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Amazon upgrades its Prime credit card with 5 percent cashback

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Amazon and Chase Bank’s Prime credit card has simple appeal: every time you buy stuff from Amazon you get money back (in the form of points) for further purchases. The card has been around for a few years now, but today got a neat little upgrade: instead of getting 3 percent cashback on Amazon purchases, you’ll now get 5 percent.

Other rewards for the card (including 2 percent cashback on restaurants, gas stations and drugstores; one percent on all other purchases) remain the same. You can spend the points on Amazon’s website (they appear automatically at the checkout), or, once you’ve got more than 2,000, redeem them for cash “through an account statement credit or electronic deposit into an eligible checking or savings account held by a financial institution located in the United States.”

It’s a typical virtuous cycle for Amazon, but could be worth your time if you’re a big Prime spender. You’ll need to be a member of the company’s membership program to be eligible, but the card has other redeeming aspects, including no annual fee and no cost for foreign transactions. For more information on what you get (and what you don’t) check out Amazon’s promo page.

Correction January 11th, 15:30PM ET: A previous version of this article stated that the points collected on the card could only be spent on Amazon products. They can actually be redeemed for cash once you have in excess of 2,000. We regret the error.