Amazon Prime Day starts tomorrow and here's how you can earn over $100 with credit card bonuses - CNBC

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Amazon Prime Day kicks off at midnight (3 a.m. ET), so you still have time to set deal alerts and add items to your wishlist. And if you really want to maximize savings, you should decide which credit card you plan to use at checkout.

Using the right card can earn you up to 5% cash back and/or a lucrative welcome bonus worth $100 to $1,000. If you recently signed up for a credit card that offers a bonus and plan to shop on Prime Day, the purchases you make can go toward meeting the spending requirements.

It's also not too late to apply for a new card that provides an instant card number that you can use right away on Prime Day like the Amazon Prime Rewards Visa Signature Card.

CNBC Select reviews three ways you can save even more on Amazon Prime Day:

1. Apply for an Amazon credit card at checkout
2. Apply for an instant credit card
3. Use a newly opened rewards card

How to earn a bonus worth over $100 on Amazon Prime Day

1. Apply for the Amazon Prime credit card at checkout

The simplest way to save $100 is to apply for the Amazon Prime Rewards Visa Signature Card at checkout. You have the option to apply before you pay and if you're approved, you can use the card right away and earn 5% cash back on Amazon.com. Plus you receive a $100 Amazon.com gift card upon approval, which can instantly offset your Prime Day spending. There's no minimum spending requirement to receive the gift card.

Amazon Prime Rewards Visa Signature Card

Information about the Amazon Prime Rewards Visa Signature Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

• Rewards

  5% cash back at Amazon.com and Whole Foods Market; 2% back at restaurants, gas stations and drugstores; 1% back on all other purchases

• Welcome bonus

  $100 Amazon.com gift card upon approval

• Annual fee

  $0 (but Prime membership is required)

• Intro APR

• Regular APR

  14.24% to 22.24% variable

• Balance transfer fee

  5%, $5 minimum

• Foreign transaction fee

• Credit needed

  Excellent/Good

Terms apply.

2. Apply for an instant credit card

If you don't want an Amazon co-branded card, consider opening a new card that provides both a welcome bonus and instant card number. Choosing a card that gives you access to a temporary card number after approval is key for Prime Day since you won't have the time to wait around for your physical card to arrive in the mail.

Not all card issuers provide instant card numbers, so review the card's terms before applying. Many American Express credit cards, like the Blue Cash Preferred® Card from American Express, give you the ability to receive an instant card number and earn a welcome bonus. New Blue Cash Preferred Card members can earn a $300 statement credit after you spend $3,000 on eligible purchases on your new card within the first six months from account opening.

Blue Cash Preferred® Card from American Express

On American Express's secure site

• Rewards

  6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 6% cash back on select U.S. streaming subscriptions, 3% cash back at U.S. gas stations, 3% cash back on transit including taxis/rideshare, parking, tolls, trains, buses and more and 1% cash back on other purchases

• Welcome bonus

  $300 statement credit after you spend $3,000 on eligible purchases on your new card within the first six months

• Annual fee

  $0 introductory annual fee for one year, then $95 (offer expires 12/10/2020)

• Intro APR

  0% for the first 12 months on purchases, N/A for balance transfers

• Regular APR

  13.99% to 23.99% variable

• Balance transfer fee

• Foreign transaction fee

• Credit needed

  Excellent/Good

3. Use a newly opened rewards card

You may have recently opened a rewards card with a welcome bonus and Prime Day can help get you closer to earning the bonus cash back or points.

Since welcome bonus offers typically expire within three months after account opening, only consider cards that have been opened after mid July 2020. Then review the terms associated with the bonus offer — primarily the minimum spending requirement — to understand how much money you need to spend to earn the bonus. If you've already been spending on the card, you can deduct those purchases from the requirement to calculate how much more you need to spend.

For instance, the Chase Freedom Flex℠ offers $200 cash back after you spend $500 on purchases in your first three months from account opening. If you opened the Flex card last month and already spent $350 on the card, you'd only need to spend $150 more to meet the $500 requirement and earn the $200 bonus. Spending $150 can be within reach during Prime Day, since a lot of items can add up.

Chase Freedom Flex℠

On Chase's secure site

• Rewards

  5% cash back on grocery store purchases (not including Target or Walmart purchases) on up to $12,000 spent in the first year, 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate (then 1%), 5% cash back on travel booked through the Chase Ultimate Rewards®, 3% cash back on dining and at drug stores, 1% cash back on all other purchases

• Welcome bonus

  $200 cash back after you spend $500 on purchases in your first 3 months from account opening

• Annual fee

• Intro APR

  0% for the first 15 months on purchases

• Regular APR

  14.99% to 23.74% variable

• Balance transfer fee

  Either $5 or 5% of the amount of each transfer, whichever is greater

• Foreign transaction fee

• Credit needed

  Excellent/Good

Terms apply.

And if you have a long list of big-ticket items to buy, consider using a recently opened card with a large welcome bonus. The Chase Sapphire Preferred® Card is offering its highest-ever 80,000-point bonus that requires you to spend $4,000 within the first three months from account opening. This bonus is worth up to $1,000 toward travel when you redeem through Chase Ultimate Rewards® or on grocery store, dining and home improvement purchases with Pay Yourself Back.

Chase Sapphire Preferred®

On Chase's secure site

• Rewards

  5X points on Lyft rides through March 2022, 2X points on travel and dining worldwide, 1X points on all other purchases

• Welcome bonus

  80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening — worth up to $1,000 toward travel when you redeem through Chase Ultimate Rewards®

• Annual fee

• Intro APR

• Regular APR

  15.99% to 22.99% variable on purchases and balance transfers

• Balance transfer fee

  Either $5 or 5% of the amount of each transfer, whichever is greater

• Foreign transaction fee

• Credit needed

  Excellent/Good

Terms apply.

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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Amazon Prime Day starts tomorrow and here's how you can earn over $100 with credit card bonuses - CNBC
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