Have bad or no credit but want to get 5% back on all eligible Amazon.com purchase? (Must be an Amazon Prime member to get 5% back.) Amazon has a new credit card that is perfect for you.
Amazon’s Prime Store Card Credit Builder is aimed at American’s with no or bad credit. This card is meant to help you build credit as you get 5% back on Amazon.com. The card has no annual fee and after you open an account you will get a $40 gift card to Amazon.
Amazon has also partnered with TransUnion’s CreditView to help Amazon cardholders track the progress they are making with their credit.
There is a catch. Cardholders need to submit a refundable security deposit to get a line of credit from Synchrony Bank, which manages Amazon’s new Reward Card. That deposit can range from $100 to $1,000. The size of the deposit will determine the amount of credit you will get. You also need to be an Amazon Prime member to get 5% back on Amazon purchases but anyone can get the card.
This may not seem like a great deal, but if you have no credit or bad credit and have been turned down for Amazon’s other cards this may be a great option for you. Amazon does offer two other more traditional credit cards with up to 5% back for Prime and non-Prime members.
Do your research on all credit and reward cards. They can be a useful tool if used correctly, but you need to be careful. Make sure to read the full credit terms posted on Amazon’s website and as always be careful with credit cards.
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