Amazon Prime Visa Card: DON'T Apply Without Watching This!

so I'm currently renovating my new house and decided to apply for two new credit cards to take advantage of their sign up bonuses and rewards and one of them is the Amazon Prime Visa so in this video we'll be unboxing and reviewing this card including the application process what credit Bure they pull from pros and cons hidden perks the ridiculous credit limit I was approved for and much more to help you determine if this card is the right fit for you for those who don't know the Amazon Prime Visa card is issued by Chase and it's a great option for people who shop at Amazon a lot which is pretty much everyone right now Amazon is offering Prime members a $100 Amazon gift card sign up bonus instantly upon approval the best part is that you don't have to spend any money to get it once you're approved for the card your gift card will be automatically added to your Amazon account another cool thing is that you'll be able to use your Prime Visa card to shop at Amazon before you receive your physical card which is something I really like now now this card has no annual fee foreign transaction fees so you can use it abroad without worrying about fees but I do want to point out that you must have an Amazon Prime membership to get the card and benefit from its highest rewards so if you already have an Amazon Prime membership for buying things on Amazon then this card is essentially free to own but if you don't have one and you get it just to get the card that's going to cost you about $14.99 per month or $139 per year which technically means that you'll have an annual fee or monthly fee since you'll be paying for that membership however if you're a student or you have select government assistance you may qualify for a cheaper Prime Membership student pricing is $749 per month or $69 per year and select government assistance pricing is $6.99 per month so make sure to check that out to see if you're eligible for a cheaper membership moving on to rewards with a Prime Membership this card earns an unlimited 5% cash back at amazon.com Amazon fresh Whole Foods and Chase travel purchases 2% cash back at gas stations restaurants and local Transit and commuting and 1% on all other purchases and without a Prime Membership instead of 5% the card earns an unlimited 3% cash back at Amazon Amazon Fresh Whole Foods and Chase travel so if for whatever reason you can't pay for your membership or cancel it you'll still earn cash back in those categories on the screen you can see how much you'll earn with or without a Prime Membership feel free to to pause if you like now let's go over what purchases qualify for each of the 5% categories Amazon purchases include digital downloads Amazon gift cards Amazon Prime subscriptions and items sold by thirdparty Merchants through amazon.com's Marketplace including Amazon style Prime video and Kindle unlimited purchases Whole Food purchases include those made online or in store Amazon Fresh purchases also include those made online or in store and Chase travel includes prepaid travel purchases made on chaset travel.com or by calling the number on the back of your card to book including airline tickets hotels car rentals and cruises we then have the 2% categories local Transit and commuting includes trains buses taxis limos ride share fairies tolls highways parking lots and garages and the others are self-explanatory you'll get 2% at gas stations and restaurants whether you dine in or take out I'll be leaving a link to this page in the description for you guys to check out where you can also see the purchases that don't qualify moving on the rewards on this card are earned daily in the form of Amazon Rewards points where one point equals 1 cent so 1,000 points is the same as $10 10,000 points is $1100 and so on these points also don't expire as long as your account is open and you can redeem them for eligible purchases at Amazon cash back as a statement credit check or deposit into a linked bank account travel gift cards and products or Services made available through the program or directly from third Parties By the way you can't combine or transfer these points to another Chase Card your only options are the ones we just went over at a 1 cent per point value now some of the cards benefits include the ability to add free authorized users digital wallet compatibility fraud protection zero liability protection and 247 customer service just a name a few plus it's a Visa signature card so you'll get extra benefits like AO rental Collis damage waiver baggage delay insurance extended warranty protection purchase protection and much more you can find the details for each benefit using the link in the description this card also offers zero interest for 6 or 12 months on purchases of $50 or more when you use a card at Amazon.com or at eligible retailers by Amazon pay however you won't earn cash back on the purchases you make using this option and after the 0% promo period a variable rate of 19.49% to 27.4% applies so before you go crazy financing stuff on Amazon be careful with this feature and remember that when you use it the total of your purchases will be charged to your credit card and deducted from your available credit which may increase your credit utilization and affect your credit score on top of that the variable rate after the promo ends is very high so make sure you're able to pay off whatever it is you're buying within the zero interest time frame so that you don't get destroyed by those rates personally I wouldn't use this feature but to each their own on another note I want to quickly thank today sponsor Milo Milo is a free online business payment platform designed for small businesses it allows businesses to pay vendors and contractors easily and quickly with bank transfers or credit cards even if they only accept checks Milo seamlessly sinks to accounting software like zero in QuickBooks so your books will always be updated unlike QuickBooks bill pay service with which lacks many features and cost more Mia would be a much better option because it offers many more payment methods at a lower price and a much faster delivery time one of the features that QuickBooks lacks is paying with credit cards with Meo you can make same day credit card payments for 2.99% so it's a great way to manage your cash flow and hit your bonus spending requirements I know most of you like maximizing your credit card rewards and Meo allows you to do that on those big purchases you thought you couldn't before some other milio benef benefits include free unlimited Bank transfers the ability to pay International vendors offer an unlimited number of users recurring and batch payments approval workflows and easy on the-go access to everything with their mobile app plus Meo is free unlike QuickBooks bill pay which requires a subscription fee on top of the regular QB subscription so if you're tired of making your bill pay via QuickBooks or other less convenient Alternatives start using meio today and say goodbye to bill pay headache anyway with a prime card and membership you can also earn 10% cash back or more on a rotating selection of items and categories on Amazon like the one shown on the screen 6% cash back at Amazon and Whole Foods on Prime day and you may a random guess 6% cash back on eligible items by choosing no rush shipping like I did on this order now personally when I first got approved for this card I used my $100 Amazon gift card in combination with a $15 coupon to pay for a $343 home remodel purchase which lowered my total to $252 plus I earned 5% cash back on that purchase which was $12.60 so in total I was able to save $128 by simply using this credit card to pay for my purchases on Amazon so now every time my partner and I want to buy anything on Amazon we make sure to use this credit card to earn that 5 to 6% cash back which adds up quickly okay now let's do an unboxing of this card together so my card came in the mail in this basic envelope which I destroyed inside the envelope there's papers booklets and the card by the way they offer three different designs which I'll show you guys later on in the video but I just went with this one anyway the front of the card is dark blue with a Prime logo in a lighter shade of blue and in the back we've got the same color theme with the Chase and Visa signature logo in silver now this card is pretty heavy because it's made out of metal but it's not as heavy and bent way more than some of my other metal credit cards which I honestly don't know why but overall it looks really nice in person and I feel like a lot of people may like its design but let me know what you guys think about it down in the comments now it's important to know that there are two versions of this card there's the Amazon Prime visa for Prime members and the Amazon Visa card for non-prime members these cards are pretty similar the main difference is that the prime Visa card offers a $100 Amazon gift card and 5% back at Amazon Amazon Fresh Whole Foods and Chase travel while the Amazon Visa only offers a $60 Amazon gift card and 3% cash back in those same categories based on your personal preference and whether or not you have a Prime Membership you can apply for the one you like so let me show you how the application works to apply you'll need to go to amazon.com select all scroll down to where it says programs and features select see all credit and payment products and then select Amazon Visa after that you'll need to log into your Amazon account if you don't have an account you can create one once you log in Prime members will see an Amazon Prime Visa card offer and non-prime members will see an offer to apply for the Amazon Visa card all you need to do is Select apply now they're first going to ask for some personal information then they'll ask about your residence and income after that you'll be able to choose a credit card design out of the one shown on the screen and you'll then need to agree to the terms and conditions by checking this box good luck now in my experience when I signed up for this credit card I got a popup message saying that in immediate decision about my application could not be provided because it required further review and that they would notify me in writing about the status of my application within 30 days but because I really needed to use the card that same day I called the chase reconsideration line and I told them I had applied for the card but didn't get an immediate answer and would like to know why to my surprise after reviewing my application they ended up approving me for the card and told me I'd be receiving it within a week which was very exciting but I then asked what my credit limit was and the answer was laughable they had approved me for a whopping $500 to this day I don't understand why they approved me with such a low limit but whatever I'm just happy to have gotten approved and been able to make my purchases that same day plus Chase usually only does a soft pole for credit limit increases so I can always request one in the future if I really want a higher limit regardless if this happens to you try calling the chase reconsideration lines to see if they can help you out with your application for reference when I applied for for this card my credit score was around 803 Chase pulled my credit score from Transunion and Experian my income was over 70k but less than 100K I had 11 credit cards total credit limit was over 140k and my credit utilization among all my credit cards was around 1% so do with that information what you please now let's quickly go over this card's pros and cons starting with the pros the first and most obvious Pro is that this card offers a great cash back rate on Amazon purchase so if you're someone who shops at Amazon frequently this is one of the best cards you can get to maximize your earnings especially if you don't have any other credit cards that cover this category the second Pro is that it offers a $100 gift card signup bonus without a spending requirement this is very nice because most credit cards require you to spend some money to earn their welcome bonuses the third Pro is that it offers a variety of unlimited cash back options for you to choose from so you can use this credit card anywhere not just at Amazon the fourth Pro is that the card essentially has no annual fee for those who already have and used an Amazon Prime membership the fifth Pro is that it has no foreign transaction fees so you don't have to worry about extra charges when using your card abroad and the sixth Pro is that the card comes with valuable perks including purchase protection extended warranty travel protection and much more moving on a cons the first is that you must have an Amazon Prime membership to get the card and earn its best rewards rate which cost $139 per year so if you don't already have a Prime Membership you're going to need to factor that into the cost of the card the second con is that it doesn't offer a long intro APR many credit cards offer this benefit which may be useful if you're trying to pay for something overtime interest free the third con is that the card has a high APR the variable APR for this card ranges from 1949 to 2749 Which is higher than the average for rewards cards not that it should matter if if you're paying your cards off in full and on time every single month but it's something to keep in mind the fourth con is that you can transfer Reward Points so your Redemption options are limited and the fifth con is that it has low rewards outside of its 5% categories there are many credit cards that offer 2% cash back on all purchases that can easily be used to cover these categories and more all in all the Amazon Prime Visa card is a great option for Prime members who frequently shop at Amazon Whole Foods and make purchases on the Chase travel portal because you'll earn 5% cash back in combination with its no annual fee no foreign transaction fees Simplicity and useful perks it's honestly a great option for those who can maximize it however if you're not an Amazon Prime member or shop in these categories this might not be the best card for you because its highest rewards mostly benefit people who do the rest of the two% categories are pretty useless in my opinion and can be easily covered by any other regular 2% flat rate cashback card like the Sofi credit card City double cash card or many others well one thing I could say from having the card for over a month is that it's obviously a no-brainer if you're always shopping at Amazon or if you don't have any other credit cards that cover this category anyway let me know in the comments what you guys think about this card if you have it or plan on applying for it and if you made it this far into the video comment the word Amazon so I know who my loyal besties are also if you're interested in limited time credit card and bank account bonus offers of up to $275 or getting a free $30 after you spend $30 wor rockon check out the links down in the description as always using those links is the best way to support the channel so it's a win-win anyway if you like this video make sure to watch these other ones next where I rank my 11 credit cards from worst to best and I review my favorite 2% cashback credit card of the moment okay bye now

Channel: Dayana Plays

Views: 17,945

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Id: ZdRWIkcPz_A

Length: 14min 50sec (890 seconds)

Published: Tue Jan 02 2024