Amazon Store Card Review – Credit Sesame
EDITOR'S NOTE: THE CREDIT CARD OFFERS In the following paragraphs ARE EXPIRED AND ARE NO LONGER AVAILABLE
Opinions expressed here are author’s alone, not the ones from any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or else endorsed by of those entities.
Amazon.com is really a hotspot for obtaining deals on everything from books to electronics. If you wish to save much more around the things you buy, opening an Amazon.com Store card account is really a no-brainer.
This card offers special promotional financing on qualifying Amazon purchases. If you're an Amazon Prime member, you're upgraded towards the Amazon Prime Store card, which pays you back 5% every single day, on every purchase.
A high level frequent Amazon shopper, continue reading to find out whether an Amazon Store card or perhaps a Prime card is a good fit for the wallet.
|Amazon.com Store Card||Amazon.com Prime Store Card|
|Annual fee||None||None; $99 Amazon Prime membership fee applies|
|Rewards program||None||Earn 5% back on Amazon.com eligible net purchases, applied as a statement credit|
|Promotional financing offers||6 Months Special Financing on purchases of $149 or more||6 Months Special Financing on purchases of $149 or more|
|12 Months Special Financing on purchases of $599 or more||12 Months Special Financing on purchases of $599 or more|
|24 Month Special Financing on select Amazon-sold items||24 Month Special Financing on select Amazon-sold items|
|12 Month Equal Pay Offer on select Amazon-sold items||12 Month Equal Pay Offer on select Amazon-sold items|
|We think this card will work for:||Amazon.com shoppers who wish to enjoy 0% interest financing on Amazon.com purchases||Amazon.com Prime members who want to take advantage of 0% interest financing or earn automatic 5% rewards on Amazon.com eligible net purchases|
|We think these individuals should do more research:||Someone who shops Amazon.com regularly and wishes to earn rewards on their purchases||Amazon.com shoppers who want more flexibility in where they can earn and redeem rewards|
|Someone who may not be able to pay their balance in full prior to the 0% interest promotional period ends||Amazon.com Prime members that do not charge a minimum of $2,000 in purchases each year|
Amazon Store Card Basics
So what's the Amazon Store card? Simply put, it is a credit card that's designed to be utilized exclusively at Amazon.com and also at merchants who accept it as a form of payment. The card, offered by Synchrony Bank, features four special promotional financing programs for Amazon shoppers. Here's how they compare:
- 6-month 0% interest financing – A 6-month zero interest financing period is available on purchases totaling $149 or more.
- 12-month 0% interest financing – If you have something bigger you have to buy, like a TV or surround sound system, you are able to snag a 12-month zero interest period on purchases totaling $599 or more.
- 24-month 0% interest financing – This deal pertains to select items sold by Amazon.com. That doesn't include items provided by third-party sellers. Terms and limitations apply.
- 12 Month Equal Pay Offer: 0% APR until paid entirely. Using the first three financing offers, you only need to pay the minimum due every month. As long as you spend the money for balance in full before the promotional period ends, no interest will accrue. Using the 12-month Equal Pay offer, make 12 equal payments consecutively to wipe out your balance in order to dodge the interest charges.
The Amazon Store card doesn't have annual fee. One thing important to note, however, may be the variable Apr (APR) for purchases, is rather steep. For those who have a balance that's not entitled to 0% financing, repaying it might get very costly once the interest rates are tacked on.
When are applying for a new Amazon credit card, you're entitled to a $10 Amazon.com gift certificate. This one-time limited bonus reward is loaded onto your Amazon.com account automatically once you're approved.
Earning Big Rewards Using the Amazon Prime Store Card
The Amazon.com Store card can be valuable to Amazon shoppers who want to save money on interest however the Amazon Prime Store card is definitely an even better pick a high level Prime member. When you upgrade to some Prime card, you have the selection of taking advantage of one of the special promotional financing offers or earning 5% back on qualifying net purchases.
The card itself doesn't have annual fee but your Prime membership fee is charged into it every year. To earn back the $99 annual fee for Prime, you'd have to spend a minimum of $2,000 a year together with your Prime Store card. That comes to about $167 per month so that isn't an excessive amount of a stretch even if you don't shop Amazon everything often.
There's no limit around the quantity of rewards you can generate but there is one caveat-you can't generate the 5% back and revel in zero interest financing on the same purchase. In case your purchase is $149 or more, you will have the choice to select either the promotional financing offer or the 5% back help you would like to apply to your purchase. When you go to the checkout, you will need to decide which one you would like. If you want to make things easy, you are able to set your default choice whenever you manage your bank account online to either 5% back or zero interest financing.
Redeeming Amazon Prime Store card rewards
The 5% rewards you earn are automatically applied like a statement credit against your account. Which makes it well suited for somebody that doesn't want to need to be worried about meeting the absolute minimum threshold to redeem their rewards. To place it in easy to understand terms, you're effectively getting $5 off every $100 you spend using the card.
What Are the Pros?
The obvious benefit of the standard Amazon Store card is the promotional financing program.
As long as you're disciplined enough to repay what you charge within the necessary time frame, this card could be a wise decision if you need to finance an Amazon.com purchase.
The Prime Store card is best suited to someone who's already an excellent member or who's planning to sign up for Prime service.
If you're already likely to be paying the $99 fee for your membership and also you spend at least $2,000 annually on Amazon purchases, it seems sensible to possess a credit card that's going to put some of that money in your wallet.
What Would be the Cons?
The biggest disadvantage to both Amazon.com Store card and the Amazon.com Prime Store card is acceptance. You can only use the credit card while you shop at Amazon.com or via a merchant that accepts either Amazon card as payment. With the Prime card, the rewards structure is generous however, you're only getting that 5% back on Amazon purchases.
If you're looking for a card that can help you save some dough when you shop at Amazon, while providing you with rewards on other purchases you may like the Amazon.com Rewards Visa Card instead. This card pays you 3% back when you shop at Amazon, 2% back at restaurants, gas stations and pharmacies, plus 1% back on other purchases.
Rewards on the Amazon.com Rewards Visa Card are earned as points that can be redeemed for merchandise, gift cards, cash return, travel and much more. Some point is worth $0.01 each and you may also use them to pay at the checkout while you shop Amazon.com. Redemption values vary depending on how you redeem your points. Another good reason to consider this card is the chance to grab a $50 Amazon.com gift card instantly upon charge card approval. Like the Amazon Store card and the Prime card, the Amazon.com Rewards Visa Card doesn't have annual fee.
Should You Get the Amazon Store Card?
The Amazon.com Store card is worth a glance if you're planning to purchase something big on Amazon however, you don't want to spring for a $99 Prime membership. If you're a Prime member, however, the 5% back rewards rates are tough to match. It is important to bear in mind with either card may be the promotional financing terms. You won't want to find yourself in trouble paying big bucks in interest if your major reason for implementing the card would be to hold on to more of your hard-earned dollars.