Want Free Cash for Amazon Prime Day? Here's How to Get It

Many consumers are very excited about Amazon's upcoming Prime Day event, which is slated to take place on July 11 and July 12. During this time, Prime members can expect a host of deals, from household goods to apparel to electronics. And now, Amazon is offering customers a chance to snag a $5 credit right in time for the big event.

Could you use extra money for Prime Day?

Amazon is running a promotion that can help customers score a free $5 credit to use on the site. All you need to do is purchase a $50 Amazon e-gift card between now and 2:59 a.m. EDT on July 10, and you'll get a credit added to your account. You can then redeem that credit for a Prime Day purchase -- though you don't have to.

Your $5 credit will actually be available for redemption through Aug. 25. So if you're not looking to shop on Prime Day, you can reserve it for another time.

Now, there are a few rules you should be aware of if you're going to pursue this promotion. First, you can only snag one $5 credit per Amazon account. So if your plan is to purchase multiple $50 gift cards to score multiple credits, that won't work.

Secondly, your promotional credit can't be used to purchase products sold by third parties, or sold through third-party areas of Amazon.com.

Also, you don't have to give that gift card to someone else. You can use it yourself. If you have items you need to buy from Amazon, or expect to buy in the near term, then you might as well purchase a gift card. Then, instead of charging your next $50 purchase on a credit card, you can simply use your gift card balance.

Should you plan to shop during Prime Day?

There's a good chance you'll be privy to savings on a host of items during Amazon's Prime Day event. But that doesn't necessarily mean it's a good time to shop.

If money is tight and you already have debt, then you should probably steer clear of Prime Day, as it might tempt you to spend money you can't afford to part with. And frankly, if you can't afford to be spending on extra purchases, then a $5 promotional credit isn't going to make a huge difference for you.

On the other hand, if money isn't tight, Prime Day could be a good opportunity to check some items off your wish list. You might also want to get organized and see if you can make some holiday gift purchases ahead of time during Prime Day.

Granted, Amazon will likely run sales around Black Friday and Cyber Monday. But the discounts available on Prime Day might be even deeper than what you'll find later on in the year. The tricky thing, of course, is that you can't see into the future, so it's hard to know if it pays to shop now versus later. But if you see solid discounts now, you may want to take advantage of them.

You should also know that if you're not yet a Prime member, you can sign up for a free 30-day trial and get access to Prime Day deals. You don't need to commit to a paid Prime membership ahead of the mega sale, which takes some of the pressure off.