Amazon and Chase today introduced the new Amazon Prime Rewards Visa Signature Card, which offers 5% back on all Amazon.com purchases, 2% back at restaurants, gas stations and drugstores and 1% back on all other purchases. The card does not charge an annual fee.

Existing Amazon Rewards Visa Signature cardmembers will automatically be upgraded to the new version of the card and be able to immediately enjoy 5% back, provided they have an eligible Prime membership.

Cardmembers who do not have an eligible Prime membership will earn 3% back at Amazon.com, 2% at restaurants, gas stations and drugstores and 1% back on all other purchases. If they wish to earn 5% back at Amazon, cardmembers can join Amazon Prime at this link.

Reward redemption

The rewards system for the card is based on a point system. Each dollar spent at Amazon will earn 5 points (assuming the cardmember has an eligible Prime account), while restaurant, gas and drug store spending earns 2 points per dollar, and all other spending will earn 1 point per dollar.

Cardmembers can then redeem 100 points for $1 in direct rewards, either deposited directly into their bank account, as a statement credit against their card balance or spent towards future Amazon shopping. Minimum redemptions start at 2,000 points.

Card benefits

All cardmembers will also enjoy the following benefits:

• No cap on rewards earned
• Rewards never expire and are redeemable on hundreds of millions of products at Amazon.com
• No foreign transaction fees when traveling abroad or for cross-border shopping
• No annual credit card fee
• New, metal design

For more information about the Amazon Prime Rewards Visa Signature Card or to apply, visit amazon.com/PrimeRewardsVisaCard.