Amazon Credit Card
From LoveToKnow Creditcards
Since Amazon.com first launched in July 1995, it has drawn thousands of online shoppers to its many stores, and today eager consumers can choose an Amazon credit card to help with all their shopping needs.
About Amazon.com
Amazon.com’s self-proclaimed mission is "to be the Earth’s most customer-centric company where people can find and discover anything they want to buy online." With easy-to-use interfaces, different search options, and dozens of categories to choose from, that mission is rapidly becoming fulfilled as Amazon.com makes its place as a household name. From a humble beginning as an online bookstore, today shoppers can find music, auctions, toys, movies, and more in one convenient location. Baby, wedding, and other gift registries also make it useful for people who want to give gift ideas to others. Amazon.com has partnered with Borders, Target, Toys “R” Us and other well-known merchants in order to provide an exceptional range of products to interested consumers, and the site’s affiliate program allows individuals to become merchants themselves and earn money from ads and links on their personal websites.
Headquartered in Seattle, Amazon.com’s reach is far beyond a few home computers. The site is now one of the most popular shopping portals online, and it truly does carry everything from A to Z.
The Amazon Credit Card
To increase the convenience of shopping online, consumers can apply for an Amazon credit card from Chase Bank USA. This Visa card offers shopping flexibility to consumers and is particularly useful for individuals who shop frequently at Amazon.com because of the point rewards: 3 points for every dollar on Amazon.com purchases (not including auctions, international website purchases, or purchases from merchants who process their own credit card transactions). All other purchases earn 1 point per dollar, and every 2,500 points is automatically redeemed for a $25 Amazon.com gift certificate.
Another benefit of choosing this card is the introductory zero percent annual percentage rate (APR) for up to six months that covers both new purchases and balance transfers. This can help consumers with other high-interest cards consolidate their debts and save hundreds of dollars on finance charges if they are able to repay the balances before the end of the promotional period. Another introductory bonus is an automatic $30 discount on the first purchase that will be applied as a credit to the new cardholder’s account.
Because online shopping can be dangerous and the potential for fraud and misrepresentation is high, the Amazon credit card offers cardholders several layers of protection. The most notable is the zero liability protection against unauthorized purchases, but interested patrons should note that the protection does not extend to ATM transactions.
Business Cards
Because more and more businesses are conducting transactions online to purchase supplies and equipment, Amazon also offers a business card option. In addition to the benefits for standard cardholders, the business credit card also features unique numbers on each employee card to facilitate tracking for different expenditures. Online account management tools include the ability to set spending limits, create itemized statements, and personalize both tax and expense reports.
Student Cards
Students also have card options with Amazon.com, though for the time being the benefits are the same as those for standard cardholders. Nevertheless, an initial credit card through Amazon.com can help students establish a reputable credit history to bolster their financial standing.
Signing Up for an Amazon Credit Card
It’s easy to sign up for an Amazon card online; the questionnaire takes only a few minutes to fill out and the instant approval option lets approved cardholders begin shopping immediately with their new account. Certain qualifications must be met, however, such as having a valid address already listed with Amazon.com, and the instant approval option will not work when purchasing downloadable items such as e-books.
Amazon Credit Card Problems
Before applying for any credit card, interested individuals should always investigate the fine print to be sure the card will suit their financial situation. For an Amazon credit card, the APR varies from 17-24 percent depending on the current balance and individual’s credit history, while the APR for cash advances is 24.24 percent. There is a 3 percent fee for balance transfers and cash advances, and late payments will be penalized either $15 or $39 depending on the balance. Should an eager shopper exceed their credit card limit, they will be assessed a $39 over-limit penalty.
In Conclusion
An Amazon credit card can be a great choice for individuals who frequently shop online, particularly if one of their favorite merchants is Amazon.com. With great benefits and an array of protective measures for online purchases, this card is a smart choice for smart shoppers.
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Comments
Bob,
It sounds like the 57% APR number you are looking might be the "Effective APR", the APR that mathmatically reflects the basic APR for interest plus any fees applied during the statement period. If you have a lot of fees during the month your effective APR will be increased significantly.
A consumer should always read the Terms and Conditions and fully understand what could happen based on those terms and conditions before applying for a credit card.
For example the Terms and Conditions presented on the Amazon website in mid July 2008 states the basic APR rates as a combination of the prime rate PLUS a certain percentage based on your credit score. With a mid July 2008 Prime Rate of 5 percent, here's where the basic APRs stand on the Amazon credit card. Remember: These basic APRs would be increased by any cash advance fees, balance transfer fees, late charges etc.
Purchase and Balance Transfer APR: The terms state: The Prime Rate plus, as applicable, 8.99%, 11.99%, or 14.99%. This equates to: 13.99% (5% +8.99%), 16.99% (5% +11.99%), or 19.99% (5% +14.99%)
Cash Advance APR: The terms state: The Prime Rate plus either 15.99% or, if your purchase APR is 19.99%, then plus 19.99%. This equates to: 20.99% (5% +15.99%) or 24.99% (5% +19.99%)
Default APR (what you could be charged if you are late on a payment): The terms state: The Prime Rate plus up to 23.99%. This equates to: an APR up to 28.99% (5% +23.99%)
Read, read and then read again. Then you should call the customer service phone number and verify what the the maximum rate could become.
Thank you for your question and for visiting LoveToKnow Credit Cards.
-- Contributed by: SusanWeberWTF! I just got my Amazon CC statement and noticed the APR. It shows 57.00% BEWARE!!!!! I'm canceling my card NOW!!
PS Never carried a balance.
-- Contributed by: Bob IllingworthJames,
I am unclear from your comment whether you are having trouble signing on to your credit card account or to Amazon.com.
- If the problem is signing onto the credit card account, you should call the 800 number on the back of your credit card or on your credit card statement.
- If the problem is signing into amazon.com you can request a password reminder or request a new password from amazon.com.
Thank you for your question and for visiting LoveToKnow Credit Cards.
-- Contributed by: SusanWeberThis page has been accessed 3,098 times. This page was last modified 02:27, 2 September 2008.
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