Amazon Launches ‘Credit Builder’, a Secured Card with Rewards

Amazon Launches ‘Credit Builder’, a Secured Card with Rewards

June 10, 2019         Written By John H. Oldshue

Amazon is trying to expand its footprint into the financial market by launching a secured credit card that targets people with limited or poor credit. Consumers who do not qualify for the current Amazon Store Card or Amazon Prime Store Card can now opt for a secured credit card version of these cards through Amazon Credit Builder.

These new cards have no annual fee and can only be used for Amazon purchases. Amazon is offering 5% cash back on certain purchases with these cards, but consumers need a Prime Membership in order to qualify for the rewards. Amazon is partnering with Synchrony Financial on these secured credit cards.

Featured Secured Card

Top Features:

0% Introductory APR for the first six months your account is
open, afterward regular APR.

A secured credit card can help a person build their credit score if it is used prudently and reports to the major credit bureaus. With a secured card, the consumer puts up the money for the credit limit. In the case of these Amazon secured cards, this ranges from $100 to $1,000. Users must repay their balances or make minimum monthly payments each month, just like a traditional credit card. Once the account is closed, any money from the initial deposit is refunded after the balance is completely paid off.

Secured credit cards give consumers a chance to build their credit without any financial risk for the card issuer. For Amazon, this also means access to a new sector of the market. Amazon is also rumored to be developing a checking account for the underbanked with JPMorgan Chase.

Interested parties can apply for Amazon Credit Builder online. Applicants must first be considered for a traditional Store Card or Prime Store Card before being reviewed for a secured account. Amazon notes, “Although you are required to submit a dual application that allows you to be considered for both cards, only one inquiry will be placed on your credit file.”

The information contained within this article was accurate as of June 10, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

Review LowCards.com Editor’s Top Cards!

2020 Top Credit Cards by Category
Featured Prepaid Card
NetSpend® Visa® Prepaid Card
EDITOR RATING
Featured Prepaid Card
NetSpend® Visa® Prepaid Card

Applying for this card will securely direct you to the issuer's website.

Top Features: No late fees or interest charges because this is not a credit card it is a prepaid card. 

Featured Secured Card
Assent Platinum 0% Intro Rate Mastercard Secured Credit Card
EDITOR RATING
Featured Secured Card
Assent Platinum 0% Intro Rate Mastercard Secured Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: Intro APR Offer on Purchases

Featured Fair Credit Card
Reflex Mastercard® Credit Card
EDITOR RATING
Featured Fair Credit Card
Reflex Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: All credit types welcome to apply!

Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card
EDITOR RATING
Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: Reports to all three credit bureaus, perfect credit not required for approval


john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.