Amazon Prime Store Card To Earn 5x Points Rather Than 5% (Still Worth 5% Back)

Synchrony has sent out an e-mail to Amazon Prime Store Cardholders:

We want to make you aware of an exciting update that is coming your way. Starting on or after October 31, 2017, the 5% back* benefit with your Amazon Prime Store Card will be earned as a rewards point balance, rather than being applied to your account automatically as a statement credit. Earning your everyday 5% back while shopping at Amazon.com remains unchanged, but now you will have the option to redeem the 5% back either for eligible Amazon.com purchases or as a statement credit.

What to expect next: On or after October 31st, you will automatically start receiving the 5% back benefit as rewards points. Once rewards points are posted to your account (which may take up to two billing cycles), you will have the option to redeem them for eligible purchases at Amazon.com. If you wish to continue redeeming the 5% back in the form of a statement credit, you can do so by choosing this option within the Synchrony Bank online account management page (www.syncbank.com/amazon). Please note that you may see your rewards points referred to simply as rewards and reflected as a dollar balance versus a points balance with $1 of rewards being equivalent to 1 rewards point.

5% Back Benefit: Get 5% back. If your Amazon.com Store Card or Amazon Prime Store Card was opened before October 2, 2017 (an “Existing Cardholder”), all purchases (less returns and other credits) to which the 5% back benefit applies will continue to result in a statement credit equal to 5% of such purchases on your Amazon.com Store Card or Amazon Prime Store Card account until on or around October 31, 2017 (but in any event, no later than November 17, 2017), at which time all purchases (less returns and other credits) to which the 5% back benefit applies will result in your receiving rewards points equal to 5% of such purchases on your Amazon.com Store Card or Amazon Prime Store Card account, except as provided below. If your Amazon.com Store Card or Amazon Prime Store Card was opened on or after October 2, 2017 (a “New Cardholder”), all purchases (less returns and other credits) to which the 5% back benefit applies will result in your receiving rewards points equal to 5% of such purchases on your Amazon.com Store Card or Amazon Prime Store Card account, except as provided below. We may, from time to time at our discretion, supplement the 5% back benefit by offering bonus rewards points for certain purchases. In such cases, the total rewards points offered for such purchases will be noted on the relevant product page or during checkout, and this section will apply to the 5% back benefit inclusive of any bonus rewards points. You may see rewards points referred to simply as rewards and reflected as a dollar balance (versus a points balance), with $1 of rewards being equivalent to 1 rewards point. You may redeem your rewards points for eligible purchases at Amazon.com. Alternatively, you may also elect to redeem your rewards points as a one-time statement credit by visiting your Synchrony Bank online account management page (www.syncbank.com/amazon) or by directly contacting Synchrony Bank. Beginning on October 17, 2017, you will also have the option to automatically redeem your available rewards points balance as a statement credit at the end of each subsequent billing cycle. Your Amazon.com Store Card or Amazon Prime Store Card account must be open and in good standing to redeem rewards points and at the time any statement credit is posted to your account. If your Amazon.com Store Card or Amazon Prime Store Card account is closed, you will forfeit any unredeemed rewards points. Please allow up to two billing cycles (a) for your earned rewards points to be credited to your Amazon.com Store Card or Amazon Prime Store Card account and (b) if you elect to redeem your rewards points as a statement credit, for such statement credit to be applied to your Amazon.com Store Card or Amazon Prime Store Card account. If you return a purchase made with rewards points, allow up to 5 days for the value of the rewards points redeemed to be credited back to your Amazon.com Store Card or Amazon Prime Store Card account. The 5% back benefit cannot be combined with any Special Financing or Equal Pay offer; you will have the option to apply any available Special Financing or Equal Pay offer or the 5% back benefit to your purchase. If no selection is made during the checkout process, your default option will be applied to your purchase, provided such default option is available. The 5% back benefit is the default option for all purchases of less than $149. We reserve the right to remove any person from the 5% back benefit in the event of any fraud or abuse in connection with the benefit. We reserve the right to discontinue or alter the terms of the 5% back benefit at any time.

Our Verdict

So basically the card will earn rewards points and then you’ll have the choice to redeem those points in the form of a statement credit or apply the points towards Amazon purchases.  If you want to continue to get the statement credit option then you need to select that option (but that option doesn’t become available until October 17th, 2017). Bit annoying for some cardholders as I don’t see why you’d want to apply your points balance to pay for things on Amazon unless the rate is better than 5% cash back (and I doubt it will be) as you’d be better off getting statement credit and then using your card to pay for your purchases (giving you another 5% back).

Hat tip to reader Tom & Jess J & bornbreadchrun