Amazon Credit Card
Amazon has become a major online retailer in the past several years and to supplement their online sales, the company is now offering three different credit card options. The Amazon.com store credit card can only be used for Amazon purchases.
The Amazon.com Rewards Visa card, comes with the Visa logo and can be used anywhere the Visa logo is displayed. The Amazon.com corporate credit line is for businesses looking for a business line of credit and the ability to pay for purchases with purchase orders.
Amazon.com Store Card
The Amazon.com store card is easy to qualify for and offers mostly financing offers for customers. There is no annual fee on the card and customers can obtain 6, 12 or 24 month special financing on purchases. The 6 month financing is for purchases that are $149 or more. The 12 month financing is available when purchases are $599 or over. The 24 month financing are offered for certain special purchases.
These interest free offers are available to all cardholders. Minimum payments must be made during the promotional period. If the balance is not paid off in full before the end of the promotional period then interest will accrue from the date of purchase and the card holder will lose the benefit of the zero percent interest.
Items that are sold by third parties, rather than directly through Amazon, do not qualify for the promotional interest rates. All purchases made through Amazon can be bought with the store credit card. At checkout you will be able to determine if the purchase qualifies for promotional financing. The credit card offers zero liability in the event of fraud on the account. Accounts are serviced by Synchrony Bank and provide complete online account management. Customer service reviews are on the low side for the banks’ ability to service customer accounts. They are very fee driven charging fees for many services customers take for granted, like phone payments.
For purchases that are not promotional, the interest rate is 25.99%. This is a variable rate of interest that will fluctuate in relation to prime. Late fees of up to $35 will be charged on any payments that are even 1 day late. There is no grace period. Minimum interest charged is $1.50 per billing cycle.
Amazon Rewards Visa Card
This card has a Visa logo and can be used like a traditional credit card. Once approved the card offers a $30 Amazon gift card as a sign up bonus. Card holders will earn 1% back on all purchases. A bonus of 2% is offered for purchases for gas, pharmacies or drug stores and restaurants. A 3% bonus is offered for all purchased made on Amazon.com. There is no annual fee for this card.
Points may be redeemed when making purchases through Amazon.com. The point’s conversion is 100 points translates to $1.00 in savings. There is no minimum needed in order to redeem points. Points may also be redeemed for gift cards, to receive cash back or for travel rewards. The earned points will never expire and cardholders can earn any number of points per year with no cap.
The Amazon.com Rewards Visa is operated through Chase bank. They offer online account management and an easy way to see account balances, pay bills and manage points. The card has an interest rate of 14.24% to 22.24% for purchases and balance transfers, depending on the credit worthiness of the cardholder. The cash advance rate and overdraft rate is 19.24% to 23.24%. The penalty rate is 29.99% and becomes permanent once it is enacted. These rates are all variable rates that are charged a margin from the prime rate.
Balance transfer fees will either be $5 or 3% of the dollar amount transferred. The cash advance fee is $10 or 5% of the dollar amount transferred. For purchases made outside the US there is a 3% foreign transaction fee charge. Late fees, return payments and return checks all have fees of up to $35. Applications can be completed online and an instant decision is provided.
Amazon.com Corporate Credit Line
The corporate credit line provides businesses with the ability to order products through Amazon with a purchase order. Companies can receive detailed invoices and payments can be made online. There is no annual fee with this card providing a convenient option for businesses that do a lot of online purchasing. Multiple approved buyers can make purchases on the Amazon account. Access online to detailed order history, statements and reports.
There are two options available for businesses. The Paid in Full Credit Line provides billing terms that are due in 55 days. When the account is paid in full no interest is charged. The second option is a Revolving Line of Credit through Amazon. This option provides the ability to make monthly payments and accrues 12.99% interest on any revolving balances. For this account the business owner needs to sign as a personal guarantor for the account.
Amazon has three different payment options that will meet the needs of its wide customer base. There is no annual fee on any of the accounts, and cardholders can choose which card will best meet your needs.