topic Re: Amazon Secured Changes in Credit Cards

Amazon Secured Changes

Brian_Earl_Spilner — Sat, 13 Mar 2021 03:31:44 GMT

My mom received a letter about upcoming changes to her secured account. Found it to be interesting. Changes like lowering the APR to 10% on new purchases, retroing that to include existing non-promotional balances as well as deferred interest coming due. Below is a pic of the letter and new terms.

Re: Amazon Secured Changes

joltdude — Sun, 14 Mar 2021 21:40:24 GMT

That is interesting.. for the cost of being secured... you get a 10% apr.... I could see reason to keep it secured ...

Or am I missing something?

And being able to choose to keep it as is or graduate when eligible...

There is an audience where this would not be a terrible thing to keep the card as secured....

-J

Re: Amazon Secured Changes

Brian_Earl_Spilner — Sun, 14 Mar 2021 22:16:54 GMT

And, the late fee is reduced to $5. It's too bad the max deposit is $500.

Re: Amazon Secured Changes

Rudy1 — Mon, 15 Mar 2021 02:32:43 GMT

That's an interesting change! I remember they use to get hate for having a high interest rate on the secured card.

Re: Amazon Secured Changes

Brian_Earl_Spilner — Mon, 15 Mar 2021 07:48:18 GMT

@Rudy1 wrote:
That's an interesting change! I remember they use to get hate for having a high interest rate on the secured card.

Maybe this is their way of combating the thought that the secured card is preying on people.

Re: Amazon Secured Changes

Anonymous — Mon, 15 Mar 2021 11:21:24 GMT

@Brian_Earl_Spilner wrote:
@Rudy1 wrote:
That's an interesting change! I remember they use to get hate for having a high interest rate on the secured card.
Maybe this is their way of combating the thought that the secured card is preying on people.

I wonder the same thing. Maybe it'll be opened back up for new apps, or has it already been?

Re: Amazon Secured Changes

Brian_Earl_Spilner — Mon, 15 Mar 2021 11:55:47 GMT

@Anonymous wrote:
@Brian_Earl_Spilner wrote:
@Rudy1 wrote:
That's an interesting change! I remember they use to get hate for having a high interest rate on the secured card.
Maybe this is their way of combating the thought that the secured card is preying on people.
I wonder the same thing. Maybe it'll be opened back up for new apps, or has it already been?

I could have sworn it's back already, but as an existing amazon card holder, I can't check the application page. It's really the only explanation as to why it has better terms than a normal card. That's an insanely low apr and penalty fee in and of itself, let alone from synchrony for a store card.

Re: Amazon Secured Changes

Anonymous — Mon, 15 Mar 2021 12:52:03 GMT

If I think of it in some spare time, I'll go in and look and see if I can find it.