Amazon does do finance through a few different ways.
Amazon offers two financing options if you have its Amazon Store Card: equal monthly payments and special financing.
Your eligibility for either option is subject to credit approval.
Amazon financing is available to Amazon users through three credit card options the Amazon Rewards Visa Card, the Amazon Prime Rewards Signature Visa, the Amazon Store Card, and the Amazon Secured Card.
If approved, applicants receive a credit limit based on their credit score and other screening factors.
Amazon financing does not affect your credit score as Amazon does not check your credit unlike the banks that check your credit for the Amazon card.
Your eligibility to use an Amazon payment plan won't be affected by your credit scores since Amazon doesn't do a credit check.
Applying for an Amazon card does hurt your credit.
When you apply for an Amazon card a hard inquiry will be put on your credit report which will also lower your credit score by around 5 to 10 points.
However eventually it should not affect your credit after a year or so.
Synchrony Bank will report your account activity to the major credit bureaus.
Building a history of on-time payments can help build your credit.
As a cardholder, you have several tools at hand to help you learn to build your credit through responsible usage.
After you've been approved for the Amazon credit card it can take between 7 to 10 days to receive your Amazon credit card.
You can withdraw money or cash from your Amazon credit card although their will usually be a cash advance fee.
You can get an Amazon Credit Card cash advance at any ATM.
To initiate the cash advance, insert the card in the ATM, enter your PIN (or call 888-247-4080 in you don't have one) and withdraw cash up to your available limit.
The bank that Amazon credit card uses is Synchrony Bank and Chase bank.
Amazon Rewards Visa Signature credit cards are issued by JPMorgan Chase Bank, N.A. Member FDIC.
The limit on the Amazon credit card is $500.00
However as you have the Amazon credit card for a few years or so and you use it responsibly then you may have the limit on the Amazon credit card increased to $1,500.00
Everyone who gets approved for Amazon.com Credit Card is guaranteed a credit limit of at least $500.00, and particularly creditworthy applicants could get limits a lot higher than that.
The minimum credit score for an Amazon card is 640.
If you have at least a 640 credit score you should be able to get approved for an Amazon card.
The higher your score the better chance you have at getting approved for an Amazon card or other credit cards and loans.
You can buy a house and get a mortgage with a 622 credit score as long as you meet the other requirements such as income requirements for the mortgage.
A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.
The credit score that can prevent you from getting a job is around 600 or less.
You still may be able to get some types of jobs with bad credit but jobs in finance etc you may not get hired due to the bad credit.
If you are seeking employment, your credit history may be checked and you can be denied employment because of bad credit.
Prior to applying for a position, it's a good idea to speak to the prospective employer.
You have a right to know if your credit will be checked.
A great credit score is 800 and up while a good credit score is around 670 to 739.
The higher your credit score the easier it will be to get loans, credit cards, better insurance rates etc.
Although credit score ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
A credit score of between 670 to 739 is considered to be a good credit score.
Below 680 is considered an average credit score and 300 or less is considered a bad credit score.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
The Visa debit card does not build credit.
Although the Visa Debit card is a good way to use money from your bank account and spend it with a debit card.
The extra debit card does build your credit as you use it.
There's no credit check to get the Extra Debit card and as you use the Extra Debit Card it helps to build your credit so that you can get approved for loans, auto loans, credit cards etc.
Extra is the first debit card that builds credit and earns rewards points just like a credit card.
The Extra card is best if you want to try to rehabilitate your credit score without worrying about adding on to your debt or getting a credit check during the sign up process.
This type of credit card works similarly to a debit card in that you only have access to the money you put into it.
You can also use a secured credit card to help you build credit.
With a secured credit card you put up a deposit for the credit card balance and then the deposit becomes your credit limit.
You then use the secured credit card like a normal credit card and then pay the bills and as you pay back the credit card your credit gets built up.