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Credit Cards - Reviews - Amazon Platinum Mastercard | Money.co.uk

Amazon Platinum Mastercard credit card review

The Amazon Platinum credit card gives you reward points as you spend. But how much are they worth and what are the pitfalls? Here’s everything you need to know

Last updated: 2nd December 2021

Why you can trust this review

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Representative example: the standard interest rate on purchases is 21.9% APR (variable) so if you borrow £1,200 the representative APR will be 21.9% (variable).

Balance transfers

21.9 % + 5% fee

Representative APR

21.9% (variable)

Purchases

0% interest for 3 months

Rewards

1.5 pts per £2 on Amazon

Amazon Platinum Mastercard review: who is it best for?

If you’re a frequent Amazon shopper, or an Amazon Prime member, then a credit card that rewards you every time you shop there could be a good option for you. The Amazon Platinum card does just that, giving you points for your online shopping that can be translated into Amazon vouchers (as well as less generous points for shopping at other retailers).

But rewards aren’t everything, so before you apply it’s important to understand how interest rates compare and how the card stacks up against its competitors. If you pay off your card in full each month, you will gain the points without such charges.

A 5% balance transfer fee on top of the APR, and the requirement for a good credit score means this isn't the best option for people looking to refinance existing debt, and who want to transfer balances.

And if you are looking to clock up rewards outside of Amazon, the 0.5 points per £2 spent, isn't brilliant.

Amazon Platinum Mastercard benefits & disadvantages

Rewards - 3 points for Prime users or 1.5 points for non-Prime users, for every £2 spent on Amazon
£20 gift card if you sign up
No annual fee
0% interest on all purchases for three months
£500 initial credit limit instantly upon approval for qualifying customers

You don’t get points for balance transfers or for any cash related transactions
Higher than average interest rate
Rewards points can only be spent at Amazon
0.5 points for non Amazon spend isn't great
2.75% non-sterling transaction fee is expensive - other cards offer better
5% balance transfer fee means it's not a card for people looking to cut interest payments on current debts

Amazon Platinum Mastercard: what we liked

The key benefit is Reward Points. These are added to your Amazon Rewards Account – and you should be able to see them online by the end of each day.

Each time you hit 1,000 points a £10 voucher will be added to your linked account automatically - you don’t need to do anything to claim the voucher. It should appear within two working days of your next statement.

1. £20 Amazon gift card

The first perk Amazon offers is a £20 gift card, which you’ll get when you sign up (if eligible for the card). The voucher is loaded to your linked Amazon.co.uk account either when you’re first approved or when you activate your new credit card – depending on whether or not you qualify for ‘instant spend’.

2. Points when you spend online

The second major perk is that you get points when you spend online. These can be translated into Amazon vouchers. For every 1,000 points you earn, you’ll get a £10 gift card. The card also offers:

0% interest on all purchases for three months (as long as you meet minimum payments and stay within your credit limit)
No annual fee
Instant spend – a £500 initial credit limit instantly upon approval for qualifying customers
The ability to add up to three extra cardholders

You earn Amazon points by shopping. The number of points you get depends on where you spend and whether you have Prime membership.

Unsurprisingly, you get the most points when shopping with Amazon, but you can get points for shopping anywhere that the Amazon card is accepted.

Amazon Prime members will get three points for every two pounds that they spend on Amazon.co.uk. Non-Prime members get just 1.5 points for every £2. You also get half a point for every £2 spent on your card elsewhere.

Amazon Platinum Mastercard: what could be improved

Although there are a number of Amazon Platinum Mastercard positives, there are also areas where it falls short compared to other credit cards. Most importantly, you’ll need to ensure your credit report is squeaky clean before you apply as you need a high credit score to qualify.

1. High APR

Amazon offers a three-month interest fee-free period on purchases, but this is subject to you meeting certain conditions. If you fail to make at least the minimum payment on time or if you go over your credit limit, Amazon will take away the 0% rate and you’ll face much higher charges. In that case, you’ll have to pay Amazon’s standard rate, which is typically about 21.9%. However, rates vary according to customer, so your personal rate could be higher or lower. Once the three months is up, you’ll also have to pay the APR for any purchases that aren’t paid off in full each month.

2. Benefits are loaded towards on Amazon-use

You don’t get points for balance transfers or for any cash related transactions. Cash-like spending includes things such as gambling, lottery tickets, foreign currency exchange and money transfers. And 0.5 points per £2 spent in non Amazon stores, isn't great.

3. High balance transfer and foreign transaction fees

It's not a card for balance transfers with transfers being subject to a 5% fee, then the transferred balance being subject to the 21.9% APR. And should you want to use the card abroad, there's a 2.75% non-sterling transaction fee, compared to zero % available elsewhere. Realistically, this is a card designed to benefit Amazon customers shopping on the Amazon platform, rather than elsewhere.

How much you need to spend to get a £10 voucher

You don’t get points for balance transfers or for any cash related transactions. Cash-like spending includes things such as gambling, lottery tickets, foreign currency exchange and money transfers.

Reward Points are added to your Amazon Rewards Account – and you should be able to see them online by the end of each day.

You don’t need to do anything to claim the vouchers. Each time you hit 1,000 points a £10 voucher will be added to your linked account automatically. It should appear within two working days of your next statement.

Updated 3 December 2021

Type of spending	Points per spend	Cost per £10 voucher earned
Amazon Prime (members only)	3 points for £2	£668
Amazon (non-Prime)	1.5 points for £2	£1,334
Non Amazon spend	0.5 points for £2	£4000

Risks and benefits and spending with a credit card

There are plenty of benefits to credit card spending, particularly if you use them appropriately and understand your payment terms.

One big upside is that you get much stronger consumer protection if you pay on a credit card than with any other type of payment. This is because of something called Section 75, which is part of the Consumer Credit Act.

In a nutshell, Section 75 means that you can get a refund from your credit card provider when something goes wrong. You’re covered for items that cost between £100 and £30,000, and you only need to put part of the costs on your card to get the protection for the whole spend.

This refund could be for something as simple as an item not being as described or getting damaged in delivery, but you’re also covered if the provider goes bust. If you need to make a Section 75 claim – Citizens Advice have template letters you can use.

Other benefits of credit cards include rewards, such as airmiles, cashback or points. While these can be nice add-ons, typically you need huge numbers of points to get cash back – giving you a low rate of return.

If you always pay all your credit card spending off in full each month, then rewards are great and essentially bonus money.

But if you think you might not be able to pay your full balance, then rewards will usually cost you more than you earn and instead you should prioritise finding 0% or low-interest deals.

0% purchase deals can also be a great way to spread the cost of a big-ticket item, such as emergency boiler replacement. To use these effectively you need to check how many months you get interest free and how much you therefore need to pay off each month to clear your debt.

For instance, if you needed to spend £1,000 and had a 20-month interest-free period, monthly payments of £50 would clear what you owe before the offer ran out. Be warned, if you haven’t paid off in full by the end of the offer period you’ll be switched to a much higher rate.

One other benefit of credit card use is that when used correctly they can help you build your credit rating. If you pay off your credit each month and only use a small proportion of your credit limit, you show your lenders that you can borrow responsibly, which means you’re more likely to get good deals on other products such as mortgages and loans.

You may also be able to use a balance transfer card to tackle other debts more effectively. This allows you to transfer money owed to one card, giving you a 0% period. During this time, you will be able to make sure that all your money is actually paying off your debt rather than interest.

Shop around carefully, as different cards offer different periods, and some will charge a percentage fee of the total amount you want to transfer.

While credit cards can be a cost-effective way to spend money, there are risks involved.

One major concern is if you miss a payment, it can badly impact your credit rating. This in turn can make it harder to get new credit. That’s why it’s really important to set up a direct debit to pay at least the minimum every single month without fail.

Only making minimum payments can be risky too as you’ll usually be stung with high interest rates on the remainder. If you have a 0% card, making the minimum is fine so long as you clear the balance by the end of the offer, but most other cards may charge you interest rates of around 24%. Even if you do have a 0% card you could be hit when the deal ends.

The biggest risk with credit cards is that you can get caught in spiralling debts if you can’t afford to pay back what you’ve borrowed. Some people end up taking on more debt to try and pay off what they already owe.

Others find that rising interest rates means that their debt is escalating each month. Some end up in a situation where they can’t even afford to pay the interest each month, let alone clear any of the owed amount.

Credit cards will often charge extra fees if you go over your credit limit, as well as cancelling any 0% offers, which can escalate debt and worsen the situation. If you are worried that your debt is out of control, you can contact a charity such as StepChange for help.

Other credit card issues can include charges or fees for other things such as using a cash machine or spending abroad.

How does it compare to other types of cards?

Finding the best card for your situation depends on what you need it for.

If you’re looking to spread the cost of a big purchase, you should go for a 0% card with the longest offer period you can find.
If you want to consolidate debts, then a balance transfer card is the right one for you. If you’ve got a big amount of debt, you probably want the longest 0% offer with a low fee for transferring.
However, you can also get fee-free options, which will be cheaper overall if you can pay them off before the deal expires.
If you can’t get a 0% rate card, you’ll want the lowest rate you can find, so shop around. Typical APRs are around 24% but some cards offer as little as 5.4%.
If you pay off your credit card each month in full, then reward cards are a great way to build points or cash. The best deals are typically Amex cards, but take a look at the table below.
However, not everywhere takes Amex, so you might want to consider other providers. You should also think about your shopping habits and how you want to spend the money. For instance, some cards offer flight programme points, while cards run by retailers will give you extra points if you spend with them.
If you’re struggling with your credit score, you could consider a credit builder card. If you spend a small amount each month and pay it off in full, you can build your score.

How does it compare to other rewards cards?

10 results found, sorted by longest purchase period. How we order our comparisons.

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Sainsbury's Bank Dual Offer Credit Card

Rewards

Nectar Points

Balance transfers

0% for 24 months with a 3% fee (£3 min.)

Purchases

0% for 24 months

Representative APR (variable)

21.9% APR

A 3% fee is applied to balance transfers at application (minimum £3). The charge will depend on your current offer thereafter.

Sainsbury's Bank may offer you a 0% interest period of 24 or 16 months instead depending on your individual circumstances.

Representative Example: The standard interest rate on purchases is 21.95% p.a. (variable), so if you borrow £1,200 the Representative APR will be 21.9% (variable).

Eligibility

Credit Rating	good
Minimum Age	18 years
Minimum Income	£10,000
UK Resident

Sainsbury's Bank No Balance Transfer Fee Credit Card (21 Mths)

Rewards

Nectar Points

Balance transfers

0% for 21 months with no fee

Purchases

0% for 3 months

Representative APR (variable)

20.9% APR

Sainsbury's Bank No Balance Transfer Fee Credit Card (21 Mths)

No balance transfer fee applies to transfers made within the first 3 months. For transfers made after this period, the fee may vary.

Balance Transfer fee of 0% or 1% applies to transfers made within your first three months, depending on your individual circumstances. The charge will depend on your current offer thereafter.

Sainsbury's Bank may offer you a 0% interest period on balance transfers of 17 or 13 months instead, depending on your individual circumstances.

Representative Example: The standard interest rate on purchases is 20.95% p.a. (variable), so if you borrow £1,200 the Representative APR will be 20.9% (variable).

Eligibility

Credit Rating	good
Minimum Age	18 years
Minimum Income	£10,000
UK Resident

Sainsbury's Bank Balance Transfer Credit Card (30 Mths)

Rewards

Nectar Points

Balance transfers

0% for 30 months with a 1.5% fee (£3 min.)

Purchases

0% for 3 months

Representative APR (variable)

19.9% APR

Sainsbury's Bank Balance Transfer Credit Card (30 Mths)

Balance transfer fee of 1.5% applies to transfers made at application(£3 minimum). The charge will depend on your current offer thereafter.

Once the 0% deal ends the balance transfer rate will be 19.95% p.a. variable with a 3% fee.

The duration of the introductory offer may vary depending on your personal circumstances.

Representative Example: The standard interest rate on purchases is 19.95% p.a. (variable), so if you borrow £1,200 the Representative APR will be 19.9% (variable).

Eligibility

Credit Rating	good
Minimum Age	18 years
Minimum Income	£10,000
UK Resident

Sainsbury's Bank Balance Transfer 33 Months Credit Card

Rewards

Nectar Points

Balance transfers

0% for 33 months with a 2.89% fee (£3 min.)

Purchases

0% for 3 months

Representative APR (variable)

21.9% APR

Sainsbury's Bank Balance Transfer 33 Months Credit Card

Balance transfer fee of 2.89% or 3% applies to transfers made at application(£3 minimum). The charge will depend on your current offer thereafter.

The duration of the introductory offer may vary depending on your personal circumstances.

Representative Example: The standard interest rate on purchases is 21.95% p.a. (variable), so if you borrow £1,200 the Representative APR will be 21.9% (variable).

Eligibility

Credit Rating	good
Minimum Age	18 years
Minimum Income	£10,000
UK Resident

Sainsbury's Bank Balance Transfer 28 Month Credit Card

Rewards

Nectar Points

Balance transfers

0% for 28 months with a 1% fee (£3 min.)

Purchases

0% for 3 months

Representative APR (variable)

21.9% APR

Sainsbury's Bank Balance Transfer 28 Month Credit Card

A Balance Transfer fee of 1% or 1.5% applies on transfers made within the first 3 months, depending on your individual circumstances (£3 minimum). The charge will depend on your current offer thereafter.

Sainsbury's Bank may offer you a 0% interest period on balance transfers of 28 or 20 months, depending on your individual circumstances.

Representative Example: The standard interest rate on purchases is 21.95% p.a. (variable), so if you borrow £1,200 the Representative APR will be 21.9% (variable).

Eligibility

Credit Rating	good
Minimum Age	18 years
Minimum Income	£10,000
UK Resident

Virgin Atlantic Reward Credit Card

Rewards

Virgin Points

Balance transfers

0% for 6 months with a 3% fee

Purchases

22.9% p.a. variable

Representative APR (variable)

22.9% APR

Virgin Money Back offers cardholders the ability to earn cashback on their credit card spend at participating retailers when they are enrolled in the programme via the mobile app'.

Transfer a balance within 60 days of opening an account to get the 0% deal; otherwise the rate will be 22.9% p.a. variable with a 5% fee.

Representative Example: The standard interest rate on purchases is 22.9% p.a. (variable), so if you borrow £1,200 the Representative APR will be 22.9% (variable).

Eligibility

Credit Rating	good
Minimum Age	18 years
Minimum Income	£7,000
UK Resident

Virgin Atlantic Reward+ Credit Card

Rewards

Virgin Points

Balance transfers

0% for 6 months with a 3% fee

Purchases

22.9% p.a. variable

Representative APR (variable)

63.9% APR

Virgin Money Back offers cardholders the ability to earn cashback on their credit card spend at participating retailers when they are enrolled in the programme via the mobile app'.

Transfer a balance within 60 days of opening an account to get the 0% deal; otherwise the rate will be 22.9% p.a. variable with a 5% fee.

Representative Example: The standard interest rate on purchases is 22.9% p.a. (variable), so if you borrow £1,200 the Representative APR will be 63.9% (variable).£160 annual fee.

Eligibility

Credit Rating	good
Minimum Age	18 years
Minimum Income	£7,000
UK Resident

American Express Rewards Credit Card

Representative APR (variable)

25.3% APR

Earn 10,000 bonus Membership Rewards® points when you spend £2,000 in your first three months of Cardmembership.

Balance transfer facility is only available on request and at the discretion of Amex.

Representative Example: The standard interest rate on purchases is 25.3% p.a. (variable), so if you borrow £1,200 the Representative APR will be 25.3% (variable).

Eligibility

Credit Rating	good
Minimum Age	18 years
UK Resident

Nectar Credit Card

Representative APR (variable)

30.7% APR

Earn 20,000 Nectar points when spending £2,000 within the first 3 months. What's more, your first years Card membership fee of £25 is waived.

Balance transfer facility is only available on request and at the discretion of Amex.

Representative Example: The standard interest rate on purchases is 25.3% p.a. (variable), so if you borrow £1,200 the Representative APR will be 30.7% (variable).£25 annual fee.

Eligibility

Credit Rating	good
Minimum Age	18 years
UK Resident

American Express Preferred Rewards Gold Credit Card

Representative APR (variable)

61% APR

American Express Preferred Rewards Gold Credit Card

Earn 20,000 Membership Rewards points when you spend £3,000 in your first 3 months of Cardmembership. New Cardmembers Only. Terms Apply. Eligible for two £5 Deliveroo vouchers per month (£10 total), when you spend at Deliveroo with your Gold Card.

Representative Example: The standard interest rate on purchases is 25.3% p.a. (variable), so if you borrow £1,200 the Representative APR will be 61% (variable).£140 annual fee.

Eligibility

Credit Rating	good
Minimum Age	18 years
UK Resident

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