Amazon Launches Its Best Credit Card Bonus for Prime Day

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• The Prime* Visa is offering an elevated bonus in honor of Prime Day.
• New cardholders can earn a $200 Amazon gift card upon approval of your credit card application for a limited time.
• Cardholders can earn 6% back at Amazon on Prime Day, but you need to be a Prime member to qualify.
• Read Insider’s guide to the best rewards credit cards.

This year’s Amazon Prime Day is happening July 11 and 12, and if you’re looking for a way to get an even better deal on your shopping, it’s a great time to consider the Prime Visa.

For a limited time, the card is offering a $200 Amazon gift card upon approval of your credit card application. Previously, the welcome offer included a $100 Amazon gift card, so this is double the usual bonus. And because you receive the gift card instantly when you’re approved, opening the card is a terrific way to save on your Prime Day purchases.

Cardholders with an eligible Amazon Prime Membership can earn 6% back on Amazon purchases on Prime Day, and otherwise earn:

• 10% back or more on select products (limited-time offer)
• 5% cash back at Amazon and Whole Foods (requires a Prime Membership and that your card is loaded to your eligible Amazon account; otherwise earn 3% back on these purchases)
• 2% cash back at restaurants, gas stations, and drugstores
• 1% cash back on everything else

If you’re a frequent Amazon or Whole Foods shopper, you can earn a ton of cash back by opening and using the Prime Visa. That said, if your typical expenses are mostly in other categories, a different cash-back card could be a better choice for you overall. Here’s what to know to help you decide if it’s worth applying.

Amazon Prime Rewards card: Earn a $200 Amazon gift card

New Prime Visa cardholders can earn a $200 Amazon gift card upon approval of your credit card application. This is one of the easiest credit card welcome bonus offers to earn, because it doesn’t have a minimum spending requirement, and you receive your bonus immediately after you’re approved.

The Prime Visa has no annual fee and doesn’t add foreign transaction fees, but to qualify you’ll need an Amazon Prime Membership, which normally costs $139 per year.

Because the Prime Visa is a Visa Signature card, it comes with a solid range of purchase protections and travel insurance. Cardholders receive:

• Secondary car rental insurance
• Baggage delay insurance
• Lost luggage reimbursement
• Travel accident insurance
• Extended warranty
• Purchase protection
• Travel and emergency assistance
• Roadside dispatch
• Access to Visa Signature Luxury Hotel Collection
• Visa Signature Concierge Cardholders
• No foreign transaction fees

In addition, the card offers an option to save on interest if you’re making big Amazon purchases. At checkout, instead of earning cash back, cardholders can choose to pay for an Amazon purchase of $50 or more in equal monthly payments (from six to 18 months) with promotional pricing.

Monthly payment plans are available as follows:

• Purchases of $50 or more: Six equal monthly payments
• Purchases of $250 or more: 12 equal monthly payments
• Purchases of $500 or more: 18 equal monthly payments

While you won’t earn rewards if you take advantage of the 0% APR offer, it’s useful if you’re making a big purchase you can’t pay off all at once and want to avoid high interest charges. While the full transaction is charged to your card at the time of purchase, you’ll be responsible for the monthly payment amount which appears on each statement for the duration of your payment plan.

*The information for the Prime Visa was collected independently by Business Insider and has not been reviewed or approved by the card issuer.