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Personal Finance

5 simple ways to save on your Amazon Prime Day purchases

Amazon's Prime Day sale will take place July 11-12. Here's how to maximize your purchases.

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Leon Neal | Getty Images News | Getty Images

Amazon's Prime Day 2023 sale is happening this week on July 11th and 12th.

The 48-hour event will have thousands of products discounted exclusively for Amazon Prime members, giving consumers the chance to get a head start on their upcoming holiday shopping. But how can you save even more on your purchases?

CNBC Select details a few simple ways to ensure you're getting the lowest price possible on your purchases.

1. Use the right credit card

There are a number of credit cards that can help you earn bonus rewards on Amazon purchases. Some cards also offer other perks like extended warranties and 0% intro APR periods. Just ensure that your purchases are also aligned with your budget as any rewards you earn from any credit card will be negated if you need to pay late fees or high interest rate charges.

If you plan on taking advantage of this week's sale, consider applying for one of these top credit cards for shopping on Amazon:

Prime Visa

  • Rewards

    5% cash back at Amazon.com and Whole Foods Market; 5% back on purchases made through Chase Travel; 2% back on local transit and commuting, including rideshare; 2% back at restaurants, gas stations and drugstores; 1% back on all other purchases

  • Welcome bonus

    Earn a $100 Amazon.com gift card instantly upon approval.

  • Annual fee

    $0 (but Prime membership is required)

  • Intro APR

    None

  • Regular APR

    19.49% - 27.49% variable

  • Balance transfer fee

    5%, $5 minimum

  • Foreign transaction fee

    None

  • Credit needed

    Excellent/Good

Terms apply.

 

Prime Store Card

On Amazon's secure site
  • Rewards

    5% back on Amazon.com

  • Welcome bonus

    $60 Amazon gift card instantly upon approval

  • Annual fee

    $0

  • Intro APR

    Pay no interest on all Amazon purchases of $150 or more if the entire purchase amount is paid in full within 6, 12 or 24 months

  • Regular APR

    29.99% variable

  • Balance transfer fee

    Not applicable

  • Foreign transaction fee

    Not applicable

See our methodology, terms apply.

Pros

  • No annual fee
  • High 5% back at Amazon.com
  • Various promotional financing offers

Cons

  • Deferred interest means you have to pay all interest you incurred during the intro period if you don’t pay your balance in full before it ends
  • Prime membership is required
  • The 5% back only applies to Amazon.com purchases
  • This card can only be used at Amazon

Citi® Double Cash Card

On Citi's secure site
  • Rewards

    2% cash back: 1% on all eligible purchases and an additional 1% after you pay your credit card bill

  • Welcome bonus

    None

  • Annual fee

    $0

  • Intro APR

    0% for the first 18 months on balance transfers; N/A for purchases

  • Regular APR

    19.24% - 29.24% variable

  • Balance transfer fee

    For balance transfers completed within 4 months of account opening, an intro balance transfer fee of 3% of each transfer ($5 minimum) applies; after that, a balance transfer fee of 5% of each transfer ($5 minimum) applies

  • Foreign transaction fee

    3%

  • Credit needed

    Fair/Good/Excellent

  • See rates and fees. See our methodology, terms apply.

Pros

  • 2% cash back on all eligible purchases
  • Simple cash-back program that doesn't require activation or spending caps
  • One of the longest intro periods for balance transfers at 18 months

Cons

  • 3% fee charged on purchases made outside the U.S.
  • Estimated rewards earned after 1 year: $443
  • Estimated rewards earned after 5 years: $2,213

2. Use your credit card rewards

Several credit card rewards programs offer the ability to redeem your rewards for Amazon purchases. So if you've been earning credit card rewards, consider looking into your rewards program to see if you can redeem them for your upcoming Amazon order. For example, several American Express cards like the Platinum Card® from American Express earn Membership Rewards® Points which can be redeemed directly with the online retailer. Terms apply.

Note that redeeming credit card rewards for Amazon purchases typically isn't the best value. For example, Membership Rewards points are worth around $0.007 when you redeem them on Amazon.com, but can be worth a cent or more when redeemed for travel or gift cards.

However, there are frequent promotions where you can score discounts for redeeming points. For example, targeted American Express cardholders have been able to save up to 50% on Amazon (up to $80) by redeeming Membership Reward points. Similar promotions have also been offered to targeted Chase, Capital One, Citi and Discover cardholders.

Find the best credit card for you by reviewing offers in our credit card marketplace or get personalized offers via CardMatch™.

3. Price match to other stores

If you wish to buy a product from another retailer — for example, if you don't have a Prime membership — you can use this Amazon sale to your advantage.

Several big-box retailers such as Office Depot, Joann's, BuyBuyBaby.com, JCPenney's, Staples and more will honor prices available on Amazon.

However, each store has its own terms as to what they will and will not honor, so it's advised to call ahead or check online to verify how each retailer's policy works. For example, Target will not match Amazon's lightning deals.

4. Get Amazon Prime for free

This week's Prime event is only for Prime members. However, you don't need to be left out if you don't currently pay for an Amazon Prime membership.

You can get Amazon Prime for free for 30 days by signing up here. Alternatively, thanks to Amazon Household, you can share the Prime membership access that your friend or family member already pays for to get access to the sale.

5. Check for invite-only deals

For the first time, Amazon is offering some of its most significant discounts on an invite-only basis. Ahead of the sale, Amazon Prime members can pre-register for certain Prime Day deals to get a better shot of buying them before they sell out.

Keep in mind that quantities are limited so requesting an invitation does not guarantee that you'll be able to buy the item at the deal price.

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Bottom line

Amazon Prime continues to deliver solid value to members and gives even more savings to members through Amazon Prime Day.

However, before sales tempt you to spend more money, be sure that you're making efficient purchases that don't exceed your spending capabilities.

Catch up on CNBC Select's in-depth coverage of credit cardsbanking and money, and follow us on TikTokFacebookInstagram and Twitter to stay up to date.

Information about the Amazon Prime Rewards Visa Signature Card has been collected independently by Select and has not been reviewed or provided by the issuer prior to publication; if you purchase something through Select links, we may earn a commission.

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