What’s The Difference Between The Amazon Prime Rewards Signature Visa Card And The Amazon Rewards Signature Visa Card
Both cards are co-branded by Chase and offer the same terms and conditions but slightly different rewards. Prime members get a 5% back on all items purchased on Amazon.com, and at Whole Foods, non-prime cardholders receive a 3% rebate. Both cards come without an annual fee, but a Prime membership costs $119 a year.
Get Your Foot In The Door With The Amex Charge Card
American Express offers both credit cards and charge cards. These are two different products, and its a little easier to qualify for a charge card since your credit score doesnt need to be as high.
Charge cards are unsecured lines of credit, just like credit cards.
But the major difference is that charge cards dont come with a credit limit. That sounds exciting at first, though it means you can get into serious trouble if youre not careful with how much you purchase on the card.
Charge card statements are issued at the end of every month, and you owe the full balance when it hits. Fail to pay back what you charged, and AMEX will charge you about 3% of whatever you put on the card.
AMEX could also cancel your card if they feel you exceed your reasonable ability to repay your balance. So be careful if you apply and receive one of these cards.
If you cant qualify for an AMEX credit card or dont think your credit score is high enough to get approved you can try a charge card first. This helps you get your foot in the door with the issuer since youll have an account with them.
That, in turn, could help increase your chances of getting approved for a credit card in the future.
Just track your spending and card usage carefully, so you never spend more than you can afford to repay and maintain a good history of on-time, in-full payments.
And now its time for our last strategy
Amazon Rewards Visa Card Credit Score
You have a solid chance of a successful application for the Amazon Rewards Visa Signature Card if your credit score is in the fair-to-good range, and the suggested FICO® Score to apply is 670 or above. It’s possible to get approved with a lower score, but it makes more sense to work on your credit first and give yourself a better shot. Note that because Chase is the card issuer on the Amazon Rewards Visa Signature Card, Chase’s 5/24 rule could lead to a declined application for consumers who have opened too many credit cards in the past two years.
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How Can You Decide Which Is Right For You
Wondering which Amazon credit option is right for you? With multiple options to choose from, it can be difficult to decide which is best. And the truth is, there isn’t one that’s better than the other. Each has different features, advantages, and disadvantages.
Here are a few questions to ask yourself when choosing the best credit option for your business:
- Do you run a sole proprietorship? As a sole proprietor, there’s a good chance your business doesn’t have credit. In that case, the Amazon Prime Visa card is probably best for you. Eligibility is based on your personal credit, not your business credit. And without a large team, you don’t have to worry about granting other people access to cards.
- Do you want cashback rewards? Amazon’s lines of credit don’t offer cashback or any other sort of reward. If you want to earn special perks for using your credit, then the Amazon Business Prime card is probably best for you.
- Are you an Amazon Business Prime member? The Amazon Pay by Invoice feature comes as a standard feature with the small, medium, and enterprise plans. Rather than paying for your items when you purchase them, you can pay them off on a 45-60 day schedule.
- Do you spend more than $100 000 per year at Amazon? Customers who spend more than $100 000 per year can fully maximize the benefits of the Amazon Business Line of Credit, including your own account specialist.
How Does Amazon Compare With Other Providers
Amazon credit card customers gave the brand 71% in our latest , placing it towards the bottom of our table in joint 17th place.
|Mobile app on a smartphone or tablet|
3 out of 5
Star ratings out of five show levels of satisfaction for each category. Where no stars are given, we received too few responses in our survey to give a rating.
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How Is The Amazon Credit Builder Card Different From Other Cards
Those familiar with credit cards know that they are different than regular prepaid cards or debit cards. For one thing, the payments made with them come from a credit line, not a bank account or prepayment. You also have to make monthly payments for however much you spent using the credit card, usually with significant interest. You probably know about visa credit cards and others credit cards companies that work in the same way. Many of them are in the market and be secured cards to use*.
But the real question is:
Bad Credit: Under 600
If youre in the last group and have bad credit because youve missed payments, had collection accounts, or a foreclosure, you need to take special steps to get approved for a credit card.
If youre in this situation, you should only apply for a credit card in an effort to begin rebuilding credit . Usually, this means applying for a secured credit card.
A secured credit card requires a security deposit before you can begin making charges. That security deposit acts as your credit limit. Although that may sound like a debit card or prepaid card, the secured credit card will report your payment history to the credit bureaus, which debit and prepaid cards do not do. After a year or so of using a secured card, you may be able to upgrade to an unsecured account and get your deposit back.
I recommend the Secured Mastercard® from Capital One to help get your credit back on track.
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Best Business Line Of Credit
The Amazon Business Line of Credit allows businesses to make purchases and then pay for them later. Managed by Synchrony Bank, these credit lines come with generous payment terms of 55 days. Because you’re required to pay in full, there are no interest charges, nor are there any annual fees.
To start using an Amazon Business Line of Credit, you’ll apply through Synchrony Bank. Once your application is approved, you’ll get a dedicated account management team to help you set up, customize, and manage your credit line. You can create separate accounts for various departments or locations in your organization.
As you shop, you’ll receive easy-to-read monthly statements with a list of itemized transactions and product-level details. Then, you simply have to pay for your purchases in full by the due date.
Purchase And Extended Warranty Protections
These two purchase protection benefits provide some peace of mind when you come across a good deal, but youre worried about iffy merchants or shipping damage. The extended warranty protection increases eligible warranties by a whole year. Meanwhile, your purchase protection covers new purchases against damage or theft up to $500 per claim .
As an online shopping card with Visa Signature benefits, its surprising that the Amazon Prime Rewards card doesnt come with price and return protection too. Its a bit disappointing that you cant get your money back if a sketchy seller doesnt offer returns, but return protection is a rarer perk nowadays.
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Disadvantages Of The Amazon Secured Card
The main downside of this card is that it can’t be used for purchases from merchants other than Amazon. Competing card issuers offer secured credit cards that are part of payment networks like Visa, Mastercard and Discover, which give you wider purchase options. And while many of these cards have annual fees, some do not.
If you’re a regular Amazon customer who needs to rebuild your credit, these secured Credit Builder cards could be a good option for you. By offering a no-fee option for those with bad credit, and rewards for Prime members, they may benefit Amazon devotees.
How The Amazon Prime Rewards Visa Signature Compares To Other Rewards Cards
Although they may not be as rewarding for as the Amazon Prime Rewards Visa signature is, plenty of other cards are designed to reward online shopping beyond this one retailer. However, many of these alternatives are limited by quarterly categories, bonus category spending caps and limited-time offers, such as the Chase Freedom Flex card and the Blue Cash Preferred® Card from American Express.
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Have A Low Credit Score Compare Credit Cards For Bad Credit
If you have no credit or bad credit and cant meet the minimum credit score for credit card approval of typical cards, you still have options. There are things you can do to help build up your credit rating and some forms of credit that youll still be eligible for in the meantime.
Wells Fargo Cash Wise Visa Card
The Wells Fargo Cash Wise Visa® card is a simple, reliable cash back credit card for borrowers with good to excellent credit. While the card doesnt come with quite so many bells and whistles as a luxury rewards credit card, theres plenty to like about this straightforward cash back card.
The Wells Fargo Cash Wise Visa® card earns an unlimited 1.5% cash back on all purchases, with no category restrictions or quarterly activations required. Theres an attractive introductory APR of 0% for 15 months on purchases and 0% for 15 months on qualifying balance transfers. After the introductory period, theres a 13.99%-25.99% APR based on your creditworthiness. The Wells Fargo Cash Wise Visa® card also has no annual fee, and comes with other perks like 24/7 fraud monitoring, zero liability protection, and cell phone protection.
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Alternate Pick: Citi Double Cash Card
There are a number of credit cards on the market that will earn 2% rewards on everything you buy without the need to track categories. One pick to consider is the no-annual-fee Citi® Double Cash Card which earns 1% when you make a purchase and another 1% when you pay your bill. Rewards earned on the card can be used as a statement credit, direct deposit, check or converted to transferable points when paired with a premium card.
Why Should I Check My Credit Score And Credit Report
It will help you to ensure that your credit score and credit report is accurate and up to date. This will allow you to check the likelihood of being accepted for credit in the future.
Another reason for you to check your credit score is to know if it dips, or if credit agencies have made an error while calculating your score. This will help you make timely amends.
Things To Remember When Applying For Amex Credit Cards
Im all for doing due diligence before applying for a new Amex card. But keep in mind that Amex has the final say, and sometimes credit card denials can come as an unfortunate shock. In these cases, you can always call up Amex personal credit reconsideration at 877-399-3083. Sometimes theyre just looking for a little more information that could help boost your chances of approval.
You also need to make sure youre adhering to Amexs application rules, including how frequently you can apply for new credit cards. Remember, Amex only allows you to earn the bonus on a specific card once, per person, per lifetime.
And sometimes you might not be eligible for a given cards welcome bonus depending on what credit cards youve applied for and held in the past. Because of this, I recommend you read our full review of each of the below cards before deciding whether or not to apply.
If you do choose to sign up for any of the above cards, best of luck in your application process and may the approval odds be ever in your favor. Weve also covered the minimum credit scores you would need to be approved for Chase credit cards.
What Is The Easiest Form Of Amazon Credit To Get
When it comes to qualifying for Amazon credit, it depends on your current situation. Individuals with sole proprietorships and no business credit may have the easiest time qualifying for the Amazon Prime Visa card, while businesses with existing Amazon Business Prime accounts already have access to Pay by Invoice.
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Best For Amazon Financing: It Depends
While both the Amazon store cards from Synchrony Bank and the Amazon Visa cards from Chase come with promotional offers for cardholders, the terms are slightly different.
If youre looking to pay off an Amazon purchase over time and are debating which route to go, you may need to choose between a longer financing period and a lower minimum purchase requirement .
Both cards let you choose between Equal Pay financing which charges no interest if you make your equal monthly installment payments on time and Special Financing which uses a deferred interest model.
While the difference is not dramatic, Synchronys Amazon store cards offer longer financing periods on Equal Pay purchases. With the store cards, you can get six, 12 or 24 months to pay off your minimum purchase of $150, $600 and $800, respectively. The Chase Amazon Visa cards, on the other hand, offer six-, 12- and 18-month financing plans on minimum purchases of $150, $250 and $500, respectively.
Keep in mind, the 25.99% variable APR on Synchronys Amazon store cards is fairly high compared to the average credit card interest rate and could come back to bite you if you opt for Special Financing.
Alternate Pick: Ink Business Preferred Credit Card
The Ink Business Preferred® Credit Card may be a solid alternative to the Amazon Business American Express Card*, offering a strong rewards rate on areas many businesses are likely to find appealing. Earn 3 points per dollar on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per dollar on all other purchases. It also comes with an annual fee of $95 but that may be balanced out by the flexibility of your earnings.
Rewards earned are Chase Ultimate Rewards points which can be redeemed for cash back at 1 cent per point or redeemed for 25% more value when used to book travel through the Chase Travel Center. You can also use your rewards to , but that yields a lesser value of around 0.8 cents per point.
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Most Credit Card Offers Require Very Good Credit
Lets be clear about that. A lot of people who apply for credit cards are denied. And if you get denied too many times in a year, that can actually hurt your credit further.
Even with good credit, there are other reasons you might still be declined like too much overall debt or even just one recent late payment.
To help you avoid that, lets look at what cards you can get with various credit scores. You can also browse the credit card section of this website. Each card features a minimum required credit quality category.
What About The Starting Credit Line
Being approved for the Amazon Visa is one thing, but getting a credit line big enough to actually make it useful is another. In general, the lower your credit score, the lower your starting credit line is going to be. Someone with a lower score could start out with a credit line of only $500 while a well-established cardholder with a high credit score and lengthy history of handling credit well could easily get a $5000 credit line or even more.
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How Does The Amazon Credit Builder Work
After submitting your application and being approved for an Amazon Card, you will have to make a refundable security deposit .
In this case collateral is money that you give to Amazon in case you fail to make the promised payments, Amazon can use the collateral to recoup the losses.
This deposit will act as your credit line.
What is a line of credit?When talking about credit cards, a line of credit is the limit or maximum amount of money you can borrow with your card.
So, if you deposit $100, thats the maximum amount youll be able to spend with your card.
If you have made all of your payments in full, the deposit can be refunded if you close your account. If you havent made all your payments, the remaining balance will be deducted from the deposit.
With the Credit Builder, you can make payments on anything ranging from buying new equipment to getting inventory.
Like a regular credit card, to pay off your debt, you simply make monthly payments either equal to the full balance or a minimum payment.