage of its limited-time welcome bonus, which can help offset the cost for your first year: Get a $200 Amazon Gift Card instantly upon approval, exclusively for Prime members.
Below, CNBC Select explains what credit score you'll need to qualify for the Prime Visa and highlights another Amazon credit card that can help you earn rewards on purchases with the online retailer.
The Prime Visa is only available to Amazon Prime members ($139 for an annual membership and $14.99 for a monthly membership) but is very rewarding for Amazon purchases.
- High rate of return at Amazon.com, Whole Foods Market and on Chase Travel purchases
- Offers an automatic gift card welcome bonus after card approval
- Option to earn rewards or take advantage of 0% promo APRs
- Includes a wealth of travel insurance protections
- Requires an Amazon Prime membership for approval
- If you choose the promo APR, you won't earn rewards on those purchases
- Rewards can't be pooled with other Chase credit cards
Rewards
- Earn unlimited 5% back at Amazon.com, Amazon Fresh, Whole Foods Market and on Chase Travel purchases with an eligible Prime membership
- Unlimited 2% back at gas stations, restaurants, and on local transit and commuting (including rideshare)
- 10% back or more on a rotating selection of items and categories on Amazon.com with an eligible Prime membership
- Unlimited 1% back on all other purchases
Balance transfer fee
Either $5 or 4% of the amount of each transfer, whichever is greater
What benefits come with the Prime Visa?
Cardholders earn an unlimited 5% cash back at Amazon.com, Amazon Fresh, Whole Foods Market and on Chase Travel℠ purchases, provided you have an eligible Prime membership. That cash back rate on Amazon.com purchases bumps up to 7% back from June 23 through June 26 when you choose No-Rush Delivery.
The card also earns 2% back at gas stations, restaurants and on local transit and commuting, including rideshare. For those looking for the deepest discounts, Prime cardmembers can earn 10% or more on a rotating selection of items and categories. These reward rates make it one of the best credit cards to use when shopping at Amazon.
In terms of benefits beyond rewards, the Prime Visa offers a substantial amount of travel benefits, from baggage delay insurance to auto rental coverage; while it still might offer fewer than some other travel-specific cards, it still poses as a good option.
What credit score do you need for the Prime Visa?
Generally, credit card issuers will look at your credit score, income, recent credit applications and credit history when approving you for a new card. Keep in mind that while your FICO credit score is one of the most important factors, it is not the only one that's taken into consideration.
FICO score factors:
- Payment history (35%: If you've made your previous payments on time
- Amounts owed (30%): Your credit utilization ratio, or the ratio of the amount of credit you're using to the amount that's been extended and owed on your accounts
- Length of credit history (15%): The amount of time you've had credit
- New credit (10%): How often you open new accounts
- Credit mix (10%): Whether you have different types of credit, such as installment loans or revolving lines of credit
Issuers will typically consider your FICO 8 score, one of the most widely used scoring models, which ranges from 300 to 850. Higher scores indicate a greater level of creditworthiness or the likelihood that a cardholder will be able to pay their bill on time and in full.
FICO Score ranges:
- Very poor: 300 to 579
- Fair: 580 to 669
- Good: 670 to 739
- Very good: 740 to 799
- Excellent: 800 to 850
For the Prime Visa, you'll likely need a good credit score (670 or above) to qualify. Having a good credit score does not necessarily guarantee you'll be approved, but the higher it is, the more it improves your chances.
Another Amazon card worth considering
If you don't shop online enough to make an Amazon Prime membership worth your while, you could think about signing up for the Amazon Visa card instead. The card also comes with its own $200 Amazon Gift Card, but it doesn't require a Prime membership and still earns above-average rates on Amazon purchases.
The Amazon Visa is a good option if you want to maximize your return on Amazon purchases without committing to an expensive Prime membership.
- Doesn't require an Amazon Prime membership
- No annual fee
- No intro APR offer
You'll earn 3% back at Amazon.com, Whole Foods Market and on Chase Travel℠ purchases, as well as 2% back at restaurants, gas stations and on local transit and commuting (including rideshare).
To get approved for this card, you'll also need at least a good credit score, though having a higher one certainly won't hurt your chances.
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