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CNN  — 

One of the year’s biggest online shopping extravaganzas, Amazon Prime Day, is happening in mid-month, and while this two-day event is a surefire way to save a pretty penny on many of your Amazon purchases, there’s a way to stack your savings even further.

How? With the Amazon Prime Rewards Visa Signature Card, not only can you score extra discounts on Prime Day merchandise, but you’ll also earn bonus cash back on Amazon purchases year-round. And right now you can even get a nice sign-up bonus just for getting the card. So, with Prime Day right around the corner, let’s take a look at the reasons you may want to snag this card today.

An increased $200 sign-up bonus

The Amazon Prime Rewards Visa Card is currently offering one of the highest sign-up bonuses we’ve ever seen for it. If you’re approved for the card, you’ll instantly get a $200 Amazon gift card. Unlike most other credit cards, there’s no spending requirement to earn the offer — you just have to be approved.

So if you apply for the card and get approved right away — meaning your application doesn’t require further review — the $200 gift card will be loaded into your Amazon account immediately. That means you’ll have it in plenty of time for your Prime Day shopping.

New Amazon Prime Rewards Card holders can get a $200 Amazon gift card without having to meet any minimum spending requirement.

There’s one caveat, though. While the Amazon Prime Rewards Card has no annual fee, you do have to have a paid Amazon Prime membership in order to get it. Those without a Prime membership can instead consider the Amazon Rewards Visa Signature Card, which also has no annual fee but comes with a smaller $50 Amazon gift card as a sign-up bonus, lower earning rates and not as many perks.

Earn 6% back on Amazon purchases during Prime Day

Typically, the Amazon Prime Rewards Card earns 5% back on all Amazon and Whole Foods purchases for as long as you’re a Prime member. However, during Amazon’s Prime Day event on July 12 and 13, card holders earn an additional 1% back on Amazon purchases for a total of 6% back.

That’s the highest return you’ll see on any credit card for your Amazon purchases, which makes the card a big winner during Prime Day. Plus, there’s no cap to the amount of bonus cash back you can earn.

And when it comes to redeeming points from the Amazon Prime Rewards Card, you’ll have a number of options. While the card’s points are worth a fixed 1 cent each, you can use them for Amazon purchases, cash back, gift cards and even travel.

Earn 10% back or more on select Prime Day products

During Prime Day, Amazon Prime Rewards Card holders can also earn an additional 10% back or more on select products. While the discounted item list hasn’t been announced yet, it usually includes many popular items, both within and outside the Amazon brand.

For example, over the past few years, card holders saw a 25% return on Amazon Ring products, Amazon Basics kitchenware and Kindle e-readers. So if you have the card, you’ll want to check in regularly with CNN Underscored’s Amazon Prime Day 2022 Guide to keep up to date on this year’s offers.

Other year-round Amazon Prime Rewards Card perks

While Amazon Prime Rewards Card holders get some pretty special perks during Prime Day, this credit card is also quite useful 365 days a year.

The card’s 5% back on all purchases at Amazon and Whole Foods is great for those who do the bulk of their shopping at these two stores (though keep in mind that if you drop your Prime membership, the 5% back drops to 3% back). Plus, card holders also earn 2% back at restaurants, gas stations and drugstores.

There are no foreign transaction fees on the Amazon Prime Rewards Card, which makes it a decent choice for overseas travel, and booking a trip with the card means getting access to travel and emergency assistance, lost luggage reimbursement, baggage delay insurance, travel accident insurance, roadside dispatch and an auto rental collision damage waiver with secondary coverage.

While this isn’t as robust as the travel protections you’d get with a mainstream travel credit card such as the Chase Sapphire Reserve or Chase Sapphire Preferred Card, it’s not bad for a card without an annual fee.

You’ll also get purchase protection and extended warranty protection for items you buy with the Amazon Prime Rewards Card — not just at Amazon, but anywhere you use it. And since the card is a Visa Signature, you’ll also receive benefits as well as a concierge at your disposal 24 hours a day when you book a hotel stay via the Visa Signature Luxury Hotel Collection.

So, if you’re a frequent Amazon shopper and want to save even more during this year’s upcoming Prime Day — and even after Prime Day has come and gone — you still have time to apply for the Amazon Prime Rewards Card and have it in hand to reap all of the benefits when Prime Day arrives on July 12.

Learn more about the Amazon Prime Rewards Visa Signature Card.

Looking for a new credit card? Check out CNN Underscored’s list of the best credit cards of 2022.

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