Amazon Credit Builder Reddit

Amazon Credit Builder So when the Amazon Credit Builder Card was announced I was excited because we shop ALOT at Amazon but didn't have the credit score required to get their store card. Thinking of getting an Amazon credit card, is that a good idea for my current situation?? Help Needed / Question (self.CreditCards) submitted by OkCarry5470 Hey so, I have had a discover student card for a few years now. I use the discover card for the cash back and to build credit.

The Amazon card is managed by Chase Bank, and they will not approve anyone with less than a year of credit history. If you have not had a credit card before, this is not the first one to get. If you are a student, the Discover It Student Card would be a great card to get.

Credit builder isnt going to be helpful to you from what you have shared. Credit builders are great for people with little to no credit history or people who have missed a payment or two and will benefit from showing a consistent payment history with all of their bills. Your creditors also arent going to lower your balance.

Credit builder accounts are a last resort option. Only good for if you cant open a secured card with a major lender, which you did already. Credit builder accounts dont grow as your credit improves, they offer no rewards, and as theyre usually fintech companies their customer service sucks.

I thought I would share a credit card strategy that I recently did: One of my credit cards offers free Amazon Prime for 1 year ($139). With that free Amazon Prime, I applied for Amazon's Visa signature card which gives 5% on purchases done through Amazon, Whole Foods, and even the Chase travel portal. The Amazon Prime Visa signature card right now is offering a free Amazon gift card of $200 ...

But, the credit building loans are basically for someone with no debt, credit history, or bad credit. Mostly, installment loans where you get the money back at the end minus fees and interest. I think larger loans with larger payments just show creditors your fiscally healthier.

It you are an Amazon Prime member, and pay for prime, and you do not intend to cancel your prime account any time soon. The Amazon Prime Credit card is an absolute no brainer, it's essentially a no annual fee card that earns 5% back on Amazon. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning.

Join our community, read the PF Wiki, and get on top of your finances! MembersOnline r/personalfinance It typically takes 30-90 days for the credit card to show up on your credit report so thats normal. Also because of your age you lack credit history and thats why amazon is a bit sketched out on giving you their non secured card.