The tech giant managed to attract more than $1 billion deposits in its first four days, sources said. The move echoes a similar strategy to Apple which recently launched its first ever savings account with a 4.15 percent interest rate - more than ten times the rates offered by mainstream banks. It first started offering the Prime credit card in 2017 to capitalize on its growing number of subscribers.
Similarly t he Citi Custom Cash Card also offers a $200 cashback bonus to new customers - providing they spend $1,500 in the first three months.Īmazon has been steadily moving into the world of financial services, having launched its own insurance comparison website last year. The bonuses mean that customers can earn hundreds of dollars - and up to 6 percent of their purchase price - by doing their weekly grocery shop or booking a vacationįor example, the Chase Freedom Unlimited card offers new joiners a $200 sign-up bonus - but only after they spend $500 in the first three months after opening the account. The deal is more competitive than most cashback offers available on the market which typically require customers spend a certain amount of money before they can qualify. It means that customers could earn up to $125 cashback in three months - on top of the $150 gift card.īut the Amazon Visa only offers 3 percent cashback on the same purchases.īoth come with no foreign transaction fees and also offer 2 percent cashback at restaurants, gas stations and drug stores as well as local transport - including rideshare apps like Uber.Īnybody is eligible to sign up for the Amazon Visa while the Prime Visa requires that customers have a Prime membership - which costs $139 a year. The deal comes with a spending limit of $2,500 for the first three months. The Prime Visa offers a competitive 5 percent cashback on Amazon and Whole Foods purchases which can be redeemed immediately after each transaction. The Prime Visa offers a competitive 5 percent cashback on Amazon and Whole Foods purchases while the Amazon Visa provides 3 percentīoth Amazon's cards - issued by JPMorgan Chase - have no annual fee and come with variable interest rate between 18.99 percent and 26.99 percent.
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