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Amazon Launches Two New Credit Cards for Those with Bad or No Credit

DDG
DDG

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Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Links in this post may provide us with a commission.

Amazon Credit Builder

Amazon Launches Two New Credit Cards for Those with Bad or No Credit

Amazon has partnered with Synchrony Bank to launch a new credit card. It’s aimed at people with no credit or bad credit. The card is easier to get that the current Amazon cards and gives you the possibility of 5% cash back on most Amazon purchases. This is not a card for everybody, but it’s an option to keep in mind if you don’t have many options to pick from.

Amazon Credit Builder

There are actually two versions of the new Amazon card, which is being issued in conjunction with Synchrony Bank: the Amazon Store Card Credit Builder and the Amazon Prime Store Card Credit Builder.

This are secured credit cards designed for people who are looking to build or rebuild their credit and is backed by a refundable security deposit made when the account is opened. The deposit is equal to the credit limit.

a screenshot of a credit card

There’s also a small signup bonus. You get a $10 Amazon.com Gift Card upon account opening. The bonus is $40 for the Primes version.

Application Page

The Amazon Credit Builder functions and looks like the Amazon Store Card. The exception is that the credit line on the Amazon Credit Builder card will equal the amount of the refundable security deposit that you must maintain with Synchrony Bank.

As an Amazon Credit Builder cardholder, you will enjoy the same benefits as you would on the Amazon Store Card. That’s promotional financing for cardholders without an eligible Prime membership, and promotional financing or 5% back every day for cardholders with an eligible Prime membership. The card is mostly only valid for Amazon.com and some places that support Pay with Amazon functionality.

Conclusion

This card is not for most readers. Amazon is basically trying to extend its reach to more customers. It is trying to attract those who do not currently have credit cards and are unable to shop at Amazon. These new cards with pop up as an option for those who are turned down for the unsecured versions also.

Amazon says that you will be able to be upgraded to an unsecured version as soon as 7 months. That’s assuming on time payments through that period.

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
DDG
DDGhttp://dannydealguru.com
Based in NYC. Points/miles enthusiast for years and actively writing about it for the last 6+ years at Danny the Deal Guru. I'm always looking out for deals. Making a few bucks is always nice, but the traveling is by far the best part of this business.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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At Miles to Memories we share the best tips, tricks and deals plus travel rants, musings, hotel, airline and loyalty program reviews and a lot more! Our goal is to help people save money so they can get out there and travel the world! Through our various blog posts, podcasts & videos we teach others how to maximize loyalty rewards, hotel & airline programs and credit cards to achieve amazing things.

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