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Amazon offers a brand new product that fits into its Amazon Prime membership program, but addresses a specific segment of the market: those who may not have a credit enough to get a credit card. The new Amazon Credit Builder tool allows users to create their own secure credit card. This means that they will have to make a refundable security deposit of between $ 100 and $ 1000 to qualify for the card, and the credit limit will be equivalent.
As Amazon explains, all users will need to improve their credit and switching to an unsecured credit card involves making at least the minimum payment on time each month.
Synchrony Bank, which has partnered with Amazon in this company, will automatically issue an unsecured Amazon Store card once the upgrade is available and reimburse the security deposit, Amazon says.
"There will always be people to whom we can not give credit – it's a large population that we have not been able to reach," said Tom Quindlen, executive vice president and divisional general manager. Synchrony credit cards. CNBC. "It's a new segment of the market."
The card comes with some benefits, including no annual fee, a $ 10 Amazon gift card as well as a 5% refund on Prime purchases. This means that you must be a paid premium subscriber to take advantage of the savings. Amazon Credit Builder also comes with smart features that can help users track their improvements. This is an exclusive access to the TransUnion CreditView dashboard and simulator, according to Amazon.
The credit card tool is available at this link and you can sign up for Amazon Prime here.
Image Source: OMER MESSINGER / EPA-EFE / Shutterstock
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