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Anyone notice this from Amazon... not seen anyone post on it but forgive if its been covered before. Seems single app gets you reviewed for the normal store card, then if not approved considered for a secured version. Wondered if anyone has tried and selected for the secured version
JD
Haha well that would be awesome, but would be happy if this helps anyone with their rebuilding path. Just visit the section for Amazon credit cards, and click on the "See Card Details" and it will show ya as below. I am not sure if its just for Prime, but I think in the FAQ it states a regular and Prime. Secured seems to be exact same thing, except you mail in the deposit, and in 7 months a possible review to unsecure and return of the deposit. Can check out the FAQ on the page to learn more.
Again, hope this helps and share your success if you decide to try it!
That’s an interesting idea for a secured card.
Full terms:
https://www.synchronycredit.com/consumereApply/Internet/amazon/en/combo/pdf/TermsConditions.pdf
They allow for graduation, too, like the marketing page shows, though it is Synch...
You will be assigned a credit limit equal to the amount of funds you deposit in the security deposit account as described in Section V of this Agreement, and that amount will be at least $100 and no more than the credit amount for which you are approved. If we inform you that Section V of this Agreement no longer applies to your account, then you will be assigned a credit limit that we may increase or decrease from time to time.
[...]
If we determine that you qualify for return of any funds from your security deposit account, we will return these funds to you by any method we deem sufficient, including by first crediting the funds to your account.
It’s a pretty awesome deal since 5% back on Amazon includes gift cards... it’s potentially an extremely lucrative card.
@Anonymous wrote:Full terms:
https://www.synchronycredit.com/consumereApply/Internet/amazon/en/combo/pdf/TermsConditions.pdf
They allow for graduation, too, like the marketing page shows, though it is Synch...
You will be assigned a credit limit equal to the amount of funds you deposit in the security deposit account as described in Section V of this Agreement, and that amount will be at least $100 and no more than the credit amount for which you are approved. If we inform you that Section V of this Agreement no longer applies to your account, then you will be assigned a credit limit that we may increase or decrease from time to time.
[...]
If we determine that you qualify for return of any funds from your security deposit account, we will return these funds to you by any method we deem sufficient, including by first crediting the funds to your account.
then you will be assigned a credit limit that we may increase or decrease from time to time. LOL!
Very cool concept to capture those who previously didn't qualify by traditional means or for those in the underserved market. So, for those who don't meet Chase's UW criteria, this is definitely a good (SYNCB) option.
@FinStar wrote:Very cool concept to capture those who previously didn't qualify by traditional means or for those in the underserved market. So, for those who don't meet Chase's UW criteria, this is definitely a good (SYNCB) option.
+1
Years ago when I was still in credit purgatory this would have been a fantastic option... hopefully we'll get some data points soon from someone who has the secured version.
@FinStar wrote:Very cool concept to capture those who previously didn't qualify by traditional means or for those in the underserved market. So, for those who don't meet Chase's UW criteria, this is definitely a good (SYNCB) option.
Well the Sync unsecured card has always been a good option regardless of Chase UW criteria since you can get deferred financing on any purchase $149 and up and Sync comes out CLIs like they’re going out of style.
I will always tell people to get the Sync version over the Chase version unless they don’t spend much at Amazon.
The secured card is a great idea though but I wonder what credit scores Sync is targeting - they aren’t exactly picky with the Store Card to begin with.