topic Pay Less Interest on Amazon Store Card in Credit Cards

Pay Less Interest on Amazon Store Card

gibeon — Wed, 20 Jan 2016 16:34:41 GMT

I've learned alot from this forum, so here's a little something some of you may find helpful. (I HOPE!)

I am pretty new to fancy credit cards, and 0% deals, so I was trying to figure out how to MAKE SURE I was paying the least amount of interest possible for my Amazon Christmas Spree last month. I WENT NUTS! After all, 0% not so helpful, if your payments aren't paying for interest-bearing charges first, and you end up paying TONS of deferred interest! (WITH PHOTOS!)

1) Log into your account.

2) Hover over the PAYMENTS tab up near the top, and select ALLOCATE PAYMENTS

3) A new window will open with THREE (3) options.

1. Standard Allocation (this is probably what it is set to by default). It will apply your payments towards 0% interest items for the last two months of the 0%.

2. Allocate to deferred interest first (ONLY CRAZY PEOPLE should chose this one).

3. Allocate to NON-Promotional First (THIS IS WHAT you want!)

4) Remember to pay off your promotional items BEFORE the 0% runs out, or you WILL be paying much great interest!

5) If you want to see WHICH ITEMS (and calculate how much to pay when) have 0% interest and WHEN it expires.

- Hover over the ACTIVITY tab and select PROMOTIONAL PURCHASES.

Re: Pay Less Interest on Amazon Store Card

Anonymous — Wed, 20 Jan 2016 16:22:56 GMT

Thanks for the tip!

BTW...your name is showing at the very top of that screen shot. You may want to edit that out.

Re: Pay Less Interest on Amazon Store Card

JSS3 — Wed, 20 Jan 2016 16:23:28 GMT

Great stuff!

The name is showing on the account though.

Re: Pay Less Interest on Amazon Store Card

gibeon — Wed, 20 Jan 2016 16:35:30 GMT

FIXED my name! Oops.

Re: Pay Less Interest on Amazon Store Card

ddemari — Wed, 20 Jan 2016 16:42:05 GMT

nice limit, what did you buy on amazon for 14k? im just curious

Re: Pay Less Interest on Amazon Store Card

gibeon — Wed, 20 Jan 2016 17:07:11 GMT

@ddemari wrote:
nice limit, what did you buy on amazon for 14k? im just curious

Hahahaha. We have a winner! I was wondering who would notice first.

My limit (and balance) are actually way less. $3500, and $1450 respectively. I was just goofing around in PhotoShop, and dreaming big, but changing it to a $350,000 limit made the rest of the numbers too much trouble. I particularly like the $2 minimum payment though!

Also, PANS, LOTS of really nice PANS.

My New Years Resolution to cook way more healthy food this year. My SO made the mistake of asking for a new Sauce Pan, and I took the opportunity to go nuts.

Re: Pay Less Interest on Amazon Store Card

Anonymous — Wed, 20 Jan 2016 19:20:08 GMT

@gibeon wrote:
@ddemari wrote:
nice limit, what did you buy on amazon for 14k? im just curious
Hahahaha. We have a winner! I was wondering who would notice first.

My limit (and balance) are actually way less. $3500, and $1450 respectively. I was just goofing around in PhotoShop, and dreaming big, but changing it to a $350,000 limit made the rest of the numbers too much trouble. I particularly like the $2 minimum payment though!

Also, PANS, LOTS of really nice PANS.

My New Years Resolution to cook way more healthy food this year. My SO made the mistake of asking for a new Sauce Pan, and I took the opportunity to go nuts.

I was just about to ask you to buy me some stuff. LOL 20k credit limit on Amazon card, that would be insane.

Re: Pay Less Interest on Amazon Store Card

ryox03 — Wed, 20 Jan 2016 20:03:20 GMT

Nice tip! Amazon was responsible for all of my christmas purchases this year.

Re: Pay Less Interest on Amazon Store Card

CreditMagic7 — Wed, 20 Jan 2016 20:08:27 GMT

@gibeon wrote:
@ddemari wrote:
nice limit, what did you buy on amazon for 14k? im just curious
Hahahaha. We have a winner! I was wondering who would notice first.

My limit (and balance) are actually way less. $3500, and $1450 respectively. I was just goofing around in PhotoShop, and dreaming big, but changing it to a $350,000 limit made the rest of the numbers too much trouble. I particularly like the $2 minimum payment though!

Also, PANS, LOTS of really nice PANS.

My New Years Resolution to cook way more healthy food this year. My SO made the mistake of asking for a new Sauce Pan, and I took the opportunity to go nuts.

Ah. Cooking is (was) one of my personal delights, and the old fashioned way recently.

Amazon is been my go-to for Lodge Cast Iron Skillets and 8-10 quart Dutch Ovens

Thanks for sharing that find with us.

Re: Pay Less Interest on Amazon Store Card

Anonymous — Wed, 20 Jan 2016 23:56:02 GMT

This is ridiculous. This reminds me of the crap I dealt with care credit before their terms changed. I used to have to call in every month and say how my payment should be allocated to promos. Now with care credit its simple. Anything above the minimum payment is applied to highest interest balances first, then the next promo that is set to expire first.

That is how it should be by default. Less worrying.

However, it is nice that they do let you have control, and use that minimum payment to the full promo.

I just want what is simplest for the consumers and what saves them the most money. And I am sure few people know about this feature.

Re: Pay Less Interest on Amazon Store Card

arizonahd — Fri, 13 May 2016 22:59:15 GMT

I would pass on doing the deferred interest option. I decided to try it out a few months ago and no matter how hard I tried, my payments would always be allocated towards promotional purchases (deferred interest). I am not sure if any of you have had any luck, but it was laughable to me. The first time it happened, I changed the settings to pay non-promotional first (like what OP said) and the rep from Synchrony re-allocated my payments which was really nice of them.

But then it kept doing it! Just for kicks, I made a $30 payment (well under my non-promotional balance) to see it happen and sure enough, the whole amount was applied to the promotional. Instead of arguing with the reps, I just paid it off but I am pissed that I lost my 5%! Maybe the system hates me? Not sure, but definetly something wrong in the system and I am not going to lose my store card by bitching about it to them.