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Any reason to keep an Amazon Secured Card?

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BuckyB
New Contributor

Any reason to keep an Amazon Secured Card?

I opened an Amazon secured card back in February with $300 and used it for awhile.  Then I tried to close it but a forgotten charge from months prior (from something I thought I'd returned but apparently didn't) hit a day or two after I got off the phone with the rep who closed it.  I think that charge plus my payment of that charge the next day prevented the card from being closed. 

 

A month or so later I applied for and was approved for the normal (unsecured) Amazon Prime Store card which I use now because it gives 5% rewards rather than 2%.  Earlier today, as a test, I tried to use the secured card to make an Amazon purchase and it still works.  It hadn't been used in months.  The two cards show up side by side in my Synchrony online banking dashboard.

 

Is there any reason for me to hang on to the secured card or should I cancel it (again) and get my $300 back?  It's not a pressing matter.  The normal store card only has a $1000 CL so it might be nice to have two cards.  But then I hear that if/when the secured card graduates, it doesn't allow for CLIs anyway so I'd have two cards with a total of $1300 CL which would be kind of silly I think.

 

Maybe I could toss an extra $700 on the secured card so if/when it graduates it can have a $1000 limit too?  Is that how that works?  It gets an unsecured limit that is equal to the prior secured limit?

 

Strangely, Amazon allows me to add both cards to my account but only will "link" one card at a time (to show current balances, etc. in my Amazon account).

 

Thoughts?

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2 REPLIES 2
JoeRockhead
Senior Contributor

Re: Any reason to keep an Amazon Secured Card?

Sorry someone hasn't chimed in here to answer your questions so I'll give it a try. I don't know that it benefits you much by keeping it. They might, and might not allow you to increase your deposit (there's mixed results with that). It typically takes 12 months to graduate and instead of simply going unsecured and having the potential for growth with CLIs, it generally graduates to the other card you already have being you're an Amazon Prime member. I suppose the only benefit would be if you have a limited number of other cards and/or limited CLs. 

 

If for example these are your only two cards, I'd either contact them to see if they'd allow you to increase your deposit (simply to bolster your total CL), or just leave it be until you can replace it with a different lender's card such as Cap One, Discover etc... 

Message 2 of 3
BuckyB
New Contributor

Re: Any reason to keep an Amazon Secured Card?

Thank you for the information, I appreciate it.

Message 3 of 3
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