That’s higher than the average retail card interest, which was 25.64% as of November 2018, according to .Īmazon is looking to appeal to lower-income consumers The annual percentage rate for the card currently stands at 28.24% and resets based on the Prime Rate.On-time payments will be reported to the three major credit bureaus: Experian /zigman2/quotes/210252954/delayed UK:EXPN +0.11%.Card holders will have access to 0% APR financing options on large purchases.After making the account-opening deposit, card holders will receive a $40 gift card.The card has no annual fee - though consumers would need to pay the $119 yearly membership fee for Amazon Prime to get the cash-back reward. The account must be in good standing to redeem the rewards. Amazon Prime members who open the card can receive 5% back on purchases at.Read more: How Amazon and Walmart’s next-day shipping could bust your budget (Amazon and Synchrony declined to provide additional comments regarding the card on the record.) “I’ve looked at hundreds of retail cards, and I can’t recall ever seeing a secured retail card,” said Ted Rossman, industry analyst with. The structure of the new credit offering struck credit-card experts as rather unusual. Like many other retail cards, however, the Amazon Credit Build card can only be used for Amazon purchases, making it a “closed-loop” card. Consumers can establish credit lines ranging from a minimum of $100 to a maximum of $1,000. That deposit will then represent the card’s credit limit. When opening the card, as with any secured card, consumers must make a refundable security deposit with Amazon’s partner on the financial product, Synchrony Bank /zigman2/quotes/203661733/composite SYF +2.17% Will function as a secured credit card, but with the same benefits as Amazon’s Store Card. The Amazon Credit Builder card /zigman2/quotes/210331248/composite AMZN +1.59% It comes with an unusual structure - and some major caveats. Amazon’s newest credit card offers 5% back on purchases made on the website and is designed to help people build their credit scores.Īmazon’s newest credit card is designed to appeal to consumers who are looking to improve their credit score.
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