The Amazon Prime Store Card and Amazon Prime Rewards Visa Card extend shoppers 5% cash back on all Amazon.com orders. You can put the cash back rewards towards your monthly statements or a future Amazon purchase. The best part is that those savings are independent from regular discounts, coupons, and offers, so you're effectively double (or even triple!) dipping on savings. Keep in mind, you'll have to have an active Prime membership in order to qualify for the 5% cash back.

It's also important to note there is no annual fee, but a credit check is required for approval. The Store Card only works on Amazon whereas the Visa version works anywhere credit cards are accepted. The 5% cash back offer only applies to purchases made at Amazon and Whole Foods.

Here's where things get really interesting; last year during Prime Day Amazon upped its cash back offer from the standard 5% to 20% on thousands of items exclusively for cardholders. That means smart deal hunters with an Amazon Prime Store Card or Amazon Prime Rewards Visa Card were essentially saving an additional 15% on Prime Day. Eligible items included GoPro action cameras and Garmin fitness trackers. In fact, Amazon's already running some bonus cash back offers for cardholders including 10% back on LG 4K OLED TVs and 20% back on the GoPro Hero action camera.

What's more, Amazon is sweetening the pot by throwing in a free gift card upon approval. New Prime Store cardholders will receive a $20 gift card, while Prime Rewards Visa cardholders will get a $70 gift card. Both the credit card and gift card are automatically loaded into your Amazon account following the approval process, meaning if you apply now both will be ready to use during the big event.

As with any credit card offer, make sure you can pay off the balance each month or else all rewards savings and signup bonuses will be nullified by exorbitant interest. That being said, the Store Card does offer 0% interest on orders of $149 or more, which is a great way to spread out payments as long as you can pay off the balance before the promotional period ends. If not, you'll be charged interest on your order all the back to the original purchase date.

To recap, here's what you need to do to maximize your savings:

  1. Sign up for the Prime Store or Prime Rewards Visa Card.
  2. Collect your free $20 or $70 Amazon gift card.
  3. Combine Prime Day savings with card savings for deeper discounts.
  4. Use your new card for all Amazon purchases to save 5% every day.

The bottom line is that if you're looking to score the absolute lowest prices on Prime Day, you're going to want to sign up for the Amazon Prime Store Card or Prime Rewards Visa Card before the big day!