Speaking of Amazon Store Card, there are two different versions, one for Prime members and the other as the regular store card. Depending on the one you apply for, you’ll have slightly different offerings.
To begin, there was an introductory special for a $10 gift card. If you got the store card, it’s changed $40 and you are given that as soon as you’re approved for either of the two cards in your Amazon account. But if you’re a Prime member, you get 5% back on every single amazon.com purchase and that comes in the form of statement credit.
If you’re using this for household items or groceries, it is going to add up a great deal and you can tack it on top of seasonal specials, like back-to-school right now or it’ll probably be something for Christmas that increases how much you can save and get returned to you, which is pretty appealing.
In addition, there’s an Equal Pay Financing, which gives you a monthly rainy-pay with no interest for a certain amount of time, namely the no interest financing. If you have one of these cards per item, it costs as much as 149 dollars that would have six months for items that cost as much as 599 dollars.
You could have as long as 2 years, 24 months pay-off without any interest, which is appealing. If you want to make a purchase for the family, but you have no intention to pay off right away but to pay incrementally, this card would be suitable. From my perspective, it is economic invincibility, which I don’t recommend doing that.
If you’re going to buy something ideally paid off that month, it’s on a credit card. Just use your debit card, don’t get into a payment plan, because it can get you into trouble depending on the circumstances. There’s a late fee of up to $35 and the purchase APR is 26.99 percent.
You may have seen something from synchrony bank, which is the one that issued it. This card allows a 22.74 percent, which means it’s in that ballpark and you should be concerned about the interest as long as you’re going to pay on time to set up automatic payments. Pay the full balance each month and avoid being trapped by it and it’s not going to be an issue.
As I mentioned synchrony, I should bring it up that there seem to be a number of reviews. People complaining it’s hard to pay off this card, as the customer service is not very good. I did notice this is a trend, what I was doing to Home Depot Card also involves zero interest offering.
But it seems to be a trap for some people where they feel like the company gets them in, and then blocks them from paying. They end up with charges that could also be folks who are just complaining, because they’re not going to manage their money. Especially if you’re using the financing options, make sure you’re paying on time. Don’t be the person who thinks I’ll just remember the set of automatic payments. Give yourself reminders on your phone so that you don’t fall into the trap of getting extra charges, which is what they want.
They want to make money off of you in most cases. Therefore, in terms of final thoughts, I would say if you’re a Prime member, this card is worthwhile because you get that rotating forever, which is standard five percent plus for rotating deals on a seasonal basis. If you’re not a prime member, there’s not much to be had beyond the zero interest financing or the first gift card you get.
In that case, you probably want to look at the visa rewards card they have from Chase as a solid option, which will give you a decent number of rewards and you can use it in other places and generate some percent here and there. To sum up, the above are all my thoughts on the Amazon store card.