Need to Know
- Eligible Capital One cardholders will be able to redeem rewards to pay for Amazon purchases and Prime memberships.
- The new update expands Amazon’s rewards ecosystem and increases loyalty within Capital One’s consumer base by connecting to the largest retailer in the world.
- Amazon’s existing rewards redemption banking partners include American Express, Chase, Citi, and Discover.
Capital One announced that they will join Amazon’s growing list of banking rewards partners, allowing eligible cardholders to redeem points to pay for Amazon purchases and Prime memberships.
Amazon’s Shop with Points program currently allows American Express, Chase, Citi, and Discover cardholders reward redemption options on most of its robust catalog of over 606 million available items.
The Capital One announcement is the latest in a series of developments by Amazon to continuously improve customer purchase flexibility. With shortened delivery times and increased payment options, the e-commerce giant is striving to make shopping seamless for its rapidly growing customer base.
As of June 2019, there were an estimated 105 million US Amazon Prime subscribers, each spending an average of $1,400 on the e-commerce platform per year. Capital One, ranked 10th on the list of largest banks in America, currently holds a 5% market share in the financial services sector.
Once live, eligible Capital One cardholders looking to benefit from the feature can expect quick access to the program. After the rewards card number has been verified by Amazon, linked cards will have the option of rewards redemption as a payment method during checkout as well as redemption options for Prime membership subscriptions. Rewards will be redeemable for up to a 1:1 value.
Eligible Capital One cards include: Venture, VentureOne, Quicksilver, QuicksilverOne, Savor, SavorOne, Spark Miles, Spark Miles Select, Spark Cash, Spark Cash Select, Spark Classic, and Journey Student cards.
Capital One cardholders can expect Shop with Points program availability “in the next few weeks”, just ahead of the holiday season; strategic timing for the e-commerce behemoth. Last year, Amazon reported its fourth-quarter sales grew 20% to $72.4 Billion.