topic Re: Amazon Secured Card in Credit Cards

Amazon Secured Card

Fresh-Start — Sat, 18 Dec 2021 17:47:35 GMT

So, I burned my Amazon Store Card when I hit a rough patch 2019. All bad debt has since been paid off and my credit score is in a good spot. I saw the offer for the Amazon Secured Store Card and thought it would be a good idea and a way to get back in with them since after a year I was told they switch it to a regular store card.

Well, I had a balance of $300 and wanted to pay the balance off to avoid carrying a balance, so i sent the full payment in through my banks bill payer service. Well I noticed the balance was not updating on Amazon's end so I waited a few more days and called in. I was told they placed a HOLD on my payment because the store account was "new" and I was paying a "large amount". What??? How is paying my balance through my bank so it's confirmed funds, still placed on a hold for 10 days? I can't figure out the logic. There is nothing to confirm the payment was sent directly by my bank. I'm so baffled and frustrated!! So I told them to close the account and send me my deposit money back. How about they would send me my check back faster than lifting the hold on my payment!! SMH!

Re: Amazon Secured Card

Brian_Earl_Spilner — Fri, 17 Dec 2021 14:59:25 GMT

There are many reasons to hold a large payment, especially during the holidays. And considering the track record with them, I wouldn't have been surprised if they held all payments. Probably for the best though as the card doesn't unsecure at 12 months like you were told. It unsecures when they want it to. Could be 6 months, could be never. With burning them so recently, you probably would have been waiting longer than 12 months, to your disappointment.

Re: Amazon Secured Card

Fresh-Start — Sat, 18 Dec 2021 17:49:01 GMT

@Brian_Earl_Spilner wrote:
There are many reasons to hold a large payment, especially during the holidays. And considering the track record with them, I wouldn't have been surprised if they held all payments. Probably for the best though as the card doesn't unsecure at 12 months like you were told. It unsecures when they want it to. Could be 6 months, could be never. With burning them so recently, you probably would have been waiting longer than 12 months, to your disappointment.

In this case there is no reason to hold the payment because it was sent directly from my bank. So it's confirmed funds. Secondly, I paid the account in full so although I defaulted, it was paid in full.

Also the tone of your email is quite rude, we all make mistakes and I paid my debts and don't deserve the tone of your response. I made a payment!

Also, I was told BY AMAZON that my account would graduate in 12 months with timely payments.

Re: Amazon Secured Card

calyx — Fri, 17 Dec 2021 15:50:01 GMT

Even though you paid in full, you have not proven reliable with Amazon/Synch. Terms of your agreement probably say something bout unsecuring/graduating after meeting requirements. It could be 12 months, but it is not guaranteed.

Companies holding payments/funds for high risk clients isn't unexpected. Especially as it's large, you are a high risk, and we're at a high risk time of year (holidays with heavy spend, during uncertain economic times). It's the price you pay for trying to break back in with the banks. I've been there, too, you will just need to be patient.

Re: Amazon Secured Card

Fresh-Start — Sat, 18 Dec 2021 17:50:35 GMT

Number one. I didn't debate the secure card graduation dates etc. That wasn't an issue at all. I didn't care if it was a year or longer that was NOT my issue .

Second. Making a payment through Bill Payer IS preferred by most companies because it's DIRECT FUNDS. Especially when making large payments. I did not make thr payment on Amazon's website where they would then have to secure payment. Chase Bank is one example where they immediately make payment available if paid through Bill Payer from your bank account. They will hold large payments if made through their website to give time to confirm funds if necessary.

So please stop treating me as if I did something wrong, I'm a loser because I made some mistakes years ago, or I lack "patience 'etc....NONE of that was the point of my complaint or issue with Amazon. I simply expect that when payment is made my account be updated appropriately. They received money from my bank - those funds were immediately withdrawn and went to Amazon, what sense does it make to sit on funds you've received?? There is nothing to hold funds that are sent directly from the bank!

Re: Amazon Secured Card

OmarGB9 — Fri, 17 Dec 2021 16:57:41 GMT

Nobody is treating you "like a loser" or "like you did something wrong." They're simply offering up suggestions as to why this happened. I think you're just taking it a bit personally because of the previous delinquency with Synch.

As for your complaint on the payment, nobody can really say why they put a hold on a payment you pushed using your bank's bill pay. They said it's cause the account is new and the payment is large. Well, you may not like it, but it's their card, their rules. Many banks do this when an account is new and you make a payment larger than the minimum or slightly larger than the minimum. Do they do this even when the payment is pushed from your checking account rather than pulled using their own payment site? I don't know, I've never tried it, but I also haven't really heard of this issue around here. They may have also put the hold because of the previous negative experience with the default and they just didn't mention that.

Re: Amazon Secured Card

SoCalGardener — Fri, 17 Dec 2021 18:36:22 GMT

@Fresh-Start wrote:
That's not my problem at all. You both are missing the point all together because you're so focused on attempting to make me wrong lol.

I understand your frustration, both with Amazon and with the replies you've received. However, neither of them has done anything wrong. @Brian_Earl_Spilner's reply was not rude, just matter-of-fact. As are the other replies. You know the old adage, "don't shoot the messenger!"? That applies here. They're just telling you the facts, such as Amazon being cautious with your account (since it's new AND you have a past with them AND it's the holiday season, where fraud is rampant).

I totally get why you're upset with Amazon for holding your payment, considering it was made directly from your bank. I pay all of my bills that way, and I've always considered it the safest, surest way of paying since, as you said, they're direct, verified funds. I've had my Amazon Prime Store Card for years and my payments (made via BofA's bill pay) typically post within a day. I've never experienced any kind of hold, but I'd be upset, too, if they did that to me. I mean, if BofA isn't good enough for them, what is?!

Anyway, if it's not too late I think you should rethink closing the card. Getting it was a good idea, a good way to get back in with Amazon, and while I understand your frustration, I don't think closing the card is a smart move. The payment issue will all get straightened out. If you keep the card and use it, and pay on time, and show responsibility, you'll be glad you kept it because it will eventually graduate.

Re: Amazon Secured Card

Brian_Earl_Spilner — Fri, 17 Dec 2021 20:56:03 GMT

@Fresh-Start wrote:
In this case there is no reason to hold the payment because it was sent directly from my bank. So it's confirmed funds. Secondly, I paid the account in full so although I defaulted, it was paid in full.

Also the tone of your email is quite rude, we all make mistakes and I paid my debts and don't deserve the tone of your response. I made a payment!

Also, I was told BY AMAZON that my account would graduate in 12 months with timely payments.

Apologies if it came off as rude, but you burned a lender that can be quick to AA in regards to bad payments. While they can be forgiving, missed payments is not something that typically goes away when an account is closed. That history is typically attached to a profile and could cause them to manage future accounts differently. Also, ACH payments aren't instant. The typical wait time to ensure it's completed thoroughly is 10-14 days.

As for graduation, Synchony's policy is to begin reviewing at the 6 month mark. My mother has a secured Amazon that hasn't graduated in 2 years. Her credit has gotten better and she's gotten other Sync cards with higher limits that grow. It's not uncommon to receive wrong or misleading info from a CSR.

Re: Amazon Secured Card

increasingmyfico — Fri, 17 Dec 2021 21:03:48 GMT

That is not all that uncommon especially for a new account.

Re: Amazon Secured Card

jmw1 — Sat, 18 Dec 2021 02:56:08 GMT

The ACH or check funds from the bank's bill pay are not guaranteed. That ACH is not the equivalent of a cashier's check, money order, or wire transfer. It's the equivalent of a paper check which can bounce. If they don't trust you yet, they will need about 5 business days hold to nearly completely eliminate the risk that the ACH will bounce.

Re: Amazon Secured Card

Fresh-Start — Sat, 18 Dec 2021 15:24:47 GMT

I understand your frustration, both with Amazon and with the replies you've received. However, neither of them has done anything wrong. @Brian_Earl_Spilner's reply was not rude, just matter-of-fact. As are the other replies. You know the old adage, "don't shoot the messenger!"? That applies here. They're just telling you the facts, such as Amazon being cautious with your account (since it's new AND you have a past with them AND it's the holiday season, where fraud is rampant).

I disagree. I found their comments not to be just matter of fact. I found it to me rude. You can share matter of facts without being rude or condecending. I find many in this forum get off judging others and making them feel less than as if their higher credit scores make them better than others and it reflects in how they respond to others. But anyway, we can agree to disagree with their response to me.

Thank you for your response, what you shared re the verified funds is exactly what I'm upset about. I once paid Chase a large balance and paid it via Chase website. It was placed on a hold. I called in and was told the best way to make large payments is through your banks bill payer because it's verfied funds. I've paid that way ever since and have never had any issues with payments being on hold with any other creditors.

I just feel that at this point, I will just use my Amazon Chase card for my amazon shopping and maybe in a year or two I'll app for a Amazon card if needed at all. That's the thing, I'm thinking now, it's not needed since I have my Chase Amazon card and it has a pretty decent credit limit

Re: Amazon Secured Card

Fresh-Start — Sat, 18 Dec 2021 15:20:39 GMT

@Brian_Earl_Spilner wrote:
@Fresh-Start wrote:
In this case there is no reason to hold the payment because it was sent directly from my bank. So it's confirmed funds. Secondly, I paid the account in full so although I defaulted, it was paid in full.

Also the tone of your email is quite rude, we all make mistakes and I paid my debts and don't deserve the tone of your response. I made a payment!

Also, I was told BY AMAZON that my account would graduate in 12 months with timely payments.

Apologies if it came off as rude, but you burned a lender that can be quick to AA in regards to bad payments. While they can be forgiving, missed payments is not something that typically goes away when an account is closed. That history is typically attached to a profile and could cause them to manage future accounts differently. Also, ACH payments aren't instant. The typical wait time to ensure it's completed thoroughly is 10-14 days.

As for graduation, Synchony's policy is to begin reviewing at the 6 month mark. My mother has a secured Amazon that hasn't graduated in 2 years. Her credit has gotten better and she's gotten other Sync cards with higher limits that grow. It's not uncommon to receive wrong or misleading info from a CSR.

Thank you.

Bill Payer payments sent by your bank are verified funds and do not take 10-14 days to complete. I have used my banks (Bank of America) Bill Payer for years now to pay almost all my bills including Chase, Discover, and other credit cards - and those payments post asap. No hold is ever put on a payment sent directly from the bank. It's the best way to pay as their is no risk. The funds are verifed. SO that is my ONLY issue. I am NOT worried about nor complaining about the graduation date etc.. of the Secured Card. That was not my issue. I didn't care about when or if it graduated, I simply mentioned that it was why I decided to go for the card to get my foot back in the door, that was it. My post and complaint was my payment sent by my bank being placed on a hold.

Re: Amazon Secured Card

Fresh-Start — Sat, 18 Dec 2021 15:22:49 GMT

@jmw1 wrote:
The ACH or check funds from the bank's bill pay are not guaranteed. That ACH is not the equivalent of a cashier's check, money order, or wire transfer. It's the equivalent of a paper check which can bounce. If they don't trust you yet, they will need about 5 business days hold to nearly completely eliminate the risk that the ACH will bounce.

Not true. Payment sent via Bill Payer is direct funds. Payments are not put on hold because it's already verified/confirmed funds. It is not like a money order, cashiers check.

Re: Amazon Secured Card

Brian_Earl_Spilner — Sat, 18 Dec 2021 17:44:14 GMT

@Fresh-Start wrote:
@jmw1 wrote:
The ACH or check funds from the bank's bill pay are not guaranteed. That ACH is not the equivalent of a cashier's check, money order, or wire transfer. It's the equivalent of a paper check which can bounce. If they don't trust you yet, they will need about 5 business days hold to nearly completely eliminate the risk that the ACH will bounce.
Not true. Payment sent via Bill Payer is direct funds. Payments are not put on hold because it's already verified/confirmed funds. It is not like a money order, cashiers check.

Bill Payer uses a form of ACH transfer. There is almost no difference. Both are verified in the sense that the receiving bank knows it's coming. It's why credit unions will typically release your pay check up to 2 days early. That doesn't guarantee the funds. For example, my former employer accidentally direct deposited our paychecks twice to any credit unions receiving them. The direct transfer was reversed within 24 hours and the money taken back. You're under the impression that the funds are guaranteed by the bank. All they're saying is "we're sending you money that existed at the time this transaction initiated".

Taken from the BofA BillPayer FAQ: We recommend scheduling your payments to be made at least 5 business days prior to the actual payment due date on the bill. Scheduling your payments sufficiently in advance of the due date allows enough time for the biller to receive the payment and credit it to your account.

So, approximately 5 days to make sure the money gets there, and approximately 5 days to make sure the money isn't pulled back = 10-14 day hold.

Re: Amazon Secured Card

Remedios — Sat, 18 Dec 2021 17:59:00 GMT

Okay, so transparency ...thread is locked because OP decided to start deleting posts, which really isn't fair to those who took time to type.

With that said, majority of people in this thread are rebuilding or have completed their rebuild, so there was no judgement here, simply a lot of experience.

Thread will remain locked but it will not be removed, others in similar situation might find the explanations for extended hold helpful.

@Fresh-Start when members are trying to help you, it's silly to fight them like they stole your wallet.

You can read the explanations or you can move on to another thread, but when you post on the public forum, you can expect answers you like and answers you may not like.

If you decide you wish to continue this conversation in polite manner whether you agree with what's being said or not, use three dots in the right upper hand corner to let any other moderator know.