Barclays PLC (LSE:BARC) and Amazon.com Inc (NASDAQ:AMZN) have teamed up to create a new credit card which allows customers to receive gift vouchers in return for spending.
Some of the largest rewards available come from purchasing products from the Amazon marketplace, with the cashback value available to be viewed via the Barclaycard app.
Once a minimum of £5 worth of rewards has been earned by the customer, they will get an option to redeem it through Amazon gift cards of the same value.
Existing Barclaycard users will not be able to switch to the promotion, instead, it will only be available to new customers.
Cashback will represent 1% of the value of purchases on all Amazon products, while those signed up to the Prime subscription service will receive 2% returns on items bought during special event days such as Black Friday or Cyber Monday.
Rewards will also be earned when shopping outside of Amazon, albeit returning less, with 0.5% cashback during the first year, before it drops to 0.25%.
No annual fees will be attached to the card, and customers will receive a free Amazon gift voucher upon approval of their application.
APR starts at 0% for the first six months, before ramping up to 28.9%.
Rob Burgess, editor of travel website Head for Points, said: “'The 0.5 per cent return is surprisingly attractive for a consumer credit card.
“Getting 0.5 per cent back is very good. Whilst you're getting this back in Amazon credit and not cash, in reality most people would see Amazon credit as virtually cash-equivalent.
“The only negative would be the lack of Apple Pay integration which will be a real negative for the young demographic that I presume is the target market for this card.”