Prime Visa: $200 Amazon Gift Card Instantly Upon Approval Expired

I met all requirements and got the $200. After approval I got this message:
Your card has been added to your Amazon account as your default payment method.
Since I don't want to charge on Chase by mistake I reverted to my default payment method.

I checked Gift Card Activity page and do see the $200 immediately added.

Do I need to keep this card active in order to use the $200? any penalties for closing shortly after opening the account? I have a primary credit card I use, so I don't want the Chase. Thanks OP

The Chase Prime Visa is literally one of the most PREDATORY, borderline ILLEGAL cards in the entire credit card industry.

Charge $1000 on this card, pay off $900. You should only be charged interest on $100, but the interest is for the full $1000. Yeah, GTFO. Show me any other charge card that does this.

People make mistakes with auto-pay. Sometimes despite one's best efforts or a family medical emergency, you miss paying off the full balance one month. I get this card has no annual fee and Chase has to make their profits somehow, but this is legit the most predatory way to do it. Zero-forgiveness in this card, so if you do sign up, make sure you never under any circumstance miss the full payment, even by missing one cent or by one day.

I'd rather carry Chase Freedom Flex + Discover IT cards (both with no annual fee), take advantage of staggered 5% cashback on all Amazon purchases for two quarters of a calendar year (including this holiday quarter), and just not deal with the BS.

A lot of you out there are chasing a $200 gift card carrot, but the 100% accrued balance interest penalty stick may hit you back a lot harder in the long run...

Since so many people find this misinformed post "helpful", I feel it needs to be clarified on credit card interest works in general.

Where is your evidence of this? Credit card interest methods are regulated by the CARD Act. What YOU are describing is a version of Double-Cycle billing, which is not allowed under the CARD Act for over a decade now.

"Double-cycle billing once allowed credit card issuers to calculate a borrower's interest charges based on the average daily balance of their previous two billing cycles. This put cardholders in an unusual position of paying interest on charges they had already paid off. The CARD Act prohibits double-cycle billing and requires credit card issuers to calculate interest based on an account's average daily balance from the most recent billing period."

Your personal experiences and not understanding WHEN and HOW interest is calculated and applied on credit cards is not a valid excuse to spread misinformation.

Example:
This applies to all credit cards, this ONE card offered by Chase doesn't operate any differently than others.

You have $0 balance, or a new account You make $1000 worth of purchases. Your statement is issued with a statement balance of $1000 on November 1, 2023 with a due date of November 27, 2023.
You begin accruing interest from the date the statement was issued on a daily basis based on your DPR (APR/365). Everyday, that accrued interest charge is added to your balance, and next day your DPR is calculated on that new balance with added accrued interest charge from day prior and so on (compounding interest). This occurs daily until your due date.

If you make a payment on the due date, you have accrued 27 days of interest, if the statement balance is paid in full, the accrued interest does not carry over to your next statement, it's done and over with. If you do not pay the balance in full, Say you make a $900 payment, then you have not satisfied the terms and conditions of most all credit cards and the accrued interest charges from the 27 days will be added to your next statement.

What you are claiming is that if you make a $900 payment, say on due date, then only accrued interest on $100 principle should be carried over to next statement. That is NOT how it works. Your accrued interest, up until the point you made a partial payment will get carried over UNLESS you pay off the statement balance in full on or prior to due date.
If you had made a $900 payment the day your statement is issued, or the next day, then you do not accrue any further interest on that $900, only on the $100 remaining balance for next 26 days, and so on. It's why it's advisable, if your credit card allows and if you have trouble making one large payment, make multiple payments prior to the due date to finish paying the statement balance by due date (preferably) or to reduce the daily amount that is subjected to interest charges.

This is in fact the industry standard of how interest is calculated and applied. No CC issuer is going to accrue interest on balance for 27 days (or any period from statement issue date to due date) and then recalculate interest on $100 that's left over and only carry over that interest charge because you made a $900 payment on last day and failed to payoff full statement balance.

Every credit card statement, under the interest charged section (usually towards the end) it will tell you the amount of your balance that was subjected to interest.

This card isn't any different or any more predatory than any other credit card. ALL credit cards are predatory in some way, but if you understand few basics, you can understand how to avoid some of these predatory behaviors.

Some points you make are valid, people churning for $200, a small benefit, is just irresponsible with no intent to use this card or even plans to cancel it.. It's often not worth it.

Just a warning to folks, if you don't pay off the entire balance of this card each month you are charged interest on the entire accrued balance for that period plus the grace period. If you read reviews on this card it's one of the most predatory out there.

I got it! approved, credited $200, right at the middle of the approval page, a $50 referral link. Copied and send.
I shop on Amazon all the times. It's nice to have. Now I have to remember to pay. Thanks.