topic Re: Amazon Visa vs. Store Card in Credit Cards

Amazon Visa vs. Store Card

BackInTheSaddleAgain — Sat, 16 Nov 2013 05:29:48 GMT

Getting ready to go on a bit of an app spree. My motivations are strictly to increase my overall credit line/availability. I use Amazon a lot in both business and personally, so I thought I would start with them. I already have an 8 month old $5,000 commercial CL with Amazon as well, so I that's another reason. And its GEMB. Any suggestions as to whether I should go for the Rewards Visa or the Store Card? Which would most likely provide the highest CL? Pros and cons?

Greatly appreciated.

Re: Amazon Visa vs. Store Card

H4LO — Sat, 16 Nov 2013 05:43:24 GMT

@BackInTheSaddleAgain wrote:
Getting ready to go on a bit of an app spree. My motivations are strictly to increase my overall credit line/availability. I use Amazon a lot in both business and personally, so I thought I would start with them. I already have an 8 month old $5,000 commercial CL with Amazon as well, so I that's another reason. And its GEMB. Any suggestions as to whether I should go for the Rewards Visa or the Store Card? Which would most likely provide the highest CL? Pros and cons?

Greatly appreciated.

Personally, after looking at both myself. I'd go with the Rewards Visa. I use Amazon a lot as well, and I think the 3x points would benefit me quite a bit. Not to mention, it's backed by Chase. You'd be able to recon it if you needed to, to get a higher limit. Unfrotunately, I'm not sure Chase would allow me another one of their cards right now. So I'm keeping myself from apping for it.

Re: Amazon Visa vs. Store Card

dap1984va — Sat, 16 Nov 2013 05:57:31 GMT

honestly, i applied for the amazon store card, the visa being backed by chase was a disqualifier for me. I have two chase credit cards and out of "numberous" credit cards they remain my lowest "BY FAR" I have had a chase card with a $700 limit going on 2 years, not even going to talk about the other chase card. If it was ANY bank besides for chase I would of applied. I have the store card with a 4K starting credit limit. thats more than 2(two) of my chase cards combined so... the decesion is YOURS

anything backed by chase or has anything to do with chase.........I want no part of it nor would i personally suggest it.

Re: Amazon Visa vs. Store Card

djc1puno — Sat, 16 Nov 2013 06:01:10 GMT

@BackInTheSaddleAgain wrote:
Getting ready to go on a bit of an app spree. My motivations are strictly to increase my overall credit line/availability. I use Amazon a lot in both business and personally, so I thought I would start with them. I already have an 8 month old $5,000 commercial CL with Amazon as well, so I that's another reason. And its GEMB. Any suggestions as to whether I should go for the Rewards Visa or the Store Card? Which would most likely provide the highest CL? Pros and cons?

Greatly appreciated.

the store card is backed by GE so it's probably safe to say that getting a higher CL from them is more probable than getting it from chase (visa)...obviously if your purpose is to exclusively use the card for amazon purchases, the GE backed would be a better bet...but if you want something that's more versatile then obviously the visa tagged would fit that bill...just depends on what you're looking for hope this helps...

Re: Amazon Visa vs. Store Card

BackInTheSaddleAgain — Sat, 16 Nov 2013 06:04:13 GMT

Hey thanks people! Yeah, if Chase is behind the Rewards card then that's probably not an option. Although I have perfect credit and low utilization the past 6 years, I do have a BK from 2007. Chase would probably not like that would they? I am really just trying to thicken up my file. I did the Dave Ramsey thing after my BK for several years. So although I now have 6 active accounts currently reporting, they are all only 1 to 2 years old. My overall credit goes back well over 15 years, but the average age is only like 7 years because of how so many thinngs were wiped off my file during the BK.

Re: Amazon Visa vs. Store Card

djc1puno — Sat, 16 Nov 2013 06:13:50 GMT

@BackInTheSaddleAgain wrote:
Hey thanks people! Yeah, if Chase is behind the Rewards card then that's probably not an option. Although I have perfect credit and low utilization the past 6 years, I do have a BK from 2007. Chase would probably not like that would they? I am really just trying to thicken up my file. I did the Dave Ramsey thing after my BK for several years. So although I now have 6 active accounts currently reporting, they are all only 1 to 2 years old. My overall credit goes back well over 15 years, but the average age is only like 7 years because of how so many thinngs were wiped off my file during the BK.

it would be a safer bet to app for the store card bc of you BK...the store card would still be very useful for the purpose you need it to be IMHO

Re: Amazon Visa vs. Store Card

Anonymous — Sat, 16 Nov 2013 06:40:45 GMT

If Chase is a problem (and even if it not) there are at least two cards that offer good rewards on Amazon.

1) Sallie Mae: 5% off on the first $750 per month

2) US Bank: Can choose 5% of the first $2,000 per quarter (combined with other 5% choice)

Unless you spend about $13K per year on Amazon, these cards offer better rewards than Chase, if most of your spending falls into the monthly or quarter caps. And even heavy spenders should get one of these for the first bit of spend!

Citi Forward is 5% uncapped for existing card holders, but no longer available in that form.

Re: Amazon Visa vs. Store Card

FutureBillionaire — Sat, 16 Nov 2013 15:02:30 GMT

@Anonymous wrote:
If Chase is a problem (and even if it not) there are at least two cards that offer good rewards on Amazon.

1) Sallie Mae: 5% off on the first $750 per month
2) US Bank: Can choose 5% of the first $2,000 per quarter (combined with other 5% choice)

Unless you spend about $13K per year on Amazon, these cards offer better rewards than Chase, if most of your spending falls into the monthly or quarter caps. And even heavy spenders should get one of these for the first bit of spend!

Citi Forward is 5% uncapped for existing card holders, but no longer available in that form.

Plus, you can purchase Amazon gift cards from drugstores, grocery stores, and office supply stores. If you have high earning cards for those retailers, you'll be in good shape.

Re: Amazon Visa vs. Store Card

Themanwhocan — Sat, 16 Nov 2013 16:38:38 GMT

@Anonymous wrote:
If Chase is a problem (and even if it not) there are at least two cards that offer good rewards on Amazon.

1) Sallie Mae: 5% off on the first $750 per month
2) US Bank: Can choose 5% of the first $2,000 per quarter (combined with other 5% choice)

Unless you spend about $13K per year on Amazon, these cards offer better rewards than Chase, if most of your spending falls into the monthly or quarter caps. And even heavy spenders should get one of these for the first bit of spend!

Citi Forward is 5% uncapped for existing card holders, but no longer available in that form.

I agree 100% with this.

In fact, get both #1 and #2.

Re: Amazon Visa vs. Store Card

jwduke — Sat, 16 Nov 2013 17:13:05 GMT

@djc1puno wrote:
@BackInTheSaddleAgain wrote:
Getting ready to go on a bit of an app spree. My motivations are strictly to increase my overall credit line/availability. I use Amazon a lot in both business and personally, so I thought I would start with them. I already have an 8 month old $5,000 commercial CL with Amazon as well, so I that's another reason. And its GEMB. Any suggestions as to whether I should go for the Rewards Visa or the Store Card? Which would most likely provide the highest CL? Pros and cons?

Greatly appreciated.
the store card is backed by GE so it's probably safe to say that getting a higher CL from them is more probable than getting it from chase (visa)...obviously if your purpose is to exclusively use the card for amazon purchases, the GE backed would be a better bet...but if you want something that's more versatile then obviously the visa tagged would fit that bill...just depends on what you're looking for hope this helps...

I dunno... I applied for the Chase/Amazon store card. I received a decent interest rate, plus a $9,000 CL. (Nine TIMES my GEMB limit).A 9% LOWER interest rate was what I liked...

Re: Amazon Visa vs. Store Card

BackInTheSaddleAgain — Sat, 16 Nov 2013 21:16:35 GMT

I had previously thought about Sallie Mae. Aren't they Barclay's? If so, the only problem there is I just got a Barclaycard MC in July (only $1,300 CL), so I only have 4 statements. Might be a little too early to try for a second card with them. Given my FICO's, anyone have a wild guess as to what CL you think they would give me? Currently 8% utilization and good stable income.

Also, as I mentioned previously, Chase isn't BK friendly are they? I am 6-1/2 yrs. from discharge, so it might be a little early to app with them as well.

Lastly, I am pretty familiar with US Bank. I've actually had both my personal and business accounts there for over 10 years now. However, they are VERY conservative and run from BK customers as far as I know. So I don't believe they are an option in 2013. Maybe next summer if all goes well.

Anyways, seems like the Amazon Store card is my best shot at the higher CL. Currently my highest is a humble $3,000 at CapOne. I guess I could try for a second card there if I had to as well. Regardless, I am hoping for a $5,000 CL somewhere if possible.

Re: Amazon Visa vs. Store Card

djc1puno — Sat, 16 Nov 2013 23:43:12 GMT

@BackInTheSaddleAgain wrote:
I had previously thought about Sallie Mae. Aren't they Barclay's? YES If so, the only problem there is I just got a Barclaycard MC in July (only $1,300 CL), so I only have 4 statements. Might be a little too early to try for a second card with them. Given my FICO's, anyone have a wild guess as to what CL you think they would give me? Currently 8% utilization and good stable income. Other's have had luck in obtaining a second barclays card in such a short period of time, however, they might not be willing to give you another after a year with your first one (i'm sure others will chime in that had that success of getting a second card from them--just MHO).

Also, as I mentioned previously, Chase isn't BK friendly are they? I am 6-1/2 yrs. from discharge, so it might be a little early to app with them as well.

Lastly, I am pretty familiar with US Bank. I've actually had both my personal and business accounts there for over 10 years now. However, they are VERY conservative and run from BK customers as far as I know. So I don't believe they are an option in 2013. Maybe next summer if all goes well.

Anyways, seems like the Amazon Store card is my best shot at the higher CL. Currently my highest is a humble $3,000 at CapOne. I guess I could try for a second card there if I had to as well. Regardless, I am hoping for a $5,000 CL somewhere if possible. I'll stick still with my original opinion in that it's still your best bet given it's with GE and after the 4th statement you can request an increase if you're not happy with the initial limit (as well as requesting a bump right after approval).

Re: Amazon Visa vs. Store Card

BackInTheSaddleAgain — Mon, 18 Nov 2013 00:52:59 GMT

Thanks DJC. I think your logic makes the most sense so I think I am going for the Am Store Card. Actually, I am going for 2 new cards, probably one right after the other the same day. The other card is Paypal Extras. The logic is that while I do a ton of business with Amazon, I also work with Paypal as well through my business. A lot of my customers pay their invoices through Paypal. I've also had a Paypal debit card for over a year as well so that will probably help a little.

Anyways, I might go for the Paypal MC first, and then follow up immediately for the Am Store card. My logic is that regardless of which I apply for first, I am going to take a small hit on my score from the inquiry (maybe 5 pts). I don't know this for sure, but I would imagine the initial hit will affect me more with Paypal than with the Amazon card. When I say "hit" I mean with regard to the CL they will actually offer me. I am not sure 5 points from the inquiry will make much of a difference or not. However, with my TU score currently sitting right at 702... the hit might make a difference if it drops me below 700.

What say you... if you don't mind me asking?

Re: Amazon Visa vs. Store Card

Themanwhocan — Mon, 18 Nov 2013 01:12:02 GMT

@BackInTheSaddleAgain wrote:
I had previously thought about Sallie Mae. Aren't they Barclay's? If so, the only problem there is I just got a Barclaycard MC in July (only $1,300 CL), so I only have 4 statements. Might be a little too early to try for a second card with them. Given my FICO's, anyone have a wild guess as to what CL you think they would give me? Currently 8% utilization and good stable income.

Also, as I mentioned previously, Chase isn't BK friendly are they? I am 6-1/2 yrs. from discharge, so it might be a little early to app with them as well.

Lastly, I am pretty familiar with US Bank. I've actually had both my personal and business accounts there for over 10 years now. However, they are VERY conservative and run from BK customers as far as I know. So I don't believe they are an option in 2013. Maybe next summer if all goes well.

Anyways, seems like the Amazon Store card is my best shot at the higher CL. Currently my highest is a humble $3,000 at CapOne. I guess I could try for a second card there if I had to as well. Regardless, I am hoping for a $5,000 CL somewhere if possible.

I got a $1500 credit limit on Priceline.com, 4.5 months later Barclays gave me $1600 on a Sallie Mae. And 1.5 months after that an auto CLI to make the Priceline a $2800 limit.

My advice, for what it is worth: why settle for low cash back rewards? The credit limits will eventually increase. If you settle for 1% or 1.5% cards, then eventually thats what your set of cards will consist of.

PS: my Discover IT card has gone from $2000 to $3000 to $5000 limit since I obtained it at the end of January. It took a HP each time, but now I have a card that frequently has useful 5% categories, and now has a nice credit limit to go with that.

Re: Amazon Visa vs. Store Card

BackInTheSaddleAgain — Wed, 20 Nov 2013 05:36:36 GMT

TheManWhoCan: What was your credit score at the time of your Priceline or 2nd Barclay's card approval? I would guess your scores are higher than mine based on the inventory of cards I see you have. You have both AmEx and US Bank cards, both of which are tough to get and beyond my capabilities with my 2007 BK.