In a new program announced yesterday, Amazon said that Prime members can earn a 2% rewards bonus for money they spend on the company’s site. The catch? They’ll have to stop using their credit cards to make purchases.
Under Prime Reload, customers are encouraged to deposit money into an account using their debit cards instead of just using their credit cards to make purchases, which will cut down on those pesky fees that Amazon has to pay.
To get started, consumers will first have to provide Amazon with their bank account and routing number, a debit card number, and their U.S. driver’s license number. After that, users can transfer money directly into an Amazon account using their debit card and use that money to pay for purchases.
In its FAQ section, Amazon says that it takes bank account and debit card information to fulfill cash reloads faster on users’ Amazon accounts.
After completing these steps, all cash that is transferred to consumers’ Gift Card Balance earns an additional 2% in rewards. The rewards amounts are available as soon as funds are added to the account, which can take as little as five minutes to process.
While setting up the program might take a little leg work and users’ money is somewhat trapped inside Amazon, those who frequently shop with the online retailer could accrue significant savings over time. Consumers can learn more about the program by visiting Amazon’s site here.