I was in the market for a new card due to my decision to upgrade from the American Express Premium Rewards Gold Card to the Platinum Card, which I will discuss in another post. Suffice it to say that while the Platinum Card is great for the benefits of having the card, the 1X points earnings leave something to be desired. Previously I had just put all my spending on the Gold card; with this change, it became more advantageous to diversify.
I'd been reading up on rewards in terms of frequent flyer points, cash back, and whatever else I could find. I turned up the Amazon card in a google search, which is funny because I must have seen it advertised on Amazon a hundred times. Now that I was in the market, it appealed to me instantly. It's a "cashback" card, so the points translate to cash at $1 per $100 points. It earns points with the following multipliers:
-3 points per dollar at amazon.com
-2 points per dollar at Gas Stations, Restaurants and Drugstores
-1 point per dollar everywhere else
The signing bonus is not exciting at $30 currently, but it posts instantly and the spending rewards appear as soon as your statement month is over. I was able to get a $50 instant credit (it functions like a gift card) for Amazon.com when I signed up. Right now, the best deal I can see is only $30 though. I am not certain if it was available publicly the day I signed up or if it was a targeted offer because I was signed into my amazon account while viewing the details. If you want this card and already have an Amazon account, then better safe than sorry: make sure you are logged in before you apply!
Neither $30 nor $50 is an especially exciting signup bonus, but this is a card you buy to put spending on rather than for that perk. The only card I have seen with better Amazon rewards is the Citi Forward card which yields 5X points on bookstores, which currently includes Amazon. However, I worry that this classification will change in the future. The Chase Freedom card also gave 5% cash back on Amazon purchases several months ago, but those rewards rotate by quarter and were only good for the first quarter of 2012.
I don't have any affiliation with Amazon or Chase beyond being a customer, so I don't get anything if you sign up for either.