Yeah just read this... should be a great addition for those that want to share in the rewards program who have "challenged" credit
"The card has the same perks, like 5% cash back on purchases"
I do wonder who the lender of record is for the deposit.
I suspect its Synchrony as they are the registered bank. Amazon isnt AFAIK
I guess there are two ways to think of it.
They are trying to get credit into the hands of people who cannot normally get Credit. Which is odd considering all the recent the articles about people being in such deep CC debt. So they're trying to further the debt problem/crisis, or they're hoping it could help those rebuilding.
This might intrest some, looking for secured card through Amazon
And now the politicians coming out against it.
"Can you believe it? Amazon is issuing credit cards with 28% interest rates to "help" people with bad credit. This kind of greed makes the poor even poorer and @AOC and I intend to outlaw it." - Bernie Sanders
As most on this forum will likely agree, the interest rate does not matter to most people trying to build (or rebuild) credit. This APR coincides with the risk of the borrower who is likely to have a credit file requiring a secured product.
If rates were capped at 15% as these politicans are proposing, products like this would simply cease to exist and it would become far harder and more expensive to build one's credit file.
It is a free market.
Some cap is good but lower ceilings mean less approvals.
Plain and simple.
People with great credit don't need another card.
As usual, government makes little sence and does so as inefficiently as possible.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!10% Rotating - Discover 5%-20% - Amazon & Lowes 6% Groceries - Amex Preferred (DW)
Hey Bernie and AOC.....the interest rate does not matter if it is always PIF. Rebuilders were thrilled with the opportunity to get back in the game, and your efforts will possibly just result in pulling back from issuing these cards.