Amazon is coming out with a Prime-only credit card.
The e-commerce giant will release the Amazon Prime Rewards Visa Signature Card in partnership with Chase, Amazon announced on Wednesday. Cardholders — who must be Prime members — will get 5 percent back on all Amazon purchases plus other cash back rewards.
Amazon already offers one regular credit card that’s not exclusive to Prime members. Anyone who has the Amazon Rewards Visa Signature Card and also has Prime will be upgraded to the new Prime card. That card offered 3 percent cash back on Amazon purchases.
“We are adding even more value to Prime by offering rewards on Amazon and everywhere else you shop,” Amazon vice president for consumer payments Max Bardon said in a statement.
In addition to rewards for Amazon purchases, the Prime card will give cardholders 2 percent cash back for purchases at restaurants, gas stations and drugstores and 1 percent back on all other purchases. The card won’t charge any foreign transaction fees or an annual credit card fee.
Amazon didn’t say what would happen if cardholders lapsed on their Prime subscription.
Amazon has added benefit after benefit to Prime over the past several months, from music streaming to e-books. The tech giant keeps upping its offerings for Prime because, simply, Prime members buy more on Amazon. According to the financial services firm Nomura, Prime members spend two-and-a-half times as much on Amazon as customers without Prime.
Now Amazon is giving customers another reason to sign up for Prime, and keep spending.