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@Gregory1776wrote:
@K-in-Bostonwrote:Must. Not. App.
Someone please lie to me and tell me the Chase Amazon card is subject to 5/24.
It’s not, I got mine in September over 5/24. FWIW, I don’t regret applying. 😇😇😇😇😇😇
I said lie to me! I know it's not.
As for the 5% conversation (which I've failed to quote), the agreement between card issuer/servicer and merchant will vary but there are LOTS of people paying mountains of 20+% interest on both the Chase and Synchrony cards to more than offset what those in the PIF crowd get back in statement credits. People who have a card for a particular merchant will generally shop more with that merchant, too, so if a group of individuals spend more that will also offset it. I use my Synch Amazon card for the 5% back on purchases I plan to PIF, but their card is the best of both worlds with 0% for x months (while retaining the grace period for new purchases), so I also spend quite a lot at Amazon that I may have considered using a different card to purchase from another retailer if it weren't for the "free" 6/12/24 month loan.
So I wonder how this actually happens behind the scenes. I guess Chase must have updated their system to give a bigger discount on WholeFoods (as presumably, for other cards, WF still has to code as groceries)
I like the idea and its always nice to have new perks, but I still don't think 5% is going to be enough to get me there for my groceries, full time.
@K-in-Bostonwrote:
@Gregory1776wrote:
@K-in-Bostonwrote:Must. Not. App.
Someone please lie to me and tell me the Chase Amazon card is subject to 5/24.
It’s not, I got mine in September over 5/24. FWIW, I don’t regret applying. 😇😇😇😇😇😇
I said lie to me! I know it's not.
As for the 5% conversation (which I've failed to quote), the agreement between card issuer/servicer and merchant will vary but there are LOTS of people paying mountains of 20+% interest on both the Chase and Synchrony cards to more than offset what those in the PIF crowd get back in statement credits. People who have a card for a particular merchant will generally shop more with that merchant, too, so if a group of individuals spend more that will also offset it. I use my Synch Amazon card for the 5% back on purchases I plan to PIF, but their card is the best of both worlds with 0% for x months (while retaining the grace period for new purchases), so I also spend quite a lot at Amazon that I may have considered using a different card to purchase from another retailer if it weren't for the "free" 6/12/24 month loan.
I guess I'm trying to understand where Amazon would benefit if the store card was used at Whole Foods.
Most likely Synchrony makes a profit from the interest since they're the ones lending the money out. I guess a 0% interchange fee would be enough to accept the card in store?
@Anonymouswrote:I guess I'm trying to understand where Amazon would benefit if the store card was used at Whole Foods.
Most likely Synchrony makes a profit from the interest since they're the ones lending the money out. I guess a 0% interchange fee would be enough to accept the card in store?
With the store card, yes I would assume there is zero Interchange and zero transaction fee - like gift card processing (unless the merchant is paying per transaction). Now that Amazon owns Whole Foods, they'd benefit from driving more customers into Whole Foods, or getting existing customers to visit more often. Whatever is good for the Whole Foods bottom line is now good for Amazon's.
WholeFoods is my main grocery store, and I would use this over the 5% OBC (which might be forcibly converted) because of the better redemption process (no extra wait, no $25 increment). But discount WholeFoods cards are still cheaper, if more inconvenient
@Anonymouswrote:
@K-in-Bostonwrote:
@Gregory1776wrote:
@K-in-Bostonwrote:Must. Not. App.
Someone please lie to me and tell me the Chase Amazon card is subject to 5/24.
It’s not, I got mine in September over 5/24. FWIW, I don’t regret applying. 😇😇😇😇😇😇
I said lie to me! I know it's not.
As for the 5% conversation (which I've failed to quote), the agreement between card issuer/servicer and merchant will vary but there are LOTS of people paying mountains of 20+% interest on both the Chase and Synchrony cards to more than offset what those in the PIF crowd get back in statement credits. People who have a card for a particular merchant will generally shop more with that merchant, too, so if a group of individuals spend more that will also offset it. I use my Synch Amazon card for the 5% back on purchases I plan to PIF, but their card is the best of both worlds with 0% for x months (while retaining the grace period for new purchases), so I also spend quite a lot at Amazon that I may have considered using a different card to purchase from another retailer if it weren't for the "free" 6/12/24 month loan.
I guess I'm trying to understand where Amazon would benefit if the store card was used at Whole Foods.
Most likely Synchrony makes a profit from the interest since they're the ones lending the money out. I guess a 0% interchange fee would be enough to accept the card in store?
Plus you could 0% finance your $149 Whole Foods purchase for 6 months. They can call it "Eat now, regret later!"
I just got the email from Chase a little while ago... here's a link to the FAQ on the Amazon site:
Nice to see that there is a 5% option for Whole Paycheck. I’ll keep using my EDP, if prefer 4.50 MR points instead and CSR for 5 bucks(Starbucks).