Amazon Store Card / Paypal Credit; are these good to use?

[Anonymous]

I am trying to learn more about these "pseudo" credit card programs. They both have high APR; 20-26%.

I'm wondering about how these pull credit scores and report to bureaus.

I had my BoA card for 10 months and Cap One just yesterday so I'm pretty newb.

[Anonymous]

Amazon store card is actually run by Synchrony bank, they pull the bureau and actually report pretty aggressively. I have seen it update the bureaus several times a month.

[Anonymous]

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Canadian-In-Seattle wrote:
Amazon store card is actually run by Synchrony bank, they pull the bureau and actually report pretty aggressively. I have seen it update the bureaus several times a month.

They were suppose to report a balance of $15 but for some reason it came out to 0. I guess they double reported me last month. Once on 9/22 (the usual date) and then once again on 10/1 at 0. Any reason for this?

[Anonymous]

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@Anonymous wrote:

I am trying to learn more about these "pseudo" credit card programs. They both have high APR; 20-26%.

I'm wondering about how these pull credit scores and report to bureaus.

I had my BoA card for 10 months and Cap One just yesterday so I'm pretty newb.

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Amazon store card has 5% cash back or 6-12 months no interest. I wouldn't apply for Paypal formerly known as Bill Me Later. There is absolutely no benefit to using it other than the 6 months 0 interest. I would rather get a real credit card with cash back bonuses, like the ones I have in my signature.

You can use Credit Pull Database (search it) and find out what credit bureau they pull for you state.

[Bone35]

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@Anonymous wrote:

I am trying to learn more about these "pseudo" credit card programs. They both have high APR; 20-26%.

I'm wondering about how these pull credit scores and report to bureaus.

I had my BoA card for 10 months and Cap One just yesterday so I'm pretty newb.

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HI and welcome to myFICO!

I can personally speak of the Amazon Store card. IMHO its great card to have especially if your an Amazon shopper.

1. The 5% cash back is about as good as it gets, but just like every store card you should PIF every month since the interest rate is not favorable.

2. The store card is backed by Synchrony. (good thing) CLI are soft pulls and can be requested about every 4 months or so. Treat this card well and it will grow very quickly.

If you do apply for the Amazon Store card make sure you call in or chat online and ask for an increase immediately. Shoot for the moon....ask for 10k, if they dont approve they will counter.

As far as your question ..."How these pull credit scores and report to bureaus"

Expect a HP from Transunion and for them to report as your Cap One or BOA would.

Paypal Credit I have no experience with but I believe I have read that they DO NOT report and I'm sure someone else with better knowledge will chime in and clarify/speak from experience.

[Anonymous]

Paypal, formerly known as Bill Me Later does not report to the bureaus unless you default (I believe). 

[Anonymous]

Bone35: The 5% back is only for Prime members, correct?

I wonder if I can ask for immediate increase for my Cap One I got yesterday or would that only work for Synchrony cards?

Frizclotz: Credit Pull Database has good info, thanks. I got the Quicksilver as well

[OmarGB9]

Cap1 won't give you an increase right away like a store card. You need to show good usage and payment history first with them.

[Bone35]

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@Anonymous wrote:

Bone35: The 5% back is only for Prime members, correct?

I wonder if I can ask for immediate increase for my Cap One I got yesterday or would that only work for Synchrony cards?

Frizclotz: Credit Pull Database has good info, thanks. I got the Quicksilver as well

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Yes it is for prime members only but no interest promotional purchases still apply for anyone with the card.

Unfortunately Capital One will not increase your credit line like Synchrony will immediately after approval, but you can request one online via the LUV button as early as after your 2nd or 3rd statement. Once you recieve a CLI from Cap One then its every 6 months. Great thing about Cap One is that they're also always a Soft pull for CLI

[KSK1912]

PAypal does not report. Amazon does. If you apply for amazon store card, make sure you spend the $99 and get the prime. A lot of items 2 day free shipping or very minimal shipping price for next day delivery. With amazon Pantry, we started buying everything on amazon we can, including diapers, wipes, dishwashing detergents, even oreoes. One big box, $5.00 shipping, fill it up as much as you can. With the prime, i get the 5% back. And another great way to make even more money on amazon is, when i know i will spend at least $50 or $100, or even more, (which is very frequent because i use amazon for my business too), First i buy 2 $50.00 gift cards online delivery and have them email the codes to my wife. So now i spent $100. and with the 5% cash back, that comes to $95.00 Very often, amazon has promotion where you buy a $50 or more gift card, and they send you a $10 gift card code almost instantly. 2x$10 gift card, that's another $20. So basicly with the gift cards and the 5% cash back, you are actually getting 25% back. $5.00 credit statement, and $20 gift card that you can spend on amazon. You can not beat that.

As far as reporting to credit bureaus, it reports as a revolving account which is very similar to your credit card. The limits increase very quickly, in my case, in less than a month, $800 to $3500, then couple weeks later $3500 to $6000. And it helps with your utilization too. And now there are some other online stores that are accepting amazon pay, which you do your purchase, choose amazon pay at check out, and log in to your amazon account, and pay with your card. Just like paypal. So that's even better. They do a hard pull when you apply, but almost all CLI requests are soft pull. So you can ask as many times as you want. I would recommend starting after your first statement, first monday of every month thru chat. That has worked for me perfect.