Amazon's Prime credit card just got even better

Amazon and Chase Introduce New Prime Rewards Visa Card With 5% Back on All

Amazon and Chase Introduce New Prime Rewards Visa Card With 5% Back on All

Amazon already offers one regular credit card that's not exclusive to Prime members. Amazon's cards, issued by JPMorgan Chase (JPM), will grant 2% back at restaurants, gas stations and drugstores and 1% back on other purchases, the companies said in a joint statement.

Prime members are eligible for these new benefits by using their existing card until their new card arrives, the company said. Of course, to get it, you'll have to pay the yearly $99 fee for Amazon Prime.

Amazon's (AMZN) improved credit card rewards program could be trouble for Costco (COST). There's also no annual fee and no extra charge for foreign transactions.

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Many more cities will continue to do this throughout the year and the switch should be completed by the end of the year. Switzerland is planning to transition in 2020, and the United Kingdom and Denmark are considering it.

In order to avail the brand new card that was released this Wednesday, interested users need to sign up for Amazon Prime.

The new Amazon-Chase rewards card comes on the heels of the bank's announcement last week that it was slashing its 100,000-point sign-up bonus in half for the Chase Sapphire Reserve Card, effective January 12. They'll also get a $70 Amazon.com gift card upon approval. But if you do finance a purchase, make sure you pay it off by the time the agreed period is over. The $450 annual fee credit card made waves for its lucrative rewards offerings when it debuted in August 2016.

Amazon didn't say what would happen if cardholders lapsed on their Prime subscription. American Express's Blue Cash Preferred card, for example, offers 6% cash back at US supermarkets (up to $6,000 per year and 1% after that), 3% at gas stations and some department stores and 1% back on other purchases. Since then, the company has allowed Alexa to be integrated not only with Amazon's hands-free voice-controlled Echo and Echo Dot but with appliances including smart refrigerators, making purchases (on Amazon or otherwise) easy. For one thing, you might not qualify for the new rewards Visa; the store card has more forgiving requirements.