Easy Extra Money Idea of the Day:
If you do a lot of shopping on Amazon.com you may already be a Prime member (if not, Prime offers a lot of benefits which may make the yearly fee worthwhile to you). However you may not be aware of the new Amazon Prime Rewards Visa Signature Card which gives you 5% back on all Amazon purchases!
If you’re a Prime member and do a lot of shopping on Amazon like I do, the Amazon Prime Rewards Visa Signature Card seems like a good deal. For starters there is no annual fee which I think is very important (why pay a fee just for the “privilege” of using a card???). As far as the benefits go, you get 5% back on every Amazon purchase, 2% back at restaurants/gas stations/drugstores, and 1% back on all other purchases. So you are literally earning cash back with every single purchase you make on the card. As an added bonus for new signups, you will receive a $70 Amazon Gift Card instantly upon credit card approval. Of course you should watch out for the interest rate and do your best to pay your balance off every month to avoid getting hit with it.
So how does it work? You receive the cash back in the form of points which you can apply to your next Amazon order. For example if you purchase a $100 TV on Amazon, you will receive 5 points (5% of the $100 purchase price). The next time you go to place an order on Amazon, you will have 5 points available which you can apply and deduct that amount off the total for your next order. Note that you can apply a certain number of points or all of them depending on what you prefer (in case you want to save some points for another order)
You do need to maintain an Amazon Prime subscription (currently $99/year) to receive these benefits. If you decide to terminate your Prime subscription it’s not all bad news though: You will still earn 2% back at restaurants/gas stations/drugstores and 1% back on all other purchases but your Amazon purchases will only earn you 3% back.
Check out our YouTube review of the Amazon Prime Rewards Visa Signature Card!