Amazon just launched a new credit card…this is what it is, how it works, and whether or not it’s worth it to get. Enjoy! Add me on Instagram: GPStephan
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This card Credit Card, aimed at people with either no credit history, very bad credit history, or those who want to start BUILDING up their credit score. Or, in layman’s terms…it’s basically just their version of a secured credit card:
Link to the $40 Gift Card Offer: https://www.amazon.com/iss/credit/creditbuilder?pr=conplcc
Here’s how this works: Credit Cards are given to people who have a proven track record of being able to repay their debts…this could be in the form of an auto loan, a mortgage payment, or most commonly…money spent on a credit card. But here’s the weird catch-22 that makes absolutely no sense in our backwards credit scoring system…in order to GET credit, you must first HAVE credit. But no one will GIVE you credit, unless you already HAVE credit.
The solution to this, for anyone who wants to build up their credit score, is by getting a secured credit card. That is what Amazon decided to go for, and here’s how their card will work:
First, you’ll determine what your credit limit will be.
This just depends on how large of a deposit you submit…you can give them anywhere from $100 to $1000, and that will be your new credit line.
Second, after you get your credit card, just make your payments on time.
It sounds common sense…but I need to say this. Always pay your credit card on time. This will will help build your credit score.
Third, after 7 months, your account will be reviewed to see if you’re eligible for an upgrade to an unsecured card.
If this happens, your deposit will be returned and you’ll just graduate to the “normal” Amazon Prime Credit Card - potentially with a higher credit limit.
Now what makes this one DIFFERENT from almost every other secured credit card out there, is that they actually give you a small sign up bonus and some perks:
First, you’ll get a $40 gift card for signing up
Second, you’ll get 5% back on Amazon purchases if you have Amazon Prime
And third…it’s not really a perk, but there’s no annual fee. So being free is nice…I always like free.
But now, here’s the TRILLION DOLLAR Amazon question…how good is this card, compared to what else is already out there?
For instance, we have my personal favorite that I always recommend to everyone here just building their credit: The Discover It Secured.
This one gives you unlimited 1% cash back on all purchases, and 2% cash back at gas stations and restaurants. With a $0 annual fee.
So when you compare the Amazon Credit Card with the Discover It Credit Card…I actually think The Amazon Card is now a slightly better choice, IF you do a lot of shopping on Amazon.
And overall..like I said, I think it’s a decent card. If you’re just building your credit score, I’d RECOMMEND getting this card…and that’s something I don’t say often, besides with the Discover It Secured. And the fact that they offer better cash back AND a sign up bonus of a $40 gift card makes it better than the Apple Credit Card purely from a rewards standpoint, especially if you shop on Amazon…and you have no credit to begin with.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
Merch: http://www.GrahamStephanStore.com/
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
This card Credit Card, aimed at people with either no credit history, very bad credit history, or those who want to start BUILDING up their credit score. Or, in layman’s terms…it’s basically just their version of a secured credit card:
Link to the $40 Gift Card Offer: https://www.amazon.com/iss/credit/creditbuilder?pr=conplcc
Here’s how this works: Credit Cards are given to people who have a proven track record of being able to repay their debts…this could be in the form of an auto loan, a mortgage payment, or most commonly…money spent on a credit card. But here’s the weird catch-22 that makes absolutely no sense in our backwards credit scoring system…in order to GET credit, you must first HAVE credit. But no one will GIVE you credit, unless you already HAVE credit.
The solution to this, for anyone who wants to build up their credit score, is by getting a secured credit card. That is what Amazon decided to go for, and here’s how their card will work:
First, you’ll determine what your credit limit will be.
This just depends on how large of a deposit you submit…you can give them anywhere from $100 to $1000, and that will be your new credit line.
Second, after you get your credit card, just make your payments on time.
It sounds common sense…but I need to say this. Always pay your credit card on time. This will will help build your credit score.
Third, after 7 months, your account will be reviewed to see if you’re eligible for an upgrade to an unsecured card.
If this happens, your deposit will be returned and you’ll just graduate to the “normal” Amazon Prime Credit Card - potentially with a higher credit limit.
Now what makes this one DIFFERENT from almost every other secured credit card out there, is that they actually give you a small sign up bonus and some perks:
First, you’ll get a $40 gift card for signing up
Second, you’ll get 5% back on Amazon purchases if you have Amazon Prime
And third…it’s not really a perk, but there’s no annual fee. So being free is nice…I always like free.
But now, here’s the TRILLION DOLLAR Amazon question…how good is this card, compared to what else is already out there?
For instance, we have my personal favorite that I always recommend to everyone here just building their credit: The Discover It Secured.
This one gives you unlimited 1% cash back on all purchases, and 2% cash back at gas stations and restaurants. With a $0 annual fee.
So when you compare the Amazon Credit Card with the Discover It Credit Card…I actually think The Amazon Card is now a slightly better choice, IF you do a lot of shopping on Amazon.
And overall..like I said, I think it’s a decent card. If you’re just building your credit score, I’d RECOMMEND getting this card…and that’s something I don’t say often, besides with the Discover It Secured. And the fact that they offer better cash back AND a sign up bonus of a $40 gift card makes it better than the Apple Credit Card purely from a rewards standpoint, especially if you shop on Amazon…and you have no credit to begin with.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
Biggest con is that this credit card is run by chase. I despise that company with passion
Wait, so is APR charged if you don’t pay it off in full even before the due date? What if you have autopay on? Do you still have to pay interest?
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Obviously smashed it now I had to get a new phone
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graham forgot one roast/critique on amazon – the card design is so ugly lol!!
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If you have no credit card and in college or something…just do yourself a favor and get the discorverIT card. Its great for your first card and youll most likely be accepted for it for new credit card users. I used that card forever and i only had that one card. I think i had a 660 or something when i got my first score in the 6 months. I never got a new card. I got up to 770. Yes just that one card
i really like ur channel
Amazon if you bought that same computer and it fried and died a few days of playing it or it turns out it doesn't do what you thought it would do within the given time they will take it back for you and even pay the shipping! I have had that a few times (and no I didn't do the several year warranty scam). Amazon has gotten my money back from the rare bogus company when the company was being stupid Amazon would crack down.
Well on Ebay you get scammed. Ebay is an online garage sale. Amazon is regular companies working with Amazon where Ebay your getting form something that Joe Dope is getting rid of to afford his stash of drugs and he says "Yeah the computer is tested" by turning it on once in the last 5 years.
great info! I just signed up for this card as my first credit card and got a $60 gift card. they also waived the deposit
Amazon says I can get $70 off instantly upon approval for the Amazon prime rewards Visa card, but it asks for my social security number. Does it actually work and should I do it?
It looks like the stopped issuing the credit builder card
I found out all this after amazon told me they’d take off $40 from a purchase if I got approved
yey
Of course. You're a genius. Of course I'll smash that like button
I"m so happy i found this. I just cant wait till a class in high school completely based on financials and credit is required. I feel like school is made to prime us for being workers and average consumers but nothing more.
Graham I went to sign up for the Prime Secured Card today and it was asking me about my income. Doesn't that defeat the purpose of a secured card? I have $$ but I'm freelance right now and my income fluctuates. What should I do? Thanks!