Amazon Store card or Amazon Secure Card which would you prefer is actually not a question that you can just answer without reviews. Well, you need to have more information about other cards for you to answer the question and also get more enlightenment.
Amazon Store Card or Amazon Secured Card Which would you Prefer
Amazon store card and Amazon Secure card are both cards offered by Amazon to its customers for easy transactional and purchasing activities. Well, both cards have their own benefits and uniqueness but this content will guide you on information to decide the one you prefer.
Important Facts to know about the Amazon Secured Card
Getting to choose between two amazing cards for the same company might be difficult in some ways. However, this content will be stating some facts that you need to know about the secured card and it is best for you to read on and be more enlightened.
Only be Used at Amazon
This fact is actually one vital fact that you certainly need to know before making preferences. Moreover, the Amazon Secured card is a card that can only be used at Amazon.com or any of its physical stores. Well, those kinds of cards are classified under closed-loop cards that are only accepted by its brand store or online.
Furthermore, there are actually several stores that are known for offering cards that are closed-loop. Whereby the cards are branded with the company’s or organization’s logo by that a payment processor such as Visa or Mastercard which can be virtually used anywhere.
The Secured cards that Amazon offers do not need an annual fee paid to carry or make use of it. Moreso this does not apply to that the retail credit card that the brand offers. In the sense that its charges interest rates that are notoriously steep on any balance that you get.
However, secured cards for Amazon charge an APR of 10% and it is reasonable and its late payment fees are also reasonable.
It Requires Deposit
These deposits that are required are known as security deposits which are usually held in return as collateral for the account while building your credit and it applies to Amazon Secured Cards. Going further, there are actually flexibilities when making choices on the number of deposits you want to put down with a $100 minimum.
Meanwhile, you need to also be informed that your deposit equals your credit limit so any deposit you make has the same equality. However, the actual deposit that you made is held until there is a situation where either your account is in good standing or your card is been upgraded to a traditional unsecured credit card.
Path to an Unsecured Version is not Available
One thing that you need to know is that there is a way for how a secured card can be converted to an unsecured version and that is if you don’t use the card responsibly by not making payments on time. Well, if you rather choose to covert, you be sent a security deposit as soon as you have paid your card balance.
Rewards are only Accessible to Prime Members
The rewards that the Amazon Secure card offers are only accessible to its Prime members they can earn 2% cash back on all eligible purchases on Amazon.
However, the Amazon Secured Card is a good option for those that are already loyalists and Prime members in order to build credit.
Things you need to know about Amazon Store Card
Well, in this part of the content some things that you need to know about the store card for Amazon will be provided. Moreover, the facts that will be stated below will give you more enlightenment on what the card offers.
The Card has Different Versions
During the process of applying for the card, you will get to find out that there are perks that are available and can be accessed. However, all these operations depend on whether you are a Prime member or not. So, if you are not one the card that will be offered to you will be of a standard version that offers no rewards on cash-back.
The Card can only be used for Amazon Purchases
The versions of the store card are considered closed-loop cards which only means that the cards are used at businesses owned by Amazon or Amazon.com and other places that accept Amazon Pay.
Lucrative Rewards are Earn by Prime Members
For the fact that you have already signed into your Amazon Prime account, there is an eligible chance that you will receive 5% back on the purchases you made with your store card that is associated with Amazon.
Furthermore, the 5% back that you are getting or receiving is valuable for Prime membership, and cash-back rewards won’t be earned. Well, these rewards that are been earned apply only to your account in the form of a credit statement.
An Introductory Bonus is Offered
One good part of the card is that immediately after you are approved you will get a $10 Amazon gift card at an instant. Well, it is an addition that is very nice but might not be a bonus for signing up for other cards.
Options for Financing are Available but you need to Proceed Cautiously
0% financing deals are known to be for larger purchases and in place of 5% back you can make a choice for payment plans for certain purchases over $150. Moreover, it all depends on the amount you spend for you to be eligible for a payment that will last from 6-24 months.
Going further with the fact that has been stated about both cats you can be able to make your choice on the one you prefer to apply for and start making is of it.
Frequently Asked Questions
What is the Difference between the Amazon Store Card and the Amazon Prime Card?
The Amazon prime store card is an excellent way to save 5% on your purchases or get promotional financing. While the standard Amazon store card offers financing options without the expense of a Prime membership, but without the ability to earn rewards.
What does your credit score have to be for an Amazon-secured card?
The credit score that you are to have for the Amazon.com Store Card should be at least 640. This means that as long as you have fair credit or better, you have a chance of getting approved for a card.
Which Credit Card is best for building credit?
The Amazon Prime Secured card’s $0 annual fee, low minimum deposit requirements, and Prime member rewards make it a decent option for building credit.
Does a secured card hurt your credit?
As long your lenders report your payment history to the three nationwide consumer reporting agencies, a secured credit card can be a powerful tool for building and improving credit and does not hurt your credit.
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