Amazon Prime Store Card switching to points instead of cashback!

[Anonymous]

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@K-in-Boston wrote:

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@Anonymous wrote:

i wonder if it has to do with how long you've had your card maybe? ive had my card 6 months.. started out as a regular store card then i upgraded to prime like a month later.. i see nothing anywhere about it switching to points

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Interesting theory.  I've even checked my SPAM folder and nothing from Synchrony on this.  I opened my card in May 2012.

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Haven’t received the email either.

[Dalmus]

 The only downside I see (unless they devalue points) is that they may not let you redeem "partial" points, which means you can only redeem whole points, which means you have to spend in multiples of $20 before you can claim the 5%.

[CreditCuriosity]

Weird decided to click on the application link at it still says this among other things.  Think they would of changed or updated this

• 5% back for eligible Amazon Prime members6

[K-in-Boston]

I suppose it's also possible that they're considering this for everyone in the future, but just targeting select cardholders as a test for now?

[Moneyklutz]

Maybe so?

For data points I've only had the card for 3 months and live in Cali.

[digitek]

They could be doing this to devalue points in the future, but I think that it gives them a benefit from the switch straight away.

The most effective type of cash back is if it is taken off the purchase price at time of purchase, next best is automatic statement credit applied each month, anything other than that and you get into a place where the bank is likely able to skim a certain percentage back of all those total "points" or "cash" from customers by people either not realizing how it works, losing them because of minimum redemptions or when people close their cards and don't spend them, people using the points/cashback to pay for purchases that they then don't get % back on, and aslo the point/cashback hoarders and straight up 3% inflation per year.  The longer the bank can hold onto those points or cashback, the better for them.  

In the long run it means almost nothing to the average consumer.  It might cost a person something like .10% of their total spend on that card per year when switching to any system that isn't automatic credit.  Although, it might save Synchrony something like .15% of the total spend of everyone with an Amazon Store Card, which I'm sure is a pretty huge number.

[Dalmus]

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@CreditCuriousity wrote:

Weird decided to click on the application link at it still says this among other things.  Think they would of changed or updated this

• 5% back for eligible Amazon Prime members6

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 Maybe the email is going out in waves.

 They do specifically say that people who are cardmembers before 10/2/17 will stay on the 5% statement credit program until the end of the month, and cardmembers who were approved on or after 10/2/17 will be on the new system right away.  So it makes sense that all of us are seeing the normal 5% statement credit terms, because that's what we have until 10/31/17.

 I'll bet if you find somebody who was approved for the card today, they would show the different terms.

"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."

[Anonymous]

idk but i use my card like i stole it and still no CLI, if i get this email i may probably finally close it and just use my Discover

[Dalmus]

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@Anonymous wrote:

idk but i use my card like i stole it and still no CLI, if i get this email i may probably finally close it and just use my Discover

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 If you really use Amazon that much, that'd be silly...   Except for when its a bonus category, you'd only be earning 1% if you use your Discover card.

[Anonymous]

haha true..im annoyed with synchrony right now so..guess we'll see what happens!