What It's Really Like to Own the Prime Visa

Amazon is a ubiquitous part of many folks' daily lives. So it's probably fair to say their Prime Visa is one of the most popular co-branded cash back cards around. But it's not just Amazon's popularity that makes cardholders keep this card. It has the distinction of actually being a pretty decent rewards card, too.

That's how it worked for me. I've had the no-annual-fee Prime Visa for about five years, and it's been in regular use for most of that time. Here's what I've learned.

Sad sign-up bonus, good rewards

Right off the bat, I can say that this isn't a card you're getting for the sign-up bonus. In that, it shows a bit of its inner store card. What do I mean? You get a paltry $100 Amazon Gift Card upon approval. While it's nice you don't need to hit a spending requirement to unlock it, the amount is not competitive in the broader cash back card market where a $200 bonus is easily found.

That being said, any bonus is a good bonus in the big picture -- especially when the card has worthwhile rewards for the long term. In this case, the unlimited 5% cash back on Amazon.com purchases is what really makes this card a keeper for anyone with a Prime membership.

For some, the 5% back on Whole Foods purchases will also be a nice boost to their bank accounts. But I've never used it, personally; I don't shop at Whole Foods very often, and when I do, I have a better grocery rewards card with a higher return.

I like the $0 fee, but don't much use other perks

One of the other nice things about this card is that there isn't an annual fee. For one thing, this helps make the lower sign-up bonus easier to accept. And it also means that, even if you cancel your Prime membership, you don't necessarily need to cancel your card, because it isn't costing you anything.

As for all the additional perks -- well, I don't use them all that much. The 2% back on gas and restaurants, for instance, isn't of any use. You can find restaurant cards with two to three times the return. And the same goes for gas rewards.

The Prime Visa also gives you bonus rewards on a rotating selection of Amazon items. However, I've never needed any of the eligible items when I've looked (and I don't want to fall into the trap of buying things I don't need just for the extra cash back.)

I'm so glad it's issued by Chase

One part of having an Prime Visa that isn't discussed much in reviews is how you manage your card and rewards. But this is actually one of the things I really appreciate.

Because the card is issued by Chase, you can do all of your account management through Chase's online banking. This might not seem like a big deal to most folks, but as someone who has had to deal with store cards from other banks (looking at you, Synchrony), Chase's easy-to-use online banking -- and equally navigable mobile app -- is a breath of fresh air.

No poorly maintained site that's down half the time. No terrible interface that's impossible to navigate. You can pay your card in a few clicks and redeem your cash back just as easily. It's positively refreshing.

Prime membership is required for the best return

It's impossible to talk about this card without addressing the elephant in the room: You need a Prime membership to get the full benefits. If you close your Prime account, then you lose some perks and your rewards rates drop (you'll only get 3% back at Amazon.com, for example).

In other words, this no-annual-fee card kind of has a de facto annual fee in the form of Prime membership. Which, I'll add, runs well over $100 a year.

At the same time, even without a Prime membership, the card isn't that bad. Getting 3% back on occasional Amazon purchases is still a pretty solid return. Plus, if you're not worried about Prime costs, then it really has no annual fee.

Would I suggest it as a new card for someone without Prime? No, probably not. But if you currently have Prime, don't let the idea that you might cancel next year stop you from benefiting from the 5% back in the meantime.

Take me, for example. I earned hundreds in cash back over the years. So even though I canceled my Prime membership a few months ago, I still have my card. On the rare occasions I need something from Amazon, it's the card I'm most likely to use.