What is the credit score needed for Amazon card deals? Here is everything you need to know about Amazon credit cards and their requirements.
Amazon.com is one of the world's largest online retailers. But its expansion into the world of payment cards gives it an even larger footprint.
If you're a regular Amazon shopper, you know that getting your hands on some of the latest and greatest products can be worthwhile. That's because of the many perks of Amazon credit and payment Cards. These Amazon cards offer great benefits for shoppers who love shopping on the online giant.
But, your credit score is vital when applying for an Amazon credit card. So, what credit score is needed for Amazon Card? To better understand the credit score needed for an Amazon card, you need to know the different Amazon cards.
Here are several Amazon cards:
- Amazon rewards visa signature cards
- The Amazon secured cards
- Amazon store cards
So, what credit score do you need to acquire these cards? Let's see how each of these Amazon cards works. But first:
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What is a Credit Score and Why is It Important When Acquiring Amazon Credit Cards
A credit score measures your ability to repay debt obligations promptly and cost-effectively. It's used by lenders when assessing your eligibility for a loan or an insurance policy. And it can help you qualify for other services such as credit cards, payday loans, or Title loans.
The higher your score, the easier it will be for you to get a good loan or an insurance policy, and the lower your interest rate will be. So you should strive to keep your minimum credit score exceptional to stay on top of your financial situation.
Where to Get Credit Score Information
There are three credit bureaus in the US Equifax, Experian, and TransUnion. These companies collect information about your credit history and use it to provide you with a credit score.
Each credit agency has its method for calculating a credit score. The three main methods are:
- FICO® Scores: Developed by Fair Isaac Corporation, this is the most commonly used method by banks and other lenders. It uses data such as your payment history, amount of debt, and other factors to calculate your score.
- VantageScore 3®: Developed by Moody's Analytics, this newer method considers your payment history and current financial situation.
- SCORE®: Developed by EQUIFAX, this unique scoring system considers your payment history and current financial situation.
Credit issuers or financial institutions use different credit scores, or credit score ranges to evaluate your credit quality. Here is the minimum credit quality according to Amazon:
- Excellent: Credit score above 720
- Good: Credit score above 680
- Fair: Credit score above 640
So, what credit score is needed for Amazon Rewards Visa Signature Card?
1. Amazon Rewards Visa Signature Credit Cards
What Credit Score is Needed for the Amazon Rewards Signature Cards?
An Amazon Rewards Visa Signature Card is a credit card that offers reward points earning benefits for Amazon shoppers. To be eligible for the card, you must have an active Amazon account and a minimum good credit score. You must also have a credit score of at least 670 to use the Amazon Rewards Visa Signature Card.
After that, you can apply online and receive instant approval. Once your application is approved, you'll be able to add funds to your card and start saving on your purchases immediately.
There are several types of Amazon Rewards cards, including:
- Travel Rewards credit card – This credit card offers excellent rewards for your travel expenses.
- Reward Points credit cards – This is a type of credit card that allows you to earn rewards points for every purchase you make. You can redeem these points for rewards like free shipping or cash back.
- Cashback credit cards – This lets you get back cash rewards on your spending.
Generally, Amazon Rewards Visa Signature Credit Cards come in two categories. Amazon Rewards and Amazon Prime Rewards cards.
While the Prime card is most preferred, they both have enticing offers for their members. Here are the features that differentiate the two:
- Welcome bonus – Amazon Rewards card offers a $50 sign-up bonus, while the Prime one offers a $200 bonus.
- Rewards at Amazon and Whole Food Market – 3% for Amazon Rewards and 5% for Amazon Prime.
- Rewards at drug stores, gas stations, and restaurants – Two per cent for each card
- Bonus rewards on Amazon – Zero for Amazon Rewards and 10% for Amazon Prime.
See related: Best Cashback Apps to Save Money
How Amazon Prime Rewards Visa Signature Card Works
The Amazon Prime Visa Card is a card that offers several perks making it an excellent choice for Amazon purchases.
First, it offers 5% for Amazon Prime members (3% for non-members) reward points on all your purchases at Amazon or Whole Foods Market. In addition, it offers 2% on drug stores, gas stations, and restaurants and 1% on any other purchase. This can add up quickly over time, and you can make huge savings with it.
Here's how it works: each time you purchase on Amazon, you earn points you can redeem for rewards. The rewards range from gift cards to payments toward your Amazon account balance. The rewards are redeemable online or in-store.
After opening an Amazon Prime card, you also receive a $200 gift card from Amazon. This card's APR depends on your credit history. It can range between 14.49% and 22.49%.
And the best part? The card has no annual fees, so you don't have to worry about spending the extra money to keep your card active. The annual Amazon Prime membership fee of $139 is the only expense you incur.
The Prime Visa Card is similar to its alternative, the Amazon Rewards (non-prime) Card, a co-branded card. Both are backed by Chase bank, a subsidiary of Morgan Chase.
You can use the card anywhere that accepts Visa and is for Prime members who shop on Amazon regularly. It offers great rewards for shopping on Amazon, one of the few credit cards that give you value for your money.
So if you're looking for a way to improve your finances and score and get some great rewards simultaneously, the Prime Signature Card is worth considering.
See related: Best Sites like Rakuten rewards (Formerly Ebates)
Approval Odds and Credit Score Needed for Amazon's Prime Signature Card
To become a member of Amazon Prime, you need a credit score of at least 740 and above. Once approved, your card will work just like any other credit card. You'll be able to spend your rewards anywhere that accepts Visa and Mastercard.
The Prime Visa Signature Card by Amazon is a great way to improve your credit score and make the most of your Amazon Prime membership. It's also great for those who frequently shop online and would like to have one less thing to worry about regarding their finances.
2. Amazon Secured Cards
How the Amazon Secured Card works
The Amazon Secured Card operates just like any other card but has a security feature that makes it unique. That means that you must first open an account and deposit some money with a credit card issuer.
The amount you deposit, in turn, becomes your credit limit and can range from $200 to upwards of $2,500. A secured card helps you to make Amazon online and Amazon physical purchases.
The Amazon Secured Card provides consumers with a range of many benefits, like 24/7 customer support and no annual fees.
Approval Odds for Amazon Secured Cards and the Credit Score Needed
To be approved for an Amazon Secured Card, your credit score must be above 550. This is ideal for people who want to establish credit or are new to credit.
When you apply for the Amazon Secured Card, Amazon verifies your credit score. They check your history of payments and use algorithms to determine if you're likely to pay back your debts. You'll be approved for the card if your score falls within the acceptable range.
The Amazon Secured Card may be the perfect solution if you're looking for a secure way to borrow money and shop online.
See related: ShopAtHome Review: Is It Legit or Scam
3. Amazon Store Cards
How the Amazon Store Card Works
The Amazon Store Card works just like any other credit card, as you can use it to purchase items online and in physical stores. Also, you can use it to pay your bills and other expenses.
However, there are several differences between the Amazon Rewards Visa Signature Card and store cards. First is that store cards are not used in whole foods markets.
Also, after opening an Amazon store card, you receive a $60 gift card, unlike when opening an Amazon Prime Visa card, where you receive a $200 gift card from Amazon. Finally, the Amazon store card reward program isn't as robust as the Amazon Rewards Visa Signature card program. Nevertheless, store cards offer introductory perks for new card holders.
To get started, go to amazon.com/storecard and sign up for a store card. Once you have created your account, you can select your required credit score.
The credit limit of Amazon store cards is $400, but the average is about $1500 or more. Some reports show an initial credit limit of $150.
To keep your account safe and secure, Amazon requires you to maintain a minimum spending limit and monthly billing cycle. In addition, the company will monitor your account closely for any unusual transactions or patterns that may indicate trouble. If there are any problems, you'll get a notification immediately to take appropriate action.
What is Amazon Prime Store Card?
Amazon Prime Store Card is a credit card that offers prime members exclusive benefits. First, it offers 5% back on eligible purchases. In addition, the card has no annual fees and comes with a 0% introductory APR for 12 months.
The Amazon Prime Store Card may be the right option if you're looking for a credit card that offers excellent benefits and easy access to your favorite online retailer.
Credit Score Needed for Approval of an Amazon Prime Store Cards
You'll need a good credit score to be approved for an Amazon Prime Store Card. Amazon has a strict policy of only approving customers with excellent credit scores.
To qualify, your credit score must be above 680. Your credit score will also determine your interest rate and your approved amount. If your score falls below this threshold, you may not be approved for the card.
Can you Get Approved for Amazon Cards with a Poor Credit Score?
No. You may not be approved for Amazon cards if your credit score is poor. You need to have at least fair credit to get amazon cards. The best thing to do is to improve your credit score before applying for the card.
So how can you make your credit score better?
How to Improve your Credit Score to Get Approved for Amazon Card
If you're looking to apply for an Amazon card, your credit score is one of the factors that will be taken into account. Luckily, there are a few simple steps that you can take to improve your credit score:
The first step to establishing credit is ensuring that all your debts are paid monthly. This includes any balances on your credit cards, rent, student loans, and other types of debt. Your credit score will hurt if you miss a payment or have other outstanding debts.
Ensure that you keep a low balance on your credit cards. This will also help to build your credit history and show that you're a responsible borrower.
Finally, be aware of any potential errors on your reports and correct them as soon as possible. Minor credit report errors can lower your credit score by up to 30 points, so taking care of everything correctly from the start is essential.
Ensure you check your credit report to ensure it's free from any errors. So, how can you get a credit report?
See related: How Do Credit Card Companies Make Money
How to Get a Credit Report
A credit report collects information about your financial history and current credit status. It includes details about the accounts you have open, the amounts you owe, and the terms of those loans.
You can get your free credit report online annually at AnnualCreditReport.com or through one of their partner agencies. Credit Karma is also an excellent source of free credit score reports. Additionally, you're entitled to one free credit report from any credit bureau.
Once you have your report, use it to improve your score by checking for incorrect information and correcting any mistakes that may be on your record. You can also use it to understand better how secure your current debt positions are and make informed decisions about future financial commitments.
Your credit score also affects the interest rates lenders offer you when you're looking to borrow money. Lenders may be more willing to offer you a good interest rate if they know that your credit score is in good shape.
So, keep track of your scores and make necessary changes so that you always have the best chance of getting approved for a loan or other financial product on Amazon.
Could you Hurt your Credit Score by Taking an Amazon Card?
Yes. There is a good chance that you could hurt your credit score if you take an Amazon card.
This is because the Amazon card is considered a high-risk loan. This means it's designed to attract customers by offering them exceptionally low-interest rates and other benefits.
However, this doesn't mean that you're automatically approved for the card – you'll still need to meet the usual requirements, like having a good income and excellent credit history. If you can't meet these qualifications, your application may be rejected.
Also, when applying for an Amazon card, the issuer makes a hard pull inquiry that could hurt your credit score.
Other options are available if your credit score isn't good enough to qualify for the Amazon card, such as using PayPal or Mastercard.
However, these alternatives may not offer as many benefits as the Amazon card. So, if taking an Amazon card is something you're considering, make sure your credit score is good enough first.
The credit score necessary for Amazon card eligibility depends on several factors, including your credit history and current borrowing limits. However, it's important to note that using an Amazon card could lower your credit score if you have a poor history of paying debts on time. In addition, if you're currently in debt or have had multiple accounts closed in the past, then it's likely that your credit score will reflect that.
Therefore, it's advisable to consult with a reliable credit counselling service or financial advisor before applying for an Amazon card. They can help you understand your specific situation and ensure that you're making the best decision for your overall financial wellbeing.
How does one pay off the Amazon Prime Rewards Signature Visa Credit Card?
Use the chase website or mobile app to pay off the Amazon Prime Rewards credit card. Alternatively, you can mail a check monthly when you receive your Amazon Visa card statement.
Does an Amazon Prime Rewards Signature Visa Credit Card attract annual fees?
No. The Prime Rewards Signature card does not have annual fees. But, you incur a $139 annual fee.
How can I cancel an Amazon Prime Rewards Signature Visa Credit Card?
If you need to cancel your Amazon Prime Credit Card, you can contact Chase customer service via 1-888-247-4080.