topic Re: Amazon Business Line of Credit- Going Away January 2023?! in Business Credit

Amazon Business Line of Credit- Going Away January 2023?!

kidink1911 — Mon, 12 Sep 2022 19:31:16 GMT

Just received a letter from Synchrony Bank that Amazon is doing away with the Amazon Business Line of Credit Program as of January 10, 2023. There are no plans (as far as I have read on the correspondence from Synchrony and research I have done) for those of us who have these Amazon business credit lines will be transferred into another credit product.

Like the world of credit things can change in a twinkling of an eye!

Re: Amazon Business Line of Credit- Going Away January 2023?!

RealEstateGuy89 — Mon, 12 Sep 2022 23:39:37 GMT

@kidink1911 wrote:
Just received a letter from Synchrony Bank that Amazon is doing away with the Amazon Business Line of Credit Program as of January 10, 2023. There are no plans (as far as I have read on the correspondence from Synchrony and research I have done) for those of us who have these Amazon business credit lines will be transferred into another credit product.

Like the world of credit things can change in a twinkling of an eye!

You are very right! A $7500 credit line gone just like that. Poof!

I posted the letter I got below in case others are curious as to what it said.

Re: Amazon Business Line of Credit- Going Away January 2023?!

ADMYFIC0 — Tue, 13 Sep 2022 00:42:48 GMT

This is sad.

Re: Amazon Business Line of Credit- Going Away January 2023?!

kidink1911 — Tue, 13 Sep 2022 01:42:04 GMT

So sad! My $5,000 tradeline is flying right out the window!

Re: Amazon Business Line of Credit- Going Away January 2023?!

babygirl1256 — Wed, 14 Sep 2022 06:26:35 GMT

Wow, that's a bummer . . . hopefully Synchrony Bank will offer something equal before the Business LOC goes away!!!

Re: Amazon Business Line of Credit- Going Away January 2023?!

Stealth-1 — Wed, 14 Sep 2022 10:58:41 GMT

Sorry to hear. But many times when these situations happen, more often than not it seems better things become of it. It's hard to see it now, but this could end up being a blessing in disguise.

Re: Amazon Business Line of Credit- Going Away January 2023?!

AzCreditGuy — Wed, 14 Sep 2022 14:58:26 GMT

I have a $10k LOC with Wells Fargo...I used $8k just for 1 day and I was charged $2.59...I wouldnt use that credit for anything longer than short term and to me thats at 10 days or less and would need to be paid off

Re: Amazon Business Line of Credit- Going Away January 2023?!

thesaxyone — Wed, 14 Sep 2022 23:48:16 GMT

I received my letter this evening. I asked myself, "Why are they sending me a letter unless they are closing my LOC?"

And just like that, my $15k is going away. Although I do have the Amazon Business Invoice 30 day account for $6k, it's not the same.

Re: Amazon Business Line of Credit- Going Away January 2023?!

cashorcharge — Thu, 15 Sep 2022 00:44:53 GMT

Well that's a bummer. I received my letter too..

Can anyone explain to me....if a business account closes...does it continue to report on EX business as closed...like on a personal CB so you still get the benefit of history reporting X years? I've actually never closed a business account before so I don't know.

Re: Amazon Business Line of Credit- Going Away January 2023?!

shaimesh — Fri, 16 Sep 2022 14:09:10 GMT

I think many of us apply for the net 30. I n 2 much shock to apply right now. Focusing on paying it off. So disappointed. Worked so hard to get it after it went n2 collections and I redeemed myself and got it back. Oh well. It def got me thru my tradeshow season.

Re: Amazon Business Line of Credit- Going Away January 2023?!

itlm062 — Fri, 16 Sep 2022 18:55:19 GMT

I called Amazon and asked to sign up for the "Pay by Invoice" option due to this...

The rep on the line told me there are something in the works to move the line / limit and we should be getting an email in the next month or two for more options...

Hopefully thats true...

Re: Amazon Business Line of Credit- Going Away January 2023?!

M_Smart007 — Sat, 17 Sep 2022 00:44:22 GMT

@cashorcharge wrote:
Well that's a bummer. I received my letter too..

Can anyone explain to me....if a business account closes...does it continue to report on EX business as closed...like on a personal CB so you still get the benefit of history reporting X years? I've actually never closed a business account before so I don't know.

@cashorcharge,

I have the NET 55 BLOC ..

so no letter . (yet) I edited to add that.

I cannot say with 100% certainty, what Synchrony will do?

But to give an example, I had an old Synchrony 76 card close for 90 days of NO activity.

It still reports on EX . bus.

last activity was on 5/2016

Open Ended Credit Line

1000

05/16

Monthly

Re: Amazon Business Line of Credit- Going Away January 2023?!

cashorcharge — Sat, 17 Sep 2022 01:53:01 GMT

@M_Smart007 wrote:
@cashorcharge wrote:
Well that's a bummer. I received my letter too..

Can anyone explain to me....if a business account closes...does it continue to report on EX business as closed...like on a personal CB so you still get the benefit of history reporting X years? I've actually never closed a business account before so I don't know.
@cashorcharge,

I have the NET 55 BLOC ..
so no letter . (yet) I edited to add that.

I cannot say with 100% certainty, what Synchrony will do?
But to give an example, I had an old Synchrony 76 card close for 90 days of NO activity.
It still reports on EX . bus.
last activity was on 5/2016
Open Ended Credit Line 1000 05/16 Monthly

Thanks so much @M_Smart007

It's good to know that it will likely not disappear completely from my report....giving some additional reporting history...potentially not immediately at least. Sound like YMMV. Appreciate the reply.

Re: Amazon Business Line of Credit- Going Away January 2023?!

RootDet — Sun, 25 Sep 2022 06:22:56 GMT

they have eliminated the revolving and not the net accounts. So it seems like amazon does not see good value in business lending. They made that partnership with AMEX for business which likely covers "small business" hence the no need for the amazon business revolving plan. Pay my invoice seems to be the next evolution and likely geared towards larger companies that need invoices/po for payment processing.

Re: Amazon Business Line of Credit- Going Away January 2023?!

SouthJamaica — Mon, 26 Sep 2022 19:12:44 GMT

@RootDet wrote:
they have eliminated the revolving and not the net accounts. So it seems like amazon does not see good value in business lending. They made that partnership with AMEX for business which likely covers "small business" hence the no need for the amazon business revolving plan. Pay my invoice seems to be the next evolution and likely geared towards larger companies that need invoices/po for payment processing.

I don't know why you are saying that. My account was a Net 55, not a revolving line of credit. And it's being eliminated. See this thread on the Net 55: https://ficoforums.myfico.com/t5/Business-Credit/Amazon-Buisness-55-Day-Line-of-Credit/td-p/6511920

I have a hunch this has more to do with Amazon and Synchrony ending their business lending relationship, than with Amazon not seeing good value in business lending.