This summary of the video was created by an AI. It might contain some inaccuracies.
00:00:00 – 00:10:46
The video provides an in-depth comparison of two Amazon credit cards issued by Chase: the Amazon Rewards Visa and the Amazon Prime Rewards Visa. Both cards have no annual fees, though the Prime Visa requires an Amazon Prime membership. The Amazon Rewards Visa offers modest rewards, including 3 points per dollar on Amazon and Whole Foods purchases, 2 points on dining and gas, and a $50 bonus gift card upon approval.
In contrast, the Amazon Prime Rewards Visa offers more substantial benefits for Prime members, including 5% back on Amazon and Whole Foods purchases and a $100 gift card upon approval. Both cards provide Visa Signature perks such as travel protections, no foreign transaction fees, extended warranties, and purchase protections, with interest rates ranging from 18.49% to 26.49%.
The video also discusses the approval process, noting that a credit score over 700 improves chances, and highlights Chase’s informal 524 rule, which could affect eligibility. It concludes that Prime members would gain more from the Prime Rewards Visa due to higher rewards and additional benefits tied to the Prime membership.
00:00:00
In this part of the video, Adam Jessica discusses the Amazon Visa credit cards, specifically the Amazon Rewards Visa and the Amazon Prime Rewards Visa. He explains that both cards are issued by Chase and have no annual fees, except the Prime Visa requires a paid Amazon Prime membership. The Prime Visa offers higher rewards for Amazon and Whole Foods purchases compared to the regular Rewards Visa. Additionally, there is a third Amazon store credit card by Synchrony Bank, which is not a Visa and only usable at Amazon, but this card isn’t covered in detail in the video.
Focusing on the Amazon Rewards Visa for non-Prime members, Adam details its benefits:
– No annual fee.
– Earn 3 points per dollar on Amazon and Whole Foods purchases.
– Earn 2 points per dollar on restaurant and gas purchases.
– Earn 1 point per dollar on other purchases.
– New cardholders receive a $50 bonus gift card upon approval.
He notes that while the $50 bonus is easy to obtain without specific spending requirements, it is modest compared to other rewards cards on the market. Points earned can be used at Amazon checkout or redeemed as cashback, with each point worth one cent. The video emphasizes the practical integration of points usage directly on Amazon’s platform.
00:03:00
In this part of the video, the speaker evaluates the Amazon Rewards Visa and compares it to other credit cards. The Amazon Rewards Visa offers no annual fee and provides 3% back at Amazon, though other rewards are modest, and the bonus is not very attractive. The speaker suggests that alternative cards, like the Blue Cash Everyday Card from American Express, might be better as they also offer 3% back on online purchases, U.S. supermarkets, and U.S. gas stations, plus a larger bonus.
Then, attention shifts to the Amazon Prime Rewards Visa, which gives 5% back on Amazon and Whole Foods purchases and other similar rewards. This card also features special offers for earning more than 5% on some purchases and a higher new cardholder bonus, including a $100 Amazon gift card upon approval, without needing a minimum spend. They also explain Amazon Prime’s subscription service, highlighting its cost, perks like free faster shipping, access to Amazon Video, Amazon Music, Amazon Pharmacy, Amazon Gaming, and discounts during Amazon Prime Day.
00:06:00
In this part of the video, the speaker discusses the Amazon Prime Visa card and its benefits for Prime members, emphasizing that it offers a 5% cashback on Amazon and Whole Foods purchases. They compare two Amazon Visa cards, pointing out that both offer financing options instead of rewards for larger purchases, and they break down the installment plans. Additionally, both cards are Visa Signature cards, providing extra benefits like travel protections, no foreign transaction fees, extended warranties, and purchase protections. The interest rates for the cards range from 18.49% to 26.49%, and it’s advised not to carry a balance to avoid high interest charges. The video also mentions the potential for instant approval within 15 seconds and the ability to use the card immediately upon approval.
00:09:00
In this segment, the speaker discusses the approval odds and considerations for obtaining an Amazon credit card, specifically the Amazon Rewards Visa and the Amazon Prime Rewards Visa from Chase. They mention that a credit score over 700 generally results in good approval odds, while scores between 650 and 700 may be “on the bubble.” The speaker also notes Chase’s informal 524 rule which could restrict approvals for those who have opened five or more credit cards in the last 24 months, though this might be relaxed for Amazon’s co-branded cards. Furthermore, they compare the benefits of the two cards, highlighting the significant advantage for Amazon Prime members with the Prime Rewards Visa offering a 5% reward on Amazon and Whole Foods purchases. The speaker invites the audience to visit their website for more credit card reviews and personal finance tips.