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Amazon Platinum Mastercard

By: Peter Stephens | Updated: 9th July 2020.

This card makes an interesting option for avid Amazon shoppers, as it rewards with 1.5 points for every £2 spent on Amazon.co.uk (1,000 points = £10). Three months of 0% interest on new purchases and a £10 Amazon gift card make the offer even more attractive. However, a higher-than-average interest rate means you'll definitely want to clear your balance monthly.

Great for: Earning rewards on Amazon spend
4 stars question mark
Amazon Platinum credit card

The Amazon Platinum Credit Card will have most appeal for frequent Amazon shoppers, as spend on Amazon accrues rewards much faster (1.5 points per £2) than spend elsewhere (0.5 points per £2). Eligible Prime members will get even more for their Amazon spend (3 points per £2). No annual fee and a £10 Amazon gift card for new cardmembers make this an offer worth considering.

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CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 1.5 Amazon points per £2 spent on Amazon and 0.5 points per £2 spent elsewhere
  • 3 Amazon points per £2 spent on Amazon for eligible Prime members
  • £10 Amazon gift card for new cardmembers
  • 0% interest on purchases for first 3 months

REPRESENTATIVE EXAMPLE

Representative rate 21.9% APR (variable)
Purchase rate 21.94% p.a. (variable)
Based on borrowing £1,200

what we like

  • 1.5 Amazon points per £2 spent on Amazon and 0.5 points per £2 spent elsewhere
  • £10 Amazon gift card for new cardmembers
  • 0% interest on purchases for first 3 months
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    21.9%
  • INTRO OFFER:

    £10 Amazon gift card for new cardholders
    0% interest on purchases for 3 months

KEY SCORES:

  • 3/5 Perks
  • 5/5Fees
  • 3.5/5APR

HIGHLIGHTS

  • 1.5 Amazon points per £2 spent on Amazon and 0.5 points per £2 spent elsewhere
  • 3 Amazon points per £2 spent on Amazon for eligible Prime members
  • £10 Amazon gift card for new cardmembers
  • 0% interest on purchases for first 3 months

REPRESENTATIVE EXAMPLE

Representative rate 21.9% APR (variable)
Purchase rate 21.94% p.a. (variable)
Based on borrowing £1,200

OUR BOTTOM LINE

The Amazon Platinum Credit Card will have most appeal for frequent Amazon shoppers, as spend on Amazon accrues rewards much faster (1.5 points per £2) than spend elsewhere (0.5 points per £2). Eligible Prime members will get even more for their Amazon spend (3 points per £2). No annual fee and a £10 Amazon gift card for new cardmembers make this an offer worth considering.

Credit Rating Requirement: Good/Excellent

What I like

  • Rewards – The Amazon Platinum Credit Card offers reward points for every transaction. Since it is a Mastercard, it is widely accepted and consumers can quickly accumulate points for everyday spending. The card accumulates 1.5 points for every £2 spent at Amazon, while it accumulates 0.5 points for every £2 spent at other retailers. Eligible Amazon Prime members get to up the earnings on Amazon spend to 3 points for every £2 spent. Once a cardholder has reached 1,000 points, they are sent an Amazon gift voucher worth £10. Clearly, the card is more beneficial from a rewards perspective for individuals who shop frequently at Amazon. With Amazon’s wide range of products, it may be possible to conduct a sizeable portion of a consumer’s total spending at the store in order to benefit from its more generous points accrual rate.
  • No annual fee – The card does not charge an annual fee. This is good news for all consumers, but perhaps mostly for those who do not intend to spend heavily at Amazon or elsewhere. The lack of annual fee means consumers are not under pressure to accumulate a specific number of reward points or vouchers in order to offset the cost of the annual fee. This could provide greater flexibility for consumers, and may even mean that the card could be used as a second credit card for use when shopping at Amazon, due to its more favourable rewards points accrual.
  • Offers – The card has a number of offers that could entice consumers and that help to differentiate it from its peers. For example, it offers an introductory 0% interest rate on all purchases made within the first three months of card ownership. This could appeal to individuals who are planning to make a major purchase in the near term, since it could provide them with greater financial flexibility. The card also offers a £10 Amazon gift voucher for all consumers who obtain the card. This could make it a rewarding credit card from the very start of card ownership.

Why trust me

I have been writing for The Motley Fool since 2013, and have experienced the booms and busts of the UK economy for a number of decades both as an investor and a consumer. I have held various senior management positions during my career, while also setting up my own manufacturing company in 1996. It was subsequently sold in 2007. I have a keen interest in consumer finance, as well as in the stock market.

What could be improved

  • Vouchers – Accumulated rewards points are converted into an Amazon voucher. While this is good news for consumers who shop regularly at Amazon, other individuals may prefer to receive cashback or a voucher that can be used at a variety of stores. This may limit the appeal of the card to those individuals who regularly shop at Amazon, with other rewards credit cards potentially offering greater choice and flexibility in where accumulated points can be redeemed.
  • Non-Amazon rewards rate – For spend that doesn’t take place on Amazon, cardholders only get 0.5 points for every £2 spent. There’s no two ways about it — that’s not great. So that makes the card less appealing for non-Amazon usage.
  • Foreign transaction fee – The card charges a 2.75% non-sterling transaction fee. This could make it an expensive method of payment when abroad. With other credit cards offering no foreign transaction fees, it may be worth having a second credit card for international use. Even for relatively infrequent short trips abroad, a 2.75% non-sterling transaction fee could lead to surprisingly high costs.
  • Balance transfers – There is a 5% balance transfer fee, and balances transferred from other credit cards are subject to the card’s standard rate of interest. This makes the card unappealing for consumers who are looking to cut interest payments on existing debt.

How does it stack up?

The rewards offered by the Amazon Platinum Credit Card are generous compared to those of other rewards cards, with one important caveat: if you are shopping on Amazon. Spend that’s not on Amazon has a low rewards rate.

Of course, the fact that Amazon sells a variety of products means that many consumers will already have an account with the retailer and may find themselves redirecting spending from other stores to Amazon in order to capitalise on the higher reward opportunities which it offers.

Cardholders can only receive Amazon vouchers in return for their accumulated points, which reduces their flexibility when deciding how to spend their rewards. This, though, is fairly commonplace in the rewards credit card sector, and Amazon’s breadth of inventory means that most consumers are likely to find something worthwhile to purchase with their vouchers.

The offers provided by the card help to improve its appeal versus rival cards. Its foreign transaction fees and lack of a balance transfer incentive, though, limit its broader appeal and may mean that consumers require a second credit card, depending on their personal circumstances.

Credit score

Applications for the card are made online through the Amazon website. There is a useful eligibility checker which provides guidance on whether an individual will be accepted for the card. This could be a means of avoiding a negative impact on a credit score while also finding out more about the probability of being accepted.

As with all credit cards, the advertised interest rate is a representative rate. This means that it must be offered, by law, to at least 51% of successful applicants. A minority of applicants may therefore receive a different interest rate to that which is advertised.

How to apply

Applicants must be aged 18 or over and be permanent UK residents who have lived in the UK over the last 12 months (unless they are a member of the armed forces). They must have a UK bank account and mobile phone number, as well as not being a current Amazon credit card holder.

When applying for the card, applicants should have details such as their monthly income, monthly outgoings, employer details and address history to hand.

Is the Amazon Platinum Credit Card right for you?

For consumers who shop regularly at Amazon, the card is likely to be highly appealing. Even more so for those that are Amazon Prime members. The lack of an annual fee may also broaden the card’s appeal to consumers who do not spend heavily on their credit card. Offers such as an introductory 0% interest rate for three months and a £10 Amazon gift voucher upon sign-up help to sweeten the deal.

Rewards vouchers can only be used at Amazon. However, with the retailer being very popular among consumers and having a broad range of products, it is likely that vouchers will be easily spent.

But Amazon shopping is really the card’s sweet spot. If most of your shopping isn’t on Amazon, you’re planning to spend abroad, or are looking for a balance transfer opportunity, it may be best to look elsewhere.

See the Best Reward Credit Cards


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