Amazon Business Line of Credit- Going Away January 2023?!

[kidink1911]

Just received a letter from Synchrony Bank that Amazon is doing away with the Amazon Business Line of Credit Program as of January 10, 2023. There are no plans (as far as I have read on the correspondence from Synchrony and research I have done) for those of us who have these Amazon business credit lines will be transferred into another credit product. 

Like the world of credit things can change in a twinkling of an eye!

[RealEstateGuy89]

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@kidink1911 wrote:

Just received a letter from Synchrony Bank that Amazon is doing away with the Amazon Business Line of Credit Program as of January 10, 2023. There are no plans (as far as I have read on the correspondence from Synchrony and research I have done) for those of us who have these Amazon business credit lines will be transferred into another credit product. 

Like the world of credit things can change in a twinkling of an eye!

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You are very right! A $7500 credit line gone just like that. Poof!

I posted the letter I got below in case others are curious as to what it said.

[ADMYFIC0]

This is sad. 

[kidink1911]

So sad! My $5,000 tradeline is flying right out the window! 

[babygirl1256]

Wow, that's a bummer . . . hopefully Synchrony Bank will offer something equal before the Business LOC goes away!!!

[Stealth-1]

Sorry to hear. But many times when these situations happen, more often than not it seems better things become of it. It's hard to see it now, but this could end up being a blessing in disguise.

[AzCreditGuy]

I have a $10k LOC with Wells Fargo...I used $8k just for 1 day and I was charged $2.59...I wouldnt use that credit for anything longer than short term and to me thats at 10 days or less and would need to be paid off

[thesaxyone]

I received my letter this evening. I asked myself, "Why are they sending me a letter unless they are closing my LOC?"

And just like that, my $15k is going away. Although I do have the Amazon Business Invoice 30 day account for $6k, it's not the same.  

[cashorcharge]

Well that's a bummer.  I received my letter too..

Can anyone explain to me....if a business account closes...does it continue to report on EX business as closed...like on a personal CB so you still get the benefit of history reporting X years?  I've actually never closed a business account before so I don't know.

[shaimesh]

I think many of us apply for the net 30.  I n 2 much shock to apply right now.  Focusing on paying it off.  So disappointed.  Worked so hard to get it after it went n2 collections and I redeemed myself and got it back.  Oh well.  It def got me thru my tradeshow season.