We even played an April Fools’ prank earlier this year saying it was making a comeback. We thought we were joking, but it turns out a relaunch of the card is in fact, here. Who knew? We sure didn’t!
A new Amazon credit has launched – the
What does it look like? Let’s go through all the details to see what this card has to offer.
Amazon.ca Mastercard details
Yup, we’re switching from Visa to Mastercard, which is great news for Costco fans.
The new card is rumoured to be issued by MBNA, which is a virtual credit card issuer owned by TD.
The rewards and features of the card purpotedly vary based on whether you have an Amazon Prime Membership or not. Another not so subtle ploy in Amazon’s bid to eliminate all its competitors in the shopping world.
If you have an Amazon Prime Membership, here’s what this no fee card will earn you:
- 2.5% back in Amazon Rewards at Amazon.ca, Whole Food Markets, any physical Amazon store, as well as foreign currency transactions, and
- 1% back in Amazon Rewards spent everywhere else.
Don’t have an Amazon Prime membership? Here’s what you’ll get instead:
- 1.5% back in Amazon Rewards spent at Amazon.ca, Whole Food Markets, and any physical Amazon store, and
- 1% back in Amazon Rewards everywhere else.
As you can see, you’ll want to have an Amazon Prime membership to make the most out of this card, especially since the extra earnings on foreign currency purchases disappear if you don’t have the membership.
Is the Amazon.ca Mastercard good for foreign transactions and purchases?
This is a step down not only as far as no FX cards go, but also compared to the old Amazon.ca Visa. Here’s why:
- You no longer earn 1% cash back in addition to 0% foreign transaction fees like before – a total of 3.5% savings.
- Instead of true 0% FX fees, you get 2.5 points per dollar spent which is equivalent to 2.5% back compared to the former 3.5%.
- Those savings can now only be used on Amazon purchases, not on anything like before.
- This means if you make a foreign purchase and then refund it, you’ll both lose the points you earned and pay the 2.5% FX fee on both sides of the transaction, losing you 5% of your money with nothing to show for it.
The best true no FX alternative is the
And starting August 1st, 2019, the
Unfortunately, its great 5x and 3x multipliers won’t work outside of Canada, but they do make it a fantastic card to use for your Canadian purchases as well:
You CAN apply today, snag the slightly lower $99 annual fee and current 15,000 point welcome bonus, and then be converted to the new no FX version once it goes live.
How the Amazon.ca credit card points system works
You earn a percentage back in Amazon Rewards on each purchase you make with the card.
Once you have earned $20 worth, you’ll get a gift certificate automatically applied to your account that you can use on any Amazon purchase.
Is it worth it?
So the question is, is this card worth it?
If you’re a heavy spender at Amazon AND you’re an Prime Member, then the answer is yes.
Getting a 2.5% return on your Amazon purchases for no annual fee can’t be beat. And the bonus earnings on foreign exchange purchases and 1% on all other purchases for no annual fee is at least somewhat competitive with other cards – but definitely not the best.
To see our listing of the best cards for shopping at Amazon, head over here and see what else is out there.
What are your thoughts on this news?
Are you excited to see a new Amazon credit card?
Is it a card you might consider getting?
Let us know in the comments below!