Amazon now has a new tool which is linked with the Amazon Prime program but deals with a particular segment of people: Those who may otherwise be exempted from getting a credit card. The newly released tool, called Amazon Credit Builder allows the users to build their credit via a secured credit card, along with budgeting tips and tools. This implies that the users will need to deposit a refundable security amount of around $100-$1000 in order to get qualified for the credit card while the credit limit would match with it.
As per the e-commerce giant, the users will then have to make sure that they pay at least a minimum on time every month. This will help enhance their credit and also help them get an unsecured Amazon credit card.
Synchrony Financial bank, which has collaborated with Amazon to introduce this new tool, would extend an Amazon loyalty card automatically to the user once he/she qualifies for it and would then return back the security amount, explains the Amazon.
The credit card arrives with some benefits, which includes no yearly fee, an Amazon gift card worth $10 and a 5 percent cashback offer on Amazon Prime purchases. This implies that you will have to pay the subscription fee for Prime in order to reap the benefit of savings.