There’s no shortage of reward cards on the market. With plenty of competition, even large companies like Amazon are fighting for consumer loyalty. One of the most popular ways to do this is by offering rewards credit cards. By partnering with major credit providers, companies incentivize consumers with rewards, perks, and cash-back. The Amazon card stands out, not only due to its vast marketplace connections but also because it lets customers save at one of the most popular online shopping destinations in the world.
Of course, as with any credit card, deciding whether to add it to your wallet involves weighing the pros and cons. To help you make the best decision, we’ve broken down the essential details about the Amazon Rewards MasterCard, so you can make an informed choice.
Amazon Rewards Mastercard
By partnering with Mastercard, Amazon is able to offer competitive benefits for customers. The goal is to incentivize consumers to make purchases at Amazon as opposed to a different retailer. The rewards plan operates through the MBNA, a division of Toronto Dominion (TD) Bank.
Amazon has one of the highest earn rates on the market and not only for the welcome period. Even beyond that point, the card continues to offer competitive earn rates, as follows:
Welcome Bonus Period
Once you get approval for an Amazon.ca rewards card, you’ll get 5% back on any purchase made at Whole Foods, Amazon.ca, restaurants and grocery stores located in Canada. The welcome period ends either at the six-month mark or when you make $3,000 in eligible purchases. After this point, the card reverts to its regular rate.
Regular Earn Rate
After the welcome period expires, you can still earn ample rewards by using the card in a savvy way. The rate you earn on the card varies slightly depending on whether you’re an Amazon Prime member or not.
- Prime Members – If you use the card at an Amazon.ca purchase you get a return of 2.5%. The same applies to Canadian Whole Food Markets and transactions with foreign currency. All other purchases will earn you 1%.
- Non-Prime Members – If you use the card to make a purchase on Amazon.ca without an Amazon Prime membership, the return drops to 1.5%. All other purchases yield a return of 1%, including foreign currency transactions.
Amazon Rewards Mastercard Fees
Before choosing a credit card, it’s essential to understand how the fees apply. With the Amazon.ca Rewards Mastercard, issued through the MBNA, the costs are as follows:
- Annual Fee: There is no annual fee ($0) for this credit card.
- Interest: Regular interest rates of 19.99%.
- Cash Advance: Interest on cash withdrawals of 22.99%.
- Balance Transfer: Interest on balance transfers of 22.99%.
How To Redeem Your Amazon Rewards Mastercard Points
Once you have earned 2000 points using your Amazon Rewards Mastercard, a $20 Amazon.ca gift card will be automatically added to your Amazon.ca account within a period of two billing cycles and the transaction shows on the subsequent statement.
If you want to view the balance or track the history of your redemptions, simply follow these steps:
- Log into your MBNA (the credit card provider) online banking account
- Navigate to the Rewards section
- Select Manage rewards
- Navigate to the Account Details
- Click on Earning Activity
- Select the plus sign next to the transaction
Expiring Points
Provided your credit card account remains active and in good standing, the points won’t expire. However, if either the cardholder or the MNBA closes the account, and there are fewer than 2,000 points, those expire without the opportunity to redeem them.
How To Apply For The Amazon Rewards Mastercard
The process of applying for the Amazon Rewards Mastercard is straightforward. As long as you have a decent credit history and are eligible, there is a strong likelihood that you’ll be accepted.
Eligibility Requirements
To be eligible for the Amazon.ca Rewards MasterCard, you must meet the following requirements:
- Are a Canadian citizen or have permanent residency
- Be the age of majority within your province:
- 18 Years Old – Alberta, Manitoba, Ontario, Quebec, Saskatchewan, Nova Scotia and Prince Edward Island
- 19 Years Old – British Columbia, Newfoundland and Labrador, Northwest Territories, Nunavut, and Yukon.
- Have a Social Insurance Number (SIN)
- Have a valid address, email, and phone number
- Can provide proof of identification
Apply
You can apply online by logging into your Amazon account and navigating to the application page. There you can complete the brief credit card application. You may receive immediate approval, in which case you’ll receive email correspondence with the account agreement and the terms and conditions of the card. Ensure that you understand the information before using the card, since your purchases thereof activate the account and leave you responsible for that debt, and any interest it accrues.
Approval Process
If you don’t immediately receive approval, MBNA will complete a review process, then get back to you with a response within 15 days of your application. Because of the high number of inquiries on these cards, it usually takes the full 15 days to receive a response (possibly longer if it’s sent by mail). In the event you don’t qualify for the card, the correspondence will state the reason for denial. This allows you to address the matter and reapproach the application at a later time.
Amazon Rewards Mastercard Extra Benefits
It’s no longer sufficient for a credit card to offer rewards alone. To remain competitive, the Amazon Rewards Mastercard offers extra benefits that match most other cards on the market. By pairing these with the reward cash value, it creates a merit-worthy program. Among the perks are:
Purchase Assurance
This comes into play when you make a purchase and something goes wrong along the way. Whether it’s a matter of delivery or damage, it protects you from paying for a product you don’t actually get. Your purchases are protected against this risk, helping you shop with peace of mind.
Extended Warranty Benefit
An extended warranty provides you with protection from the costs associated with damage. As with any warranty, it includes a unique set of requirements that you must meet to receive the coverage. However, if there’s a product issue sourced at the manufacturer, it means you won’t pay out of pocket to address the issue.
Car Rental Discount
Want to avoid paying full price for a rental vehicle? This card can help with that. It offers discounts with major rental car companies to help you travel with ease. Plus, when you book the car using your Amazon credit card, you will earn extra points associated with the purchase.
Trip Assistance and Legal Assistance
Whether you’re travelling to a new area or simply want access to roadside services, this card incorporates those features. When you travel, the card features things like lost document protection, ticket replacement, and lost luggage services. Worried about incurring legal issues abroad? It’s always prudent to protect your interests by researching local laws beforehand, but this card helps you access help if you end up needing it.
Check out the best credit cards with travel insurance.
Emergency Services
The cost of accessing emergency services (such as an ambulance) can be extensive during travel. Instead of risking getting stuck with a massive bill for essential services, this card protects you from those costs. It ensures that you can reach emergency assistance when you need it, without fearing the financial repercussions of seeking that help.
What Protection Does The Amazon Rewards Mastercard Offer?
The digital age has enhanced the need to protect your money during travel. It’s not just physical cash at risk — it’s a matter of protecting your personal financial information when online. MBNA relies on industry-leading encryption technology that, when used correctly, can protect you against identity fraud and account issues. Among its security features are:
Mastercard Contactless
This convenience feature allows you to simply tap your card at participating merchants. By processing the payment wirelessly, the card never leaves your hands. Contactless transactions are accepted by most major retailers (and an increasing number of small companies). Instead of handing your card over, simply tap and go.
Mastercard Zero Liability
A security feature that means the cardholder won’t be liable for unauthorized purchases, this protection is very valuable. Though some terms apply, whether the wrongful purchase was completed online, in-store, or over the phone, there is zero liability for the cardholder. Paired with the chip and PIN system, the Amazon card offers cutting-edge protective features.
Final Notes
As far as rewards cards go, the Amazon Rewards Mastercard offers an impressive yield, especially during the welcome period. While there is some underwriting that puts caveats on some purchases, like using the Canadian domain, running purchases through an eligible Prime account, this isn’t uncommon for credit card terms. In fact, the extra benefits of the automatic cash-out of rewards make it one of the lower-maintenance cards around.
Especially for customers who already have a Prime membership, and actively use Amazon for regular purchases, this is a useful card. Amazon benefits by you shopping more through the site and having an extra reason to keep your account active. The MBNA benefits through increased participation in the credit card program. The consumer benefits from some cash back returns on purchases they were already planning to make.
