Information About Amazon Credit Card You Need to Know
If you fail to pay off the balance on time, you will be charged all accrued interest recursively, and the 26.99% interest rate per year is not the interest you want to pay.
There are two main varieties of Amazon credit cards. The first are the Visa co-branded cards issued by Chase, and the second is the Amazon store credit cards issued by Synchrony Financial.
All Amazon credit cards are competitive products, especially for people who often shop online in Amazon. Amazon's shopping cart has a higher reward rate than most standard credit cards, especially for members.
Once you start using this card and pay the bills, when you check out on Amazon, you will see the reward points you can apply for. We don't recommend cashing your reward in this way, because then you won't be rewarded according to the amount you cashed.
By always charging the full cost of the purchase on the Amazon card instead of cashing points at the checkout, you can earn the reward for the entire purchase and then reduce your bill by cashing points.
Should You Get Amazon Credit Card?
Would you like a card that you can use only in Amazon to finance the purchase? Or is your credit worse? If so, then the Amazon Credit Card may be suitable for you. Generally speaking, it is easier to approve one. Although you can only use Amazon Credit Card on Amazon to fund purchases.
If you have an Amazon Credit Card, you can use it anywhere, but the next question is: Are you an Amazon member now or in the future? If you are a prime member of Amazon, please use Amazon Credit Card. Otherwise, your decision is simple: choose other reward cards or gift cards.
Finally, it's nice to know that these two Visa signature cards are interchangeable according to your current Amazon membership. If you have an Amazon Award Visa Signature Card and decide to become an Amazon member in spring, all you need to do is log in to your account, click on the Management Payment Option, and follow the tips to increase your reward level to a higher 5% rebate rate.
Similarly, if you have an Amazon Store Card and cancel your membership, your card will automatically be converted to an Amazon Store Card. If you join Prime and have an Amazon.com memory card, you will automatically upgrade to the original Amazon memory card.
Based on these facts, it's brain-free: choose any card that suits your situation according to Amazon's dominance, and adjust it accordingly if there's any change. In Amazon's shopping, you will make a good cash return.
What is a store credit card?
The only difference between store credit cards and regular credit cards is that store credit cards are branded and associated with a specific retailer and its rewards program. Store credit cards offer in-store discounts, allow cardholders to earn and redeem points when making purchases.
There are two basic types of retail store credit card:
Open-loop cards: These cards with a Visa, MasterCard or American Express logo in the bottom-right, can be used anywhere.
Closed-loop cards: These cards without a Visa, MasterCard or American Express logo only can be used at their co-branded stores, online stores or affiliates.
For example, there are three types of Best buy credit cards, My Best Buy Credit Card, My Best Buy Visa Platinum Credit Card and My Best Buy Visa Card. My Best Buy Credit Card is a closed-loop card, so you can only use it at Best Buy. My Best Buy Visa Platinum Credit Card and My Best Buy Visa Card are open-loop cards, you can use them anywhere that Visa is accepted.
What are the benefits of store credit cards?
Easy to get and can help you to build credit
Because of store credit cards’ high interest rates and low credit limits, they are easy to get with fair or poor credit. If you can use it responsibly, this is an opportunity to build up your score.
A reasonable annual fee
Many great store rewards cards don’t have an annual fee.
Save money at your favorite stores
Store rewards cards have different rewards programs which are great ways to save money, especially you are a frequent customer of that shop. For example, My Best Buy Credit Card offers as much as 5% cash back.
Additional sign-up bonuses and benefits
Many store reward cards attract new customers with a sign-up bonus. What’s more, some store reward cards offer extra benefits, such as discounts, free shipping, a birthday gift and extended return policies.
Open-loop cards can be used anywhere as normal credit cards.
What are the drawbacks of a store credit card?
Low credit limits
This means that you have the risk of going over your credit limits.
High interest rates
Most store credit cards’ interest rates are higher than the industry average (17%).
Closed-loop cards are limited to single store
Many store credit cards can only be used at their store or online shop. But some store credit cards can be used anywhere like normal credit cards, such as Amazon Prime Rewards Visa Signature Credit Card.
Customer service problems
Some store credit cards are not issued by major cards issuers, so the quality of customer service is difficult to guarantee.
Some store credit cards can’t be used for balance transfers
What do you need to apply for a store credit card?
Banks approve much lower credit scores for store cards. Therefore, applying a store card is an ideal way for someone with a fair or poor credit score to rebuild his or her credit.
Credit card application
You can apply for a store credit card online, in-store or by email depending on the card. And you just need to fill in your personal information and submit your application. The credit card issuer will consider your credit reports and several different factors when reviewing your application to get an idea of your creditworthiness.