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18 Mar 2022

Amazon credit cards to change from January 2023

Customers can switch to New Day's Pulse Cashback credit card or cancel
An Amazon Platinum Credit Card

If you have an Amazon Classic or Platinum Credit Card you won't be able to use either after January 2023.

Amazon currently offers two credit cards issued by New Day Ltd: the Platinum Mastercard, which is a reward credit card, and the Classic Mastercard, which is a credit-builder card.

New Day announced earlier this month the partnership with Amazon would end in January 2023.

Here, Which? takes a closer look at what will happen to your Amazon credit card after the partnership ends and what other cards you might want to switch to.

What do Amazon credit cards offer?

The Amazon Platinum Mastercard allows you to collect 1.5 Amazon Reward Points (or three if you're a Prime member) for every £2 spent at Amazon, and 0.5 Amazon Reward Points for every £2 spent elsewhere.

For every 1,000 points you earn, you'll get a £10 Amazon gift card. The representative APR is 21.9% (variable).

The Amazon Classic Mastercard is designed to help build your credit rating and comes with a representative APR of 29.9% (variable).

If you make at least one transaction a month, make repayments on time and stay within your credit limit for 12 months, you'll be upgraded to the Amazon Platinum Mastercard.

Credit is subject to status and terms apply. Both cards offer 0% interest on the first three months after the date the account is opened and no annual fees.

Partnership to end in January 2023

A statement released by New Day earlier this month said it had issued a notice of termination after 'extensive commercial discussions' with Amazon.

If you have one of these cards, you've got between now and January to use it as normal and collect and convert points into Amazon gift vouchers.

New Day told us it will write to existing customers with further details on what will happen after the partnership ends.

Customers will be able to close their account or they will be transferred to New Day's Pulse cashback credit card.

It's unclear what will happen to any un-converted reward points come January - as you need at least 1,000 to convert them to an Amazon gift voucher. When we asked Amazon it told us New Day would write to customers later in the year to let them know.

Therefore if you have an Amazon Platinum Credit Card, it's worth thinking about how many points you have and could get between now and January.

Amazon would not confirm to us if they will launch a replacement card with a new partner.

What does New Day's Pulse card offer?

The Pulse card pays 1% cashback for the first three months and 0.25% after this point. The maximum cashback you can earn a year is capped at £150. There is no annual fee.

New Day told us that no changes are expected to your APR or credit limit and there will be no credit checks when you transfer over.

How does it compare?

You may be able to earn more cashback with a different fee-free cashback credit card provider.

We've listed the top deals in the table below by lowest APR to highest.

Credit cardCashback rateOther perksRepresentative APR
Halifax cashback credit card0.25% on every £1 you spend up to £4,000 and 0.5% for every £1 you spend over £4,000.£20 cashback when you spend £1,000 within the first 90 days of opening the account.19.9% (variable)
Lloyds cashback credit card0.25% on every £1 you spend up to £4,000 and 0.5% for every £1 you spend over £4,000.£20 cashback when you spend £1,000 within the first 90 days of opening the account.19.9% (variable)
American Express Platinum Everyday credit card5% cashback for the first three months capped at £100. After that, it's 0.5% cashback on spending up to £10,000, and 1% on spending above £10,000. Must spend a minimum of £3,000 a year to qualify for cashbackEarly access to purchase event tickets sponsored by Amex. Complimentary supplementary cards for family members.24.7% (variable)

The best cashback rate is offered by American Express - however, be aware that you only get the 5% cashback rate for the first three months before the rate reduces. After this point you get 0.5%, increasing to 1% on purchases over £10,000.

The Halifax and Lloyd cashback cards both require you to spend more than £4,000 to get the higher 0.5% rate - but you get £20 cashback if you spend £1,000 within the first 90 days of opening the account.

Should you cancel your Amazon card?

The changes don't come into force until January, so if you're happy with your card it may be worth keeping as you can still earn reward points until this point.

If you want to cancel your Amazon card and get a new credit card then your new lender will perform a 'hard credit search' to check if you are eligible. This will leave a mark on your credit file, which will be visible to other lenders. Also, your credit score will determine what credit limits and deals you will be eligible for - and you may not be offered the best rates.

If you have debt on your Amazon credit card, and you know you do not want a New Day Pulse card, it might be worth moving the balance across to a 0% balance transfer card.