topic Re: Amazon Prime Store Card Credit Builder in Credit Cards

Amazon Prime Store Card Credit Builder

joeydtx — Fri, 15 Feb 2019 22:09:59 GMT

Anyone notice this from Amazon... not seen anyone post on it but forgive if its been covered before. Seems single app gets you reviewed for the normal store card, then if not approved considered for a secured version. Wondered if anyone has tried and selected for the secured version

Re: Amazon Prime Store Card Credit Builder

AverageJoesCredit — Sat, 16 Feb 2019 01:37:56 GMT

Ive never heard of this nor seen it here on myFico. If true please be prepared to be Legendized as the myFico masses swarm to get it ( those rebuilding that is

Re: Amazon Prime Store Card Credit Builder

joeydtx — Sat, 16 Feb 2019 02:14:14 GMT

Haha well that would be awesome, but would be happy if this helps anyone with their rebuilding path. Just visit the section for Amazon credit cards, and click on the "See Card Details" and it will show ya as below. I am not sure if its just for Prime, but I think in the FAQ it states a regular and Prime. Secured seems to be exact same thing, except you mail in the deposit, and in 7 months a possible review to unsecure and return of the deposit. Can check out the FAQ on the page to learn more.

Again, hope this helps and share your success if you decide to try it!

Re: Amazon Prime Store Card Credit Builder

Anonymous — Sat, 16 Feb 2019 02:19:24 GMT

That’s an interesting idea for a secured card.

Re: Amazon Prime Store Card Credit Builder

Anonymous — Sat, 16 Feb 2019 11:07:55 GMT

Full terms:
https://www.synchronycredit.com/consumereApply/Internet/amazon/en/combo/pdf/TermsConditions.pdf

They allow for graduation, too, like the marketing page shows, though it is Synch...

You will be assigned a credit limit equal to the amount of funds you deposit in the security deposit account as described in Section V of this Agreement, and that amount will be at least $100 and no more than the credit amount for which you are approved. If we inform you that Section V of this Agreement no longer applies to your account, then you will be assigned a credit limit that we may increase or decrease from time to time.
[...]
If we determine that you qualify for return of any funds from your security deposit account, we will return these funds to you by any method we deem sufficient, including by first crediting the funds to your account.

Re: Amazon Prime Store Card Credit Builder

Anonymous — Sat, 16 Feb 2019 11:51:07 GMT

It’s a pretty awesome deal since 5% back on Amazon includes gift cards... it’s potentially an extremely lucrative card.

Re: Amazon Prime Store Card Credit Builder

Anonymous — Sat, 16 Feb 2019 16:05:02 GMT

@Anonymous wrote:
Full terms:
https://www.synchronycredit.com/consumereApply/Internet/amazon/en/combo/pdf/TermsConditions.pdf

They allow for graduation, too, like the marketing page shows, though it is Synch...

You will be assigned a credit limit equal to the amount of funds you deposit in the security deposit account as described in Section V of this Agreement, and that amount will be at least $100 and no more than the credit amount for which you are approved. If we inform you that Section V of this Agreement no longer applies to your account, then you will be assigned a credit limit that we may increase or decrease from time to time.
[...]
If we determine that you qualify for return of any funds from your security deposit account, we will return these funds to you by any method we deem sufficient, including by first crediting the funds to your account.

then you will be assigned a credit limit that we may ~~increase or~~ decrease from time to time. LOL!

Re: Amazon Prime Store Card Credit Builder

FinStar — Sat, 16 Feb 2019 16:42:09 GMT

Very cool concept to capture those who previously didn't qualify by traditional means or for those in the underserved market. So, for those who don't meet Chase's UW criteria, this is definitely a good (SYNCB) option.

Re: Amazon Prime Store Card Credit Builder

UncleB — Sat, 16 Feb 2019 18:23:59 GMT

@FinStar wrote:
Very cool concept to capture those who previously didn't qualify by traditional means or for those in the underserved market. So, for those who don't meet Chase's UW criteria, this is definitely a good (SYNCB) option.

Years ago when I was still in credit purgatory this would have been a fantastic option... hopefully we'll get some data points soon from someone who has the secured version.

Re: Amazon Prime Store Card Credit Builder

Anonymous — Sat, 16 Feb 2019 19:46:31 GMT

@FinStar wrote:
Very cool concept to capture those who previously didn't qualify by traditional means or for those in the underserved market. So, for those who don't meet Chase's UW criteria, this is definitely a good (SYNCB) option.

Well the Sync unsecured card has always been a good option regardless of Chase UW criteria since you can get deferred financing on any purchase $149 and up and Sync comes out CLIs like they’re going out of style.

I will always tell people to get the Sync version over the Chase version unless they don’t spend much at Amazon.

The secured card is a great idea though but I wonder what credit scores Sync is targeting - they aren’t exactly picky with the Store Card to begin with.

Re: Amazon Prime Store Card Credit Builder

FinStar — Sat, 16 Feb 2019 20:33:36 GMT

@Anonymous wrote:
@FinStar wrote:
Very cool concept to capture those who previously didn't qualify by traditional means or for those in the underserved market. So, for those who don't meet Chase's UW criteria, this is definitely a good (SYNCB) option.
Well the Sync unsecured card has always been a good option regardless of Chase UW criteria since you can get deferred financing on any purchase $149 and up and Sync comes out CLIs like they’re going out of style.

I will always tell people to get the Sync version over the Chase version unless they don’t spend much at Amazon.

The secured card is a great idea though but I wonder what credit scores Sync is targeting - they aren’t exactly picky with the Store Card to begin with.

True and I'm sure lots of folks know about the Amazon Store option (some aren't fond of Chase or do not meet their criteria). Yet, there have been several documented cases of individuals being denied for both Chase and SYNCB. Maybe a point of clarity is that by offering this alternative option, SYNCB essentially provides a "step ladder" for those who would otherwise not qualify for the "unsecured" version ('borderline/judgemental UW' profiles) to at least be able to obtain the secured product. But regardless, there will still be plenty of scenarios where SYNCB can deny even the secured option.

Re: Amazon Prime Store Card Credit Builder

Anonymous — Sat, 16 Feb 2019 20:38:04 GMT

@FinStar wrote:
@Anonymous wrote:
@FinStar wrote:
Very cool concept to capture those who previously didn't qualify by traditional means or for those in the underserved market. So, for those who don't meet Chase's UW criteria, this is definitely a good (SYNCB) option.
Well the Sync unsecured card has always been a good option regardless of Chase UW criteria since you can get deferred financing on any purchase $149 and up and Sync comes out CLIs like they’re going out of style.

I will always tell people to get the Sync version over the Chase version unless they don’t spend much at Amazon.

The secured card is a great idea though but I wonder what credit scores Sync is targeting - they aren’t exactly picky with the Store Card to begin with.
True and I'm sure lots of folks know about the Amazon Store option (some aren't fond of Chase or do not meet their criteria). Yet, there have been several documented cases of individuals being denied for both Chase and SYNCB. Maybe a point of clarity is that by offering this alternative option, SYNCB essentially provides a "step ladder" for those who would otherwise not qualify for the "unsecured" version ('borderline/judgemental UW' profiles) to at least be able to obtain the secured product. But regardless, there will still be plenty of scenarios where SYNCB can deny even the secured option.

Yeah I am absolutely not disputing Sync denials at all. I’ve heard of Sync denying people with higher scores than mine and approving people who just burned them in a BK. They seem to be fussy like PenFed at times.

It will be interesting to see adoption for this new secured option though and how graduations work. Does Sync even have another secured card?

Re: Amazon Prime Store Card Credit Builder

FinStar — Sat, 16 Feb 2019 20:51:29 GMT

@Anonymous wrote:
It will be interesting to see adoption for this new secured option though and how graduations work. Does Sync even have another secured card?

From what I'm aware, this is currently their only "secured" offering (out of all other products managed under SYNCB). Potentially, if this one is being rolled out as a "test" to gauge any driven revenue streams, recoverable losses, etc., then it's likely they may offer other similar products at some point, but it's too early to tell. Some lenders, such as FNBO, have branched out to offer specific co-branded secured CCs as an option as well.

Re: Amazon Prime Store Card Credit Builder

Anonymous — Sat, 16 Feb 2019 20:57:39 GMT

@FinStar wrote:
@Anonymous wrote:
It will be interesting to see adoption for this new secured option though and how graduations work. Does Sync even have another secured card?
From what I'm aware, this is currently their only "secured" offering (out of all other products managed under SYNCB). Potentially, if this one is being rolled out as a "test" to gauge any driven revenue streams, recoverable losses, etc., then it's likely they may offer other similar products at some point, but it's too early to tell. Some lenders, such as FNBO, have branched out to offer specific co-branded secured CCs as an option as well.

Well if there is ever a great market to test a new secured card on, its Amazon! Massive exposure and lots of diversity in the customer base.

Hopefully Amazon does a decent job of advertising that it’s available though.

Re: Amazon Prime Store Card Credit Builder

Anonymous — Sun, 17 Feb 2019 03:25:42 GMT

A few bullet points on "graduating"

Re: Amazon Prime Store Card Credit Builder

Brian_Earl_Spilner — Sun, 17 Feb 2019 03:42:20 GMT

@Anonymous wrote:
A few bullet points on "graduating"

And there's the catch. If your score doesn't qualify you for the normal card, you'll be offered the secured, but it won't graduate until you meet the requirements for a normal card.

Re: Amazon Prime Store Card Credit Builder

Anonymous — Sun, 17 Feb 2019 03:51:38 GMT

I would agree. Bullet #3 certainly implies that.

Having said that, this is a nice way to bridge the gap.

Re: Amazon Prime Store Card Credit Builder

Brian_Earl_Spilner — Sun, 17 Feb 2019 04:13:26 GMT

@Anonymous wrote:
I would agree. Bullet #3 certainly implies that.

Having said that, this is a nice way to bridge the gap.

It will be interesting to see if it grows after graduation or if it's bucketed. If it grows like a normal card, the only real drawback is the security deposit. If it's bucketed, you're better off waiting for your score to qualify you for a normal card.

Re: Amazon Prime Store Card Credit Builder

Anonymous — Sun, 17 Feb 2019 11:03:04 GMT

@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
It will be interesting to see adoption for this new secured option though and how graduations work. Does Sync even have another secured card?
From what I'm aware, this is currently their only "secured" offering (out of all other products managed under SYNCB). Potentially, if this one is being rolled out as a "test" to gauge any driven revenue streams, recoverable losses, etc., then it's likely they may offer other similar products at some point, but it's too early to tell. Some lenders, such as FNBO, have branched out to offer specific co-branded secured CCs as an option as well.
Well if there is ever a great market to test a new secured card on, its Amazon! Massive exposure and lots of diversity in the customer base.

Hopefully Amazon does a decent job of advertising that it’s available though.

I doubt they will. Amazon is like most CCC's: in the loyalty game. The average Prime member spends $1,400/yr on Amazon. Somebody putting a $200 deposit on a secured card isn't likely to come anywhere near this.

Re: Amazon Prime Store Card Credit Builder

Anonymous — Sun, 17 Feb 2019 12:14:31 GMT

@Anonymous wrote:
@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
It will be interesting to see adoption for this new secured option though and how graduations work. Does Sync even have another secured card?
From what I'm aware, this is currently their only "secured" offering (out of all other products managed under SYNCB). Potentially, if this one is being rolled out as a "test" to gauge any driven revenue streams, recoverable losses, etc., then it's likely they may offer other similar products at some point, but it's too early to tell. Some lenders, such as FNBO, have branched out to offer specific co-branded secured CCs as an option as well.
Well if there is ever a great market to test a new secured card on, its Amazon! Massive exposure and lots of diversity in the customer base.

Hopefully Amazon does a decent job of advertising that it’s available though.
I doubt they will. Amazon is like most CCC's: in the loyalty game. The average Prime member spends $1,400/yr on Amazon. Somebody putting a $200 deposit on a secured card isn't likely to come anywhere near this.

That’s a pretty bold assumption. A lot of people with bad credit have disposable income and just made some mistakes in the past. I definitely fit in both categories and while my credit isn’t bad now, it was very bad in 2014 when I started my rebuild on my own.