Amazon Prime offers enough benefits to easily offset its $99 annual cost for frequent shoppers. With the Amazon Prime Store Card, Prime subscribers can earn 5% cash back in the form of statement credits. Amazon also offers special interest-free financing on expensive purchases. As with most credit card promotions, there are catches to beware of.
Amazon Prime is an annual subscription that offers free two-day shipping on most items, unlimited online photo storage, and access to more than 500,000 books and 1,000,000 songs. The subscription also includes access to Prime Instant Video, a service that offers thousands of movies and TV shows.
Amazon offers its Store Card to anyone, but Prime members get a 5% rebate for every purchase made on Amazon.com. That can really add up for frequent Amazon shoppers or for those making major purchases.
Amazon Prime Store Card holders can score interest-free financing on almost anything if their orders meet minimum spending requirements. Amazon purchases over $149 qualify for six months of 0% financing. Orders of $599 or more are automatically financed at 0% for up to 12 months. Select items, such as specific HDTVs are eligible for 24 months of interest-free financing.
While it’s nice to see that Amazon offers interest-free financing for major purchases, we only recommend this card for people that are able to pay off their credit card balances each month or that only use the card for major purchases that qualify for the interest-free offers. That’s because all of these great benefits have to be paid for somehow and that somehow is high interest rates. The standard purchase APR for new Amazon Store Card accounts is a whopping 25.99%.
You can apply for the Amazon Store Card by clicking here.