Chase Amazon - Thumbs down

[Anonymous]

It's definitely a pride thing.  Sometimes these decisions can be emotionally driven, so it's always a good idea to sit on them for a few days or a week before making them so that they are no longer driven by emotion. 

Closing a new card because of a high starting APR is the same thing as closing a new card with a lower than expected credit limit.  Both are terms.  If the terms impact your ability to use the product, I get it.  Like if you open a card that you expect to receive a $10k limit on that you plan to put $3k-$4k purchases on and you're handed a $2k limit, well then that card doesn't suit your spend so I get it.  Put if you plan to get a $10k limit and are given $8k, the card will still suit your needs, so closing it would likely be an emotional/pride decision.  If you aren't carrying balances though, APR really doesn't matter.

[CramEiko]

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+1

This has been the one baffling thing I don't understand about the OP. I can understand it if it's a pride thing with given a high APR and not wanting it and then throw out the excuse that it wouldn't matter if you PIF anyways. Just...blows my mind.

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I know. Maybe I was just dumb for wanting to try this card the first place. Oh well  So, when I saw 23.25% I just said nope then slid over the opening SL and closed it out. Oh well. They still sent me the card even though it's closed. It looks better than my CSP, LOL. I finaly hit $100k in available credit from just $300 about 2.5 yrs ago. So I think I'm done for now anyways... Thanks all for the imput 

[Anonymous]

If you are carrying a balance, then no rewards card makes sense because the percent cash back or points value will never be in excess of the APR on the full balance.

Like other posters have said, if I had excellent credit for many years and saw that on the screen from Chase, I too would be prideful and upset. But if I often shop at Amazon, I wouldn't care. Who doesn't want extra money? The rewards value is great and the APR wouldn't matter because I would PIF. If I didn't PIF, then I would search for a 0% promo purchase APR card. Because then what is the point of a rewards card if you just end up paying more with a higher APR?  (Effectively your rate is 18.24% with the rewards btw)

[kdm31091]

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@Anonymous wrote:

If you are carrying a balance, then no rewards card makes sense because the percent cash back or points value will never be in excess of the APR on the full balance.

Like other posters have said, if I had excellent credit for many years and saw that on the screen from Chase, I too would be prideful and upset. But if I often shop at Amazon, I wouldn't care. Who doesn't want extra money? The rewards value is great and the APR wouldn't matter because I would PIF. If I didn't PIF, then I would search for a 0% promo purchase APR card. Because then what is the point of a rewards card if you just end up paying more with a higher APR?  (Effectively your rate is 18.24% with the rewards btw)

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While this is the logical, and correct, viewpoint, I also understand being insulted by an "undeserved" 23 or 24% APR. Of course, even at 18 or 17 or something a little less insulting, the card is still not a good choice for borrowing money. So it doesn't really "matter" but it can sure feel like it does.

Knowing that Chase doesn't lower APR period, I could understand closing the account with the poor terms and just trying again later.

[Anonymous]

I 100% agree with this. You can't judge people on how they choose to save money and/or use their cards. Just because you don't find value for your particular situation doesn't mean that others can't have a different perspective.

On a side note: I absolutely LOVE this card and really don't care about the APR since I PIF every month. Also, having a card that gives me 5% back at Amazon does not encourage unnecessary spending. Want to know why? Because I am financially responsible, ha!

@Ardecko, when you find that "I'm not using a rewards card, please charge me 5% less" button please let me know

Back on topic, apologies OP for Chase not being to solve your problem. Luckily you have a wide variety of other banks/lenders to choose from who hopefully will be more accomodating.

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@Ardecko wrote:

ABCD, While I appreciate your opinion on many things, I think you're carrying it a bit far here.

In my house, as with many others, if it doesn't come from Wal-Mart, it probably came from Amazon. Christmas presents are now starting to arrive at our house from Amazon.

This is a bit like hating on couponers. They're going to buy stuff anyway, and this way, they get some $$ back.

Since I can't find the "I'm not using a rewards card, please charge me 5% less" button on any of the checkout screens, the Amazon card is next on my list for DW.

Edit: Yes, I know, don't pay interest, folks. That means buy what you can pay off. 

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[Anonymous]

ABCD2199, How dare you call my Amazon purchases clutter. Just looknat those Blu-Rays still in their shipping boxes, and that electric toothbrush not even opened, or those sheet sets still in their packaging awaiting laundry.

Well played. Well played indeed!

[arkane]

If it makes any of you feel better, I got my first credit card from BoA (Cash Rewards Visa) and started building my history with that card exclusively for 5 years. Eventually got to a 15k CL but APR was stuck at 23% or 24%, even with an 802 TU08 score.

Now when I applied for the Amazon Prime card I was given a 15.24% APR with a 5k SL. So get this: when the actual card came in the mail, the SL had been increased to 9k without any input from me. That was a pleasant surprise. When I saw the 5% cash back I had to get the card, because in the past 4 years, I spent anywhere from $1500 to $2500 each year on Amazon, and worst case scenario is I get Prime memership for just $24, and best case I get it for free and pocket some change.

Off topic: Normally I'd be ecstatic with an unexpected CLI, except I applied for a Discover It a week later, and was given a 2k SL. After calling the backdoor number, the analyst was "happy to let [me] know [they] were able to increase [my] limit to 2.5k!" (he genuinely seemed excited about it). Apparently having only 1 open account is seen as a negative, and Discover being inquiry sensitive, that hard pull from Chase just a week prior certainly didn't help. I probably should've reversed the order in which I applied, since the Discover card is a lot more versatile. Oh well live and learn.

[Anonymous]

I used my $100 amazon credit for x-mas gifts.  They will come right to my door.  Discover is better for Amazon purchases currently anyway, 5% (plus extra 5% for me because of cash back match first year)

Interest rates don't matter, PIF.

[Anonymous]

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@Anonymous wrote:

Chase Amazon gives you 5% back on tens of millions of completely useless plastic chunks of garbage that people are mad to buy with "free shipping".

Where do you think Chase gets that 5% to discount the overpriced import junk?  From high APR fees that millions of folks are happy to pay because they got "free shipping" on more clutter.

High reward cards require high APRs so that 9 suckers paying 24% will cover the 1 person getting 5%, and the bank investors can buy bigger megayachts with the meager remainder.

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While you're entitled to your opinion, I really think that describing Amazon as a place that has "tens of millions of completely useless plastic chunks of garbage" is pretty off base.  While there are many imported and private label products available, Amazon carries basically every major brand name item, normally cheaper than any local big box store.

I just ran an account history of my Amazon purchases for the last two years since I got the Amazon Prime Store card and I've spent, and paid off at statement, about $17,500 worth of purchases.  That works out to $875 in statement credits in a two year period, which equated to me getting $17,500 worth of merchandise for $16,625...  and keep in mind that most of this stuff was already cheaper than anywhere else locally.

I realize that many people have issues spending within their means, and end up paying exorbitant amounts of finance charges for purchases they maybe shouldn't have made.

It's an excellent card, that carries a ton of value for someone that can manage it properly, just like most other rewards or cash back cards.

[Anonymous]

With Amazon we had cc fraud with  4 different cards. We as a result hardly ever shop with them.   

As far as apr goes. Usually it does not matter as we pif however there are times when i don't like to.  I do feel with scores above 750 we should get the better apr(matter of pride)  if we elect no to pif but we have cards all over the    place. If I know in advance it will not be a pif then I go for a apr crd first rewards usually don't matter unless it some super bonus like quaddroupe points.  I had one purchase that recently had 25 points per dollar on a bonus.