Amazon recently announced a partnership with Synchrony Bank to provide a new Amazon Credit Builder credit card to Amazon Prime members that have poor credit. This new card, also known as “Amazon Credit Builder” will allow users to build up their credit histories through the use of an unsecured card, which will be issued to them by Synchrony Bank. Synchrony Bank is owned by Citibank and is known for its high interest rates and other shady practices. To protect consumers from becoming victims to this type of credit card provider, we will take a closer look at this new Amazon credit card.
First off, what is Synchrony Bank? Synchrony Bank is a bank owned by Citibank. A few years ago, it was one of the largest lenders in the country, but has faced a slew of problems over the past several years. First of all, Citibank made a series of large financial acquisitions, making it very difficult for customers to obtain credit in the future. When the bank bought the bank from the Federal Deposit Insurance Corporation, it also acquired a large amount of property, which has caused it to fail to pay their mortgages.
Now, Synchrony Bank has gotten into the mortgage business, which means it will try to charge high interest rates and high fees to customers, even if they have poor credit. Unfortunately, this can make it harder for people to obtain credit cards with good credit histories, since banks are more concerned about high interest rates and fees than they are about a good credit history. Unfortunately, this type of credit card is only going to be available to people with good credit, so those with poor credit will likely have to settle for a low interest rate and a small monthly payment when applying for an Amazon Credit Builder card.
Of course, the other type of credit-building tool offered by Amazon will be Amazon Finance. Amazon Finance is a separate program that offer customers the ability to build up a savings account, deposit money into their account, and then use these savings to pay bills. Once the money is withdrawn from their account, they will receive a check in the mail.
As you can see, this Amazon Credit Building Tool is only available to customers who already have a . . . . . . bank account, or to those who have good credit. It is also limited to Amazon customers only. However, if you can get this Amazon credit building tool, you will be able to build up a great credit history with a major credit card company, which will be extremely useful for those with bad credit. poor credit.
It should be noted, however, that these types of credit cards are not a real option for those with a bankruptcy or Foreclosure history. In other words, if you have filed bankruptcy or Foreclosure papers against your house, you will not be able to apply for this Amazon credit builder card. Even though it is true that this card will not work with those filing bankruptcy, it is important to note that it does not hurt to shop around and apply for a credit card in case you end up being approved for this new card from Amazon. In fact, it may even help you get approved.