The e-commerce giant Amazon strikes a deal with Barclays to launch a credit card, designed to give UK users rewards on everyday purchases. This deal is of high significance as it marks the convergence of e-commerce and financial services.
John Boumphrey, Amazon UK Country Manager, emphasizes the customer-centric approach behind the new offering: “We’re excited to introduce the Amazon Barclaycard – designed to offer cardmembers ways to earn rewards for their Amazon purchases and everyday activities with no annual fee. Delivering value to our customers is incredibly important to us, so we’re delighted to introduce a new payment option that allows customers to save and earn on Amazon.”
Steve Weston, Head of Everyday Money Management at Barclays, adds: “We’re delighted to introduce the Amazon Barclaycard, the perfect credit card for anyone who loves to shop at Amazon and wants to be rewarded for doing so on their everyday spending. This partnership highlights our commitment to deliver compelling offers for customers as part of our strategy to grow our UK credit card business.”
For the first year, cardholders receive 1% back on Amazon transactions and 0.5% back on other purchases; after that, the 0.5% back rate decreases to 0.25%. As a thank you to Amazon’s most devoted customers, Prime members receive an extra 2% back on purchases made on major shopping days like Prime Day, Black Friday, and Cyber Monday.
From a fintech standpoint, the alliance demonstrates how well-established financial institutions can work with internet behemoths to develop cutting-edge financial solutions.
