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5% cash back at Whole Foods on Amazon Prime Rewards Visa Signature Card: Is it worth it?

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Source: Whole Foods Market

Whole Foods customers are finally seeing more fruits of the company’s acquisition by Amazon, which was completed on Aug. 28, 2017. Amazon Prime Rewards Visa® Signature Card customers will now earn 5% cash back for purchases made at Whole Foods Market, the company announced Monday.

This makes the card a real contender among other grocery store rewards cards, but is it the best on the market?

It’s definitely an attractive option for Amazon fans who frequent Whole Foods. But we think you can still find better cash back deals out there, especially if you’re not loyal to either of these brands and are looking for a better all-around grocery cashback card.

Rewards breakdown

Amazon Prime Rewards Visa® Signature Card

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The information related to Amazon Prime Rewards Visa® Signature Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Amazon Prime Rewards Visa® Signature Card

Annual fee
$0
Rewards Rate
Earn 5% back at Amazon.com and Whole Foods Market with eligible Prime membership, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases.
Regular Purchase APR
15.74% to 23.74% Variable
Credit required
good-credit

Good

Other benefits of the card aren’t changing. Cardholders enrolled in Prime will still be able to Earn 5% back at Amazon.com and Whole Foods Market with eligible Prime membership, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases.

Fees and fine print

The Amazon offering doesn’t technically come with an annual fee; however, you have to be enrolled in Amazon Prime ($99/year) to get the higher cash back rate. That means you’ll have to spend at least $2,000 per year to earn enough cash back to justify the fee, unless you think you’re getting enough Prime benefits like free 2-day shipping and video streaming to make up the expense.

How points work

Each 100 points accumulated equals $1. Points for eligible purchases can be redeemed at Amazon.com. You can also redeem your points for cash, starting at 2,000 points, or for travel, gift cards and products or services. Your points don’t expire as long as your account remains open.

Points can also be redeemed through the card provider Chase, which can be used for cash back, gift cards or travel. Those applying for the card will get a $70 Amazon.com gift card after being approved, which might take the sting out of that $99 annual Prime membership fee.

Pros & cons

Pros:

  • Not only do you earn good rewards for grocery shopping at Whole Foods, but you get cashback and points that can be used Amazon.com.
  • Although there’s no annual fee you still need to enroll in Amazon Prime, at $99 a year.
  • You can Get a $70 Amazon.com Gift Card instantly upon credit card approval for the Amazon Prime Rewards Visa® Signature Card or Get a $50 Amazon.com Gift Card instantly upon credit card approval. for the Amazon Rewards Visa® Signature Card.
  • There’s no foreign transaction fee, so this could be a good card to take on travels abroad.
  • There’s no cap on rewards earned and they never expire as long as your Amazon.com account remains open.
  • You also get travel and purchase protections and access to 24/7 Visa Signature Concierge Service.

Cons:

  • Because this card is issued by Chase, people with poor credit may have a hard time qualifying for it.
  • There’s a balance transfer fee of Either $5 or 5% of the amount of each transfer, whichever is greater.
  • You can only get cash back on groceries purchased on Amazon.com or at Whole Foods Market — not great for people who aren’t loyal to shopping at these two brands.

Alternatives to the Amazon Prime Rewards Visa® Signature Card

Now that the Amazon Prime Rewards Visa® Signature Card has added cash back for Whole Foods, it has competition in the groceries segment from four credit cards: Amazon Rewards Visa® Signature Card, the Blue Cash Preferred® Card from American Express, the Bank of America® Cash Rewards Credit Card and the Huntington Voice Credit Card®.

Amazon Rewards Visa® Signature Card

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The information related to Amazon Rewards Visa® Signature Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Amazon Rewards Visa® Signature Card

Regular Purchase APR
15.74% to 23.74% Variable
Annual fee
$0
Rewards Rate
Earn 3% back at Amazon.com and Whole Foods Market, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases.
Credit required
good-credit
Excellent/Good
The Amazon Rewards Visa® Signature Card is for those who aren’t interested in paying $99 a year for an Amazon Prime membership. Like the Amazon Prime card, it has no annual fee and is in included in the new Whole Foods cashback deal. New cardmembers Get a $50 Amazon.com Gift Card instantly upon credit card approval. For those who don’t want to pay for Prime, but still want access to cashback rewards, this card could be a good alternative.

Blue Cash Preferred® Card from American Express

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Blue Cash Preferred® Card from American Express

Regular Purchase APR
12.99%-23.99% Variable
Annual fee
$95
Rewards Rate
6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions and 1% Cash Back on other purchases.

The Blue Cash Preferred® Card from American Express offers the best cashback deal for customers among the four cards, but there is an annual fee of $95. New cardmembers earn a $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.

You should consider the annual fee and the cap on cashback rewards when looking at this card.

The Bank of America® Cash Rewards Credit Card has a lower cash back rate and a $0 annual fee. If you’re a Bank of America Preferred Rewards member you can earn 25-75% more cash back on every purchase, making grocery cash back a better 2.5-3.5% rate. New cardholders will also receive $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

Even with a $0 annual fee on this card, make sure you’re OK with receiving lower cash back than the other cards. You may want to consider joining Bank of America’s Preferred Rewards to get a bigger bang for your buck when it comes to cashback rewards.

Huntington Voice Credit Card®

Huntington Voice Credit Card®

Regular Purchase APR
13.99% - 27.99% Variable
Annual fee
$0
Rewards Rate
3X points in one of 10 categories (capped at $2,000 each quarter or 6000 points), and all other purchases earn 1X points.

The Huntington Voice Credit Card® has no annual fee, but puts a cap on the rewards you can earn, at $2,000 or 6,000 points each quarter. And if you switch from grocery stores to another category, you’ll only earn one point for every $1 spent, which is less than what the other three cards offer. Plus the cap can hurt if you spend more than $2,000 a quarter on groceries.

How they compare on fees

Annual fees: The Bank of America® Cash Rewards Credit Card and the Huntington Voice Credit Card® don’t charge annual fees. Blue Cash Preferred® Card from American Express charges a fee of $95 a year. Although the Amazon Prime Rewards Visa® Signature Card doesn’t technically charge an annual fee, you have to enroll in Prime to be eligible for the card.

The Prime and Huntington cards don’t charge foreign transaction fees, while the Bank of America® Cash Rewards Credit Card charges 3% and the Blue Cash Preferred® Card from American Express charges 2.7% of each transaction after conversion to US dollars.

The information related to Bank of America® Cash Rewards Credit Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

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