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Amazon Prime Secured Card Review: Building Credit with Prime Benefits
What Is the Amazon Prime Secured Card?
The Amazon Prime Secured Card is a credit-building tool designed for Amazon Prime members who want to improve their credit score while enjoying the benefits of shopping on Amazon. This secured credit card, issued by Synchrony Bank, requires a security deposit that serves as collateral and determines your credit limit. It's an excellent option for those with limited or poor credit history who are looking to establish or rebuild their creditworthiness.
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Amazon Prime Secured Card Pros & Cons
Pros:
- No annual fee
- Opportunity to build credit with responsible use
- Earn 2% back on Amazon purchases for Prime members
- Potential to upgrade to an unsecured Amazon Store Card
- Lower security deposit requirement compared to some competitors
Cons:
- Requires an Amazon Prime membership
- High APR on purchases
- Limited use outside of Amazon and select Amazon-owned stores
- No welcome bonus or introductory APR offer
Who Is the Amazon Prime Secured Card For?
The Amazon Prime Secured Card is ideal for:
- Amazon Prime members with limited or poor credit history
- Frequent Amazon shoppers looking to build credit and earn rewards
- Those who want a secured credit card with a lower minimum deposit requirement
- Individuals aiming to establish credit for future unsecured credit card approvals
This card is particularly suitable for those who already have an Amazon Prime membership and make regular purchases on the platform. It offers a path to better credit while providing the opportunity to earn rewards on Amazon spending.
Comparing the Amazon Prime Secured Card With Other Credit Cards
When considering the Amazon Prime Secured Card, it's helpful to compare it with other popular options in the credit builder card category:
Chime Credit Builder Secured Visa® Credit Card:
- Annual fee: $0
- Security deposit: Flexible, based on the amount transferred to Credit Builder account
- Key features: No credit check to apply, reports to all three major credit bureaus
- Standout feature: No minimum security deposit required
Capital One Quicksilver Secured Cash Rewards Credit Card (rate & fees):
- Annual fee: $0
- Security deposit: Minimum $200, which becomes your credit limit
- Key features: 1.5% cash back on all purchases, automatic credit line reviews
- Standout feature: Earn rewards while building credit
Current Build Visa® Credit Card:
- Annual fee: $0
- Security deposit: Flexible, based on the amount transferred to Build account
- Key features: No credit check required, reports to all three major credit bureaus
- Standout feature: Linked to Current banking app for easy fund transfers
Each card offers unique benefits tailored to different spending habits and preferences. Consider your personal financial goals when choosing the best card for you.
Key Takeaways:
- Amazon Prime Secured Card excels in being an excellent option for those with limited or poor credit history
- Chime Credit Builder offers flexibility with no minimum deposit
- Capital One Quicksilver Secured provides cash back rewards
- Current Build integrates with banking app for convenient use
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Consider Using Kudos
While the Amazon Prime Secured Card can be a valuable tool for building credit and earning rewards on Amazon purchases, it's important to maximize your credit card benefits across all your spending. This is where Kudos comes in.
Kudos is a free AI-powered browser extension that helps you get the most out of your credit cards whenever you shop online. It works with over 15,000 stores and automatically suggests the best credit card to use for each purchase, ensuring you earn the most rewards, points, or cash back based on your spending patterns.
By using Kudos alongside your Amazon Prime Secured Card, you can:
- Optimize rewards across all your online shopping, not just on Amazon
- Discover new credit cards that align with your spending habits
- Multiply your rewards up to 5X during exclusive "Flash Boost" events
If you're looking to get more out of your credit cards, Kudos is the best free shopping app to use when you shop online. And, they're currently offering $20 back after your first eligible purchase — just sign-up for free with code "GET20" and make a purchase at a Boost merchant.
Our Expert Takeaway
The Amazon Prime Secured Card is a solid choice for Amazon Prime members looking to build or rebuild their credit while earning rewards on their Amazon purchases. Its lower minimum deposit requirement and lack of annual fee make it an attractive option in the secured card market.
However, its usefulness is limited primarily to Amazon shopping, and it requires an Amazon Prime membership. For those who frequently shop on Amazon and are comfortable with these limitations, this card can be an excellent stepping stone towards better credit and potentially an unsecured credit card in the future.
To maximize your overall credit card rewards strategy, consider using tools like Kudos alongside your Amazon Prime Secured Card. This combination can help you optimize rewards across all your online shopping while you work on building your credit.
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Amazon Prime Secured Card FAQ
How does the Amazon Prime Secured Card help build credit?
The Amazon Prime Secured Card reports your payment history and account status to the major credit bureaus. By making on-time payments and maintaining a low credit utilization ratio, you can positively impact your credit score over time.
What is the minimum security deposit required?
The minimum security deposit for the Amazon Prime Secured Card is $100, which is lower than many other secured credit cards on the market.
Can I increase my credit limit on the Amazon Prime Secured Card?
Yes, you can increase your credit limit by adding to your security deposit. Your credit limit will typically match your deposit amount.
Is there a chance to upgrade to an unsecured card?
Yes, after demonstrating responsible card use over time, you may be considered for an upgrade to the unsecured Amazon Store Card.
Do I need to be an Amazon Prime member to apply?
Yes, an active Amazon Prime membership is required to apply for and maintain the Amazon Prime Secured Card.
What is the APR on the Amazon Prime Secured Card?
The APR on the Amazon Prime Secured Card is typically high, as is common with many secured credit cards. It's important to pay your balance in full each month to avoid interest charges.
Can I use the Amazon Prime Secured Card anywhere?
The Amazon Prime Secured Card can only be used for purchases on Amazon.com and at select Amazon-owned stores. It cannot be used for general purchases elsewhere.
Supercharge Your Credit Cards
Experience smarter spending with Kudos and unlock more from your credit cards. Earn $20.00 when you sign up for Kudos with "GET20" and make an eligible Kudos Boost purchase.
Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
