topic Re: Amazon Store Card now is equal pay by default in Credit Cards

Amazon Store Card now is equal pay by default

Anonymous — Thu, 27 Jun 2019 18:01:52 GMT

I just got this email from Synchrony. They are setting all Amazon Store Card accounts to default to equal pay financing offers instead of deferred offers.

I haven’t used a financing offer yet so my account is still set to 5% cash back but if you use financing offers, make sure you have the proper selection before using that 1-click button or your minimum payment will be based on equal pay now.

Re: Amazon Store Card now is equal pay by default

Shooting-For-800 — Thu, 27 Jun 2019 20:35:06 GMT

Smart of them and the consumer. May prevent some nasty suprises.

I pay my Amazon off every week, so I love that 5%. I got over $500 back last year!

Re: Amazon Store Card now is equal pay by default

Anonymous — Thu, 27 Jun 2019 20:43:16 GMT

@Shooting-For-800 wrote:
Smart of them and the consumer. May prevent some nasty suprises.

I pay my Amazon off every week, so I love that 5%. I got over $500 back last year!

I agree that equal pay is better for the consumer since they don’t have to worry about deferred interest smacking them in the face but some people like to pay minimum on deferred offers and then pay them off later so the surprise could blindside some people.

I actually would rather have the deferred offer than the equal pay myself. I don’t like being tied down to high required payments regardless of my ability to keep up with them. Chapter 7 PTSD.

And yeah, for non-cat spend, my Amazon card sucks up the vast majority of my spending.

Re: Amazon Store Card now is equal pay by default

pinkandgrey — Thu, 27 Jun 2019 20:45:18 GMT

Not a bad idea. People can’t seem to get their heads around the deferred interest stuff and then they get mad when ALL that interest comes due.

Re: Amazon Store Card now is equal pay by default

Anonymous — Thu, 27 Jun 2019 20:46:52 GMT

@pinkandgrey wrote:
Not a bad idea. People can’t seem to get their heads around the deferred interest stuff and then they get mad when ALL that interest comes due.

It’s definitely a surprising move and it makes me wonder if Amazon demanded the change of Sync because that’s a lot of lost interest income for them.

Re: Amazon Store Card now is equal pay by default

gdale6 — Thu, 27 Jun 2019 21:10:55 GMT

@Anonymous wrote:
@Shooting-For-800 wrote:
Smart of them and the consumer. May prevent some nasty suprises.

I pay my Amazon off every week, so I love that 5%. I got over $500 back last year!
I agree that equal pay is better for the consumer since they don’t have to worry about deferred interest smacking them in the face but some people like to pay minimum on deferred offers and then pay them off later so the surprise could blindside some people.

I am one of them, I will typically pay 2x minimum on 0% offers and use the money to make money. This is taking money from the consumer faster to give you a lower rate of return and enrichen their pocketbooks more.

Re: Amazon Store Card now is equal pay by default

Anonymous — Thu, 27 Jun 2019 21:24:23 GMT

To be fair, the average consumer isn’t like us here. They don’t like deferred interest offers because they don’t understand them and then they get hit with massive bills. I think for the majority of people this change is a good one but if I wanted a fixed monthly payment I would take out an installment loan. 🤷‍♂️

Re: Amazon Store Card now is equal pay by default

Anonymous — Fri, 28 Jun 2019 03:09:05 GMT

You cannot get 5% cash back if you choose 0% or equal pay? I don’t have this card so I’m not familiar with the benefits.

Re: Amazon Store Card now is equal pay by default

Anonymous — Fri, 28 Jun 2019 03:49:03 GMT

@Anonymous wrote:
You cannot get 5% cash back if you choose 0% or equal pay? I don’t have this card so I’m not familiar with the benefits.

Correct. You either earn cash back or you get special financing or equal pay. It’s a very flexible trade off in my opinion. I wish my B&H Payboo was the same way. I get an instant discount in the amount of the taxes I would have paid but if I want to finance something, I have to get B&H’s regular store card too.