Chase Amazon Visa Card Is Getting Better
I just received a letter from Amazon.com which informs me that my Amazon.com Rewards Visa Card is being upgraded to Amazon.com Rewards Visa Signature Card with Signature benefits.
I got the card in 2006 when I started to make more and more purchases at Amazon.com. I thought getting the card makes sense for the 3% cashback it offers for shopping at Amazon.com (actually, 3 points for every dollar spent and the bonus points can be redeemed for Amazon gift card). Three years later I still have the card, but I only use it at Amazon because rewards for shopping at other places with this card isn’t really that rewarding. With the upcoming upgrade, however, it seems that the card can get a little more usages.
The upgrade will come on October 1, 2009 automatically for existing cardholders. With the new Signature card, card members can enjoy one more newly added benefit: get 2 rewards points for gas, dining and drugstore purchases for every dollar spent, in addition to the usual cashbacks for shopping at Amazon.com (3%) and elsewhere (1%). So basically with the Amazon.com Rewards Credit Card, you can earn points for every eligible dollar:
- Earn 3 points on Amazon.com purchases
- Earn 2 points on gas, dining, and drugstore purchases
- Earn 1 point on purchases everywhere else
Plus, there are no earning caps, expiration dates, or annual fees!
These days, I can pretty much get 1% rebate with any credit card that offers a rewards program, but not many will go above the 1% mark and it is becoming increasingly difficult to get good rewards from card issuers because of changes in credit card rules (I think the new law actually punishes people who are using their plastics responsibly). In this environment, I think 2% cashback, though limited to only gas station, restaurant, and drugstore purchases, is a pretty good offer.
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With the above being said, I don’t think I will switch to the Amazon card any time soon. Right now, I am still getting 3% cashback from Chase Freedom card at gas stations and grocery stores. When shopping at other places, I use Fidelity 529 card which gives me 2% back on every purchase. As long as I still have these benefits, I will stick with them for my everyday purchases.
BTW, the 2% rebate isn’t the benefit the new card will start to offer. The Amazon.com Signature card will also become a card with no pre-set spending limit, which I am not sure whether it’s a good change or a bad one.
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