Amazon’s new credit card helps you get into debt with your own money

Have bad credit? Does Amazon have a solution for you (as long as you have the collateral).

The e-commerce giant has a new store credit card targeted at people with less-than-perfect credit scores. In partnership with Synchrony Bank, the “Amazon Prime Store Card Credit Builder” lets people put down a refundable security deposit (yes, like an apartment), which will be used to set the card’s total credit limit. Synchrony will then collect that deposit from you and give you a line of credit.
这家电商巨头针对那些信用评分不是很高的人推出了一款新的信用卡,和同步银行(Synchrony Bank)合作进行的“亚马逊Prime信用卡构建者”计划让人们存入可退还的保证金(对,就像一间公寓)用来设定该信用卡的信用总限额。同步银行会收取保证金并给你信贷额度。


From there, people can spend money on using their new credit from money they footed. Depending on how much money they spend on the card, users get 6, 12, or 24 months of no interest. (If people spend less than $149 with the card, they are not eligible for this promotional financing.)

The card’s APR is 28.24%.

According to WalletHub, the average interest rate for people with fair credit is 22.99%, and the average store credit card interest rate is 25.76%.

This Credit Builder card has the perks of its sibling cards, including no fee and 5% cash back. The idea behind this program is to attract a new swath of customers–that is, people with poor credit–to buy items on Amazon and repay in time, which will increase their credit scores and thus give them the opportunity to get another credit card, one that doesn’t require them to prepay the credit line in full.