Amazon have launched a new credit card for Prime users. What are the terms, is it a good deal, and why have Amazon launched the new card?
The Amazon Platinum Mastercard offers 0.75 points for every £1 spent on Amazon and 0.5 points per £1 on purchases everywhere else.
Once shoppers have 1,000 points a £10 Amazon gift card is loaded into the account linked to the credit card.
This is far from a generous rate of reward: you’ll need to spend at least £1,333 on Amazon or £2,000 everywhere else to get the £10, which can then only be spent on Amazon.
There is no annual fee and new customers will also receive a £10 Amazon gift voucher when they first sign up.
Holders are also given 0% interest on purchases for the first three months. The representative APR is 21.9%.
According to a note published by Consumer Intelligence Research Partners, customers owning Amazon credit cards spend the highest on its platform. Their average annual expenditure exceeds that of Amazon Prime members by 16%. We believe this new card is Amazon’s attempt to entice its Prime members to spend more on its platform and, with the lucrative rewards it offers, it could prove effective in meeting this goal.