If you have negative financial history or a bad credit score, your options might be more limited. For example, you may find it harder to apply for a new credit card. Not only will your application be more easily rejected if you have a bad credit score, the few credit card options you might qualify for are tend to have few advantages and incentives. Thankfully, Amazon is changing all of this.
Through a partnership with Synchrony Bank, Amazon, the large e-commerce company based in Seattle, has begun to offer credit cards to its members.
Called the Amazon Credit Builder, Amazon’s most recent credit card is designed to help people improve their bad credit scores. [1] Unlike many of the lower-end credit cards that banks usually offer to people with negative financial history, Amazon’s Credit Builder offers many benefits and is a useful tool because it teaches you how to build your credit through responsible usage.
Amazon Credit Builder Is an Option for Everyone
The Amazon Credit Builder credit card provides you with opportunities to increase your credit score by reporting your credit and payment activity to the major credit bureaus. In this way, every time you make at least the minimum payment due to the card each month, you will be adding to your credit activity in a positive way. [2] You can utilize this card to reconstruct your credit or to begin building up new credit.
The Amazon Credit Builder is a secured credit card, which means that it is backed by a refundable security deposit that you will be asked to make when you first open your account. Amazon will allow you to decide how much or how little you want to deposit, ranging from as little as $100 or as much as $1,000.
All you have to do to get this credit card is to apply for the Amazon Store Card. Once you have apply, it is up to Amazon to decide whether your credit history makes you more qualified for the Store Card or the Amazon Credit Builder. In this way, the process of getting the card is very simple.
Amazon’s Credit Builder Comes With Plenty of Perks
Amazon’s Credit Builder card is an excellent card that will let you appreciate the many advantages that accompany an ordinary credit card. But it also comes with a few extra benefits as well. [3]
All Amazon Credit Builder cardholders will enjoy:
– 5 percent cashback on Amazon purchases for Prime members.
– 0 percent interest, which you’ll get either after 12 months of equal payments or on certain purchases.
– No annual fee.
– $1,000 credit limit.
– Special financing on purchases.
– Protection from unauthorized charges.
Notwithstanding these great advantages, there are many other perks to choosing to get the Amazon Credit Builder card.
As a cardholder, you’ll be provided with many tools that can assist you in learning how to boost your credit score. For one, you’ll be able to access a customized TransUnion CreditView Dashboard, allowing you to monitor your credit score at no charge. If you have the card, your Amazon store account will also let you try out various financial scenarios, so you can see exactly how your financial decisions affect your credit history. You will also given access to training materials that will teach you how to build and maintain your credit score.
Once you have built up your credit score with the Amazon Credit Builder card, you will more easily qualify to upgrade to the Amazon Store Card. Some people will qualify in as few as seven months – and that update can also greatly improve your credit history.
Is the New Amazon Credit Card Right for You?
If you’re having trouble finding or getting qualified for a credit card, and you want a credit card that offers many great benefits, you should apply for the Amazon Credit Builder. Just applying for this credit card is a smart move towards finally getting an excellent credit score and a future full of financial possibilities. [4]
With customary credit card advantages like cashback prizes and extraordinary financing, the Amazon Credit Builder will allow you to move in the direction of your dreams without giving up any comforts.
Applying for the Amazon Credit Builder card is simple, practical, and easy. Before applying, make a point to do your research and make sure it is the right decision for your circumstances. With this extraordinary tool at your fingertips, you’ll be able to recover your credit score quickly and keep it that way.
[1] Muller, Chris, Chris Muller, Chris Muller, and Chris Muller. “Amazon Store Credit Builder: Credit Card For Folks With Bad Credit.” Money Under 30. Accessed March 19, 2020.
[2] Griswold, Alison. “Amazon’s Unique New Credit Card Is a Play for Low-Income Americans.” Quartz. Quartz, June 12, 2019.
[3] Zarrugh, Nouri. “Amazon Credit Builder Review.” CreditCards.com Reviews. Accessed March 19, 2020.
[4] “Amazon’s Credit Builder Card – Is It Right for You? |.” Ovation Credit Repair Services, July 18, 2019.
