Pay Less Interest on Amazon Store Card

[gibeon]

I've learned alot from this forum, so here's a little something some of you may find helpful. (I HOPE!)

I am pretty new to fancy credit cards, and 0% deals, so I was trying to figure out how to MAKE SURE I was paying the least amount of interest possible for my Amazon Christmas Spree last month. I WENT NUTS! After all, 0% not so helpful, if your payments aren't paying for interest-bearing charges first, and you end up paying TONS of deferred interest! (WITH PHOTOS!)

1) Log into your account.

2) Hover over the PAYMENTS tab up near the top, and select ALLOCATE PAYMENTS

3) A new window will open with THREE (3) options.

1. Standard Allocation (this is probably what it is set to by default). It will apply your payments towards 0% interest items for the last two months of the 0%.

2. Allocate to deferred interest first (ONLY CRAZY PEOPLE should chose this one).

3. Allocate to NON-Promotional First (THIS IS WHAT you want!)

4) Remember to pay off your promotional items BEFORE the 0% runs out, or you WILL be paying much great interest!

5) If you want to see WHICH ITEMS (and calculate how much to pay when) have 0% interest and WHEN it expires.

- Hover over the ACTIVITY tab and select PROMOTIONAL PURCHASES.

[Anonymous]

Thanks for the tip!

BTW...your name is showing at the very top of that screen shot. You may want to edit that out.

[JSS3]

Great stuff!

The name is showing on the account though.

[gibeon]

FIXED my name! Oops.

[ddemari]

nice limit, what did you buy on amazon for 14k? im just curious  

[gibeon]

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@ddemari wrote:

nice limit, what did you buy on amazon for 14k? im just curious  

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Hahahaha. We have a winner! I was wondering who would notice first.

My limit (and balance) are actually way less. $3500, and $1450 respectively. I was just goofing around in PhotoShop, and dreaming big, but changing it to a $350,000 limit made the rest of the numbers too much trouble. I particularly like the $2 minimum payment though!

Also, PANS, LOTS of really nice PANS.

My New Years Resolution to cook way more healthy food this year. My SO made the mistake of asking for a new Sauce Pan, and I took the opportunity to go nuts. 

[Anonymous]

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@gibeon wrote:

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@ddemari wrote:

nice limit, what did you buy on amazon for 14k? im just curious  

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Hahahaha. We have a winner! I was wondering who would notice first.

My limit (and balance) are actually way less. $3500, and $1450 respectively. I was just goofing around in PhotoShop, and dreaming big, but changing it to a $350,000 limit made the rest of the numbers too much trouble. I particularly like the $2 minimum payment though!

Also, PANS, LOTS of really nice PANS.

My New Years Resolution to cook way more healthy food this year. My SO made the mistake of asking for a new Sauce Pan, and I took the opportunity to go nuts. 

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I was just about to ask you to buy me some stuff. LOL 20k credit limit on Amazon card, that would be insane.

[ryox03]

Nice tip! Amazon was responsible for all of my christmas purchases this year.

[CreditMagic7]

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@gibeon wrote:

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@ddemari wrote:

nice limit, what did you buy on amazon for 14k? im just curious  

---

Hahahaha. We have a winner! I was wondering who would notice first.

My limit (and balance) are actually way less. $3500, and $1450 respectively. I was just goofing around in PhotoShop, and dreaming big, but changing it to a $350,000 limit made the rest of the numbers too much trouble. I particularly like the $2 minimum payment though!

Also, PANS, LOTS of really nice PANS.

My New Years Resolution to cook way more healthy food this year. My SO made the mistake of asking for a new Sauce Pan, and I took the opportunity to go nuts. 

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Ah. Cooking is (was) one of my personal delights, and the old fashioned way recently.

Amazon is been my go-to for Lodge Cast Iron Skillets and 8-10 quart Dutch Ovens

Thanks for sharing that find with us.

[Anonymous]

This is ridiculous. This reminds me of the crap I dealt with care credit before their terms changed. I used to have to call in every month and say how my payment should be allocated to promos.  Now with care credit its simple.  Anything above the minimum payment is applied to highest interest balances first, then the next promo that is set to expire first.

That is how it should be by default.  Less worrying.

However, it is nice that they do let you have control, and use that minimum payment to the full promo.

I just want what is simplest for the consumers and what saves them the most money.  And I am sure few people know about this feature.