The Amazon.ca Rewards Mastercard is a credit card that is offered to customers who frequently shop on Amazon Canada and is designed to provide instant discounts and cashback rewards to cardholders. Although it falls short on rewards when compared to the best cashback and travel credit cards in Canada, it is a good option for people who frequently use Amazon Prime and shop at Whole Foods. So, if you are a regular shopper on Amazon.ca, this might be the right fit.
Benefits of the Amazon.ca Rewards Mastercard
It’s important to note that being an Amazon Prime member offers slightly better rewards and benefits with this credit card. The 5% cash back on eligible purchases made at Amazon.ca, grocery stores, and restaurants for the first six months is a nice perk for Prime members. Additionally, 2.5% cash back on eligible purchases made at Amazon.ca, Whole Foods Market in Canada, and foreign currency transactions is another great benefit for those who frequently shop on Amazon and Whole Foods.
The card also offers purchase assurance, extended warranty, and common carrier insurance which are added benefits for cardholders. It even has no annual fee and new cardholders receive a $10 Amazon gift card upon sign-up. For non-Amazon Prime members, the rewards and benefits offered by the Amazon.ca Rewards Mastercard are less compared to Amazon Prime members. The earn rate is lower, with only 1.5% cash back per dollar spent at Amazon.ca, Whole Foods Market, and physical Amazon stores.
There is no cashback for foreign currency transactions. Clearly, the Amazon.ca Rewards Mastercard is designed for individuals who frequently shop on Amazon and have an Amazon Prime membership. While the rewards earned are not cashback, they can be redeemed for Amazon gift cards with 2,000 Amazon rewards equating to $20. The Amazon.ca Rewards Mastercard is designed to incentivize non-Prime members to sign up for a Prime membership, as they earn fewer rewards without it.
Furthermore, the card’s benefits such as purchase assurance and extended warranty are standard and not particularly noteworthy. It’s important to note that alternative credit cards, such as the American Express Cobalt Card, may offer up to 5% in points back on Amazon purchases. It’s also worth noting that as a no-fee credit card, the Amazon.ca Rewards Mastercard does not offer premium benefits such as travel insurance or lounge access.
Amazon Rewards Policy
Amazon Rewards is a straightforward rewards program. The rewards points do not expire and can be easily redeemed for Amazon.ca gift cards. For every 2,000 Amazon Rewards points earned, you will receive a $20 Amazon.ca gift card. This program is designed to be simple and easy to use, making it a great option for those who prefer a cashback program.
However, it does not offer other options like travel rewards which could be more valuable, depending on how you redeem them. It’s worth noting that, unlike other rewards programs, Amazon’s rewards program does not have any special promotions where you can earn more points on purchases or get more cashback when you redeem a set number of points. This makes the program less dynamic compared to other rewards programs.
The merits and demerits of Amazon.ca Mastercard
It’s vital to weigh the pros and cons before deciding if the Amazon.ca Mastercard is the right fit for you. While the card offers great rewards for frequent shoppers on Amazon, it may not be the best option for other types of purchases, like groceries. It’s best to compare the rewards and benefits of this card with other similar credit cards before making a decision. The Amazon.ca Mastercard offers several benefits, including a high earn rate on Amazon and Whole Foods purchases (2.5%), rewards on foreign transactions, and no annual fee.
Besides, new cardholders receive a welcome bonus of a $10 Amazon gift card and 5% back on grocery stores and restaurant purchases in the first six months. However, the card also has some downsides, such as a weak base card for non-Prime members and a low base earn rate of 1% on all other purchases, which may not be as attractive as other credit cards offer.
Pre-requisites for an Amazon.ca Mastercard
To be an eligible candidate for the Amazon.ca Rewards Mastercard, you need to be a Canadian resident and of legal age in your province or territory. The credit score requirement is generally 660 or above, and it’s important to keep in mind that your credit score may be affected by 10 points when you apply for the card. The card could be useful for individuals who want to maximize their rewards.
Are there other alternatives?
The Amazon.ca Rewards Mastercard may not be the best option for everyone, as there are other credit cards available that offer similar rewards and benefits, but it ultimately depends on where you do your shopping. For example, the PC Financial World Elite Mastercard offers a higher earn rate at Loblaws-owned stores, Shoppers Drug Mart, and Joe Fresh, but it may not be as beneficial if you primarily shop on Amazon.
Similarly, the Triangle World Elite Mastercard is geared towards people who shop at Canadian Tire, Sports Check, Mark’s, and Atmosphere, but it may not be as useful for Amazon shoppers. Moreover, there are other credit cards available that offer no foreign transaction fees, such as the Wealthsimple Cash Card, which also offers cashback and other benefits.
Bottomline
The Amazon.ca Rewards Mastercard is a great option overall. As a no-annual-fee card that is linked to your Amazon account, it is ideal for individuals who frequently shop on Amazon and is considered one of the top store credit cards in Canada. However, it is not as well-rounded as some of the best travel rewards credit cards and may not be a great option for those looking for a credit card without foreign transaction fees.
