The Amazon Prime Rewards Visa Signature Card is a great option for frequent Amazon and Whole Foods shoppers, offering 5% cashback on purchases. With no annual fee and extra perks like purchase protection and travel benefits, it’s a solid choice for those who already have an Amazon Prime membership.
Before applying, it’s important to know the credit score requirements and other factors that can impact your approval odds. While a strong credit score helps, lenders also look at income, debt levels, and payment history when reviewing applications.
Credit Score Requirements for an Amazon Credit Card
Most approved applicants for the Amazon Prime Rewards Visa Signature Card have a credit score of at least 640. This falls within the fair credit range, meaning those with higher scores may have an easier time getting approved. However, approval isn’t based on credit score alone.
Chase Bank, the card’s issuer, considers additional factors such as income, existing debt, and recent credit activity. A strong credit history with on-time payments and low credit utilization can improve your chances of qualifying. Even if your score meets the minimum threshold, a high debt-to-income ratio or multiple recent credit applications could still impact the decision.
Key Features of the Amazon Prime Rewards Visa Card
This Amazon credit card is one of its co-branded credit cards, issued by Chase Bank. It offers rewards like 5% cashback on purchases made on Amazon and at Whole Foods Market.
You must have an Amazon Prime membership to be eligible for the Amazon Prime Credit Card. There is no annual fee and no foreign transaction fees. Additionally, the card offers a $100 Amazon gift card as a sign-up bonus, 2% cashback at restaurants, gas stations, and drugstores, and 1% cashback on all other purchases.
Benefits of the Amazon Prime Card
Apart from the cashback rewards, this Amazon credit card comes with several benefits, such as:
- Travel and emergency assistance: Cardholders have access to a 24/7 hotline for travel and emergency assistance, which can provide help during unforeseen circumstances while you’re away from home.
- Lost luggage reimbursement: If your checked or carry-on luggage is lost or damaged by the carrier, you can be reimbursed up to $3,000 per passenger. 3. Purchase protection: The card offers purchase protection, covering eligible items against damage or theft for up to 120 days from the date of purchase, with a maximum of $500 per claim and $50,000 per account.
- Extended warranty protection: Cardholders can extend the original manufacturer’s warranty on eligible items by an additional year, for warranties of three years or less.
- Auto rental collision damage waiver: When renting a car, you can decline the rental company’s collision insurance and charge the entire rental cost to your card. This provides primary coverage for theft and collision damage up to the actual cash value of most rental vehicles.
How to Increase Your Approval Odds for an Amazon Prime Credit Card
Getting approved for a credit card requires a little planning. Most credit card offers require very good credit. So, when applying for new credit, it’s essential to know your credit scores and what’s on your credit reports.
Credit card issuers want to see a strong credit history, steady income, and low credit utilization. If you’re using too much of your existing revolving credit, it’s a sign that you may not pay them back. You’ll also want to make sure you haven’t applied for too much credit in the recent past. Having too many credit inquiries can lessen your chances of getting approved.
Additional Tips
Here are some additional tips to improve your chances of getting approved for an Amazon credit card:
- Pay down debt: Reduce your credit utilization by paying down existing balances on your credit cards. A lower credit utilization ratio (below 30%) can positively impact your credit score and increase your chances of approval.
- Pay bills on time: Maintaining a positive payment history on your credit accounts demonstrates responsible financial behavior, which can help improve your credit score. Late payments can negatively affect your credit, so avoid them whenever possible.
- Check for errors on your credit report: Review your credit report for any inaccuracies or discrepancies. If you find any errors, dispute them with the credit bureaus to potentially improve your credit score.
- Limit new credit applications: Applying for multiple credit cards or loans within a short period can lead to hard inquiries on your credit report, which can lower your credit score. Limit new applications to avoid impacting your chances of approval for an Amazon credit card.
- Consider a co-signer: If you have a limited or poor credit history, consider asking a friend or family member with good credit to co-sign your credit card application. This can help increase your chances of approval since the co-signer’s credit history will also be considered.
Improve Your Credit Before Applying
If your credit score isn’t where it needs to be for approval, taking steps to improve it can make a difference. Negative marks like late payments, collections, and charge-offs can hold you back, but addressing these issues may help raise your score.
Credit Saint helps clients dispute inaccurate or unfair negative items on their credit reports, which can lead to better credit opportunities. A higher score can improve your chances of getting approved for the Amazon Prime Rewards Visa and other top-tier credit cards. To get started, visit their website for a free credit consultation.
Bottom Line
The Amazon Prime Credit Card is an attractive option for those with a fair to excellent credit score and a Prime membership. With its generous cashback rewards on Amazon and Whole Foods purchases, as well as additional benefits such as travel assistance and purchase protection, this card can be an excellent choice for frequent Amazon shoppers.
By following the tips above to improve your credit score and increase your chances of approval, you can get closer to enjoying the perks that this credit card has to offer.
