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News: Amazon Credit Builder Credit Card Has Arrived -

Synchrony Financial and Amazon have partnered up to roll out the Amazon Credit Builder credit card designed to provide people who have either bad credit or no credit with a way to build their credit. In order to get this card people must be Amazon Prime members, and provide a security deposit that is refundable. This is a secured credit card.

That said the Amazon Credit Builder credit card also gives cardholders the opportunity to earn rewards while shopping on Amazon. How? Very simply when they go shopping on the site they earn 5% back with the card.

This card also comes along with special and installment financing options that cardholders can take advantage of when making purchases on Amazon.

There is no annual fee for this secured credit card.

Getting started

In order to get started people must be a U.S. resident, as well as have a Social Security number (SSN) or an Individual Taxpayer Identification Number (ITIN). They must also be 18 years old or older. If they meet this criterion they can go to the website and click on the “Apply Now” button.

At that point, they will be asked a series of questions, and once they complete the form some people may well get a response on the spot but others may have to wait for a response.

People who are approved will have to make a security deposit with Synchrony Bank, and once that process is complete people can get started.

What is the amount of the security deposit? That is up to the individual, but it must be between $100 and $1000. The amount the individual opts to deposit will be their credit limit. If they opt to deposit $100 then that is their credit limit. That said they point out that it can take as long as 2 weeks for new cardholders to get their actual card in the mail.

It is important to note that new cardholders must make their security deposit within 60 days of getting approved otherwise they will not get their Amazon Credit Builder Credit Card.

$10 gift card

People who are approved for the Amazon Credit Builder Credit card will also get a $10 Welcome gift card, so they can do some shopping on Amazon.

In order to get more information on this card people can head on over to the website.