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Is the amazon credit card worth it?


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Showing 1-25 of 47 posts in this discussion
Initial post: Oct 16, 2013 10:16:52 AM PDT
MissPenny says:
I keep going back and forth whether I should sign up or not. I have just heard so many bad reviews about them screwing people over. Also I don't know how much credit I will actually get on the card since I have never owned a credit card before and don't have much credit. This is the whole reason I want to start the card is to build up my credit. I am only 22 so I have a feeling I will probably get denied. Any help or suggestions or positive comments about it would be extremely helpful. Thank you!!

Posted on Oct 16, 2013 10:50:29 AM PDT
C. Scanlon says:
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In reply to an earlier post on Oct 16, 2013 11:07:34 AM PDT
There are two different Amazon credit cards, one is a general visa that is good for any purchase anywhere but you build up points that can be redeemed on amazon orders.

The second card is an amazon store card. We use the store card a lot because it has a lot of special deals, like 6 months same as cash financing on appliances over a certain amount.

Now, a credit card is like anything else, the card is what it is, it's all about how you use it. If you do the special financing do you have the discipline to pay every month so you don't get hit with a huge finance charge at the end. Like most store card the Ammy card carries a high interest rate.

with the regular visa, it's again how do you treat it. We use it for everything we would spend cash for, grocery, gas, etc. BUT.. we save the cash, so every month we pay off the card in full. Thus we get the points without paying finance charges.

In reply to an earlier post on Oct 16, 2013 11:09:45 AM PDT
CatChat says:
I've never owned a credit card because I just believe if you can't afford things with what you have in your back account now then you don't really need it or can wait/save till next month or when you can afford it. Of course I have gotten loans for cars, because that is a whole different story. I've actually been called a liar as "buying EVERYTHING with cash is just unheard of and impossible in todays world"

In reply to an earlier post on Oct 16, 2013 11:27:53 AM PDT
C. Scanlon says:
I do and I am with you

In reply to an earlier post on Oct 16, 2013 11:28:47 AM PDT
Ursiform says:
I use credit cards for convenience, but pay them off every month.

In reply to an earlier post on Oct 16, 2013 11:46:59 AM PDT
Tim Wachter says:
i have had the amazon visa card for about a year, and have been somewhat pleased with it. the interest rate is not spectacular (i'm currently at 18.24%) but i either keep it paid off each month or carry a low balance for a month or two after a larger purchase.

i have been able to rack up enough points to get several cheaper products for free, and i only use the card to buy items from amazon. there was also a $50 credit applied to my first purchase with the card, as a promotional thing. as credit cards go, this one is not too bad. if the rate were a few points lower, it would be my favorite card.

In reply to an earlier post on Oct 16, 2013 12:44:59 PM PDT
Bookbubba says:
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In reply to an earlier post on Oct 16, 2013 12:48:17 PM PDT
Bookbubba says:
While possible, it is much easier for me to keep a plastic record of my expenditures. The need for carrying cash is eliminated, and I have one source for tracking purposes. The trick, and you nailed it, is to not spend more than budgeted, no matter how you propose to pay.

Posted on Oct 16, 2013 1:09:51 PM PDT
Last edited by the author on Oct 16, 2013 1:15:17 PM PDT
You're only 22 and I sense you're already aware that plastic in your pocket may teach you something about your own spending habits. In the meantime (unless you have special circumstances, like being forced to travel a lot) I would urge a credit card with no annual fee and a very low A.P.R., or rather the lowest they're willing to give you.

You can establish credit by charging things occasionally and always paying off the balance. It doesn't matter much if you occasionally pay a little interest, but falling into syndromes like maxing out credit cards and taking out ever more new credit cards despite the A.P.R. is not good for your credit profile. Worst of all is late or insufficient payment.

About 35 years ago there was a jingle on the radio, "Think of it as money, BankAmericard." (That was just before they changed their name to VISA.) An insidious and hurtful little jingle it was, too. Do NOT get in the habit of considering it money, but using it as alternative form of transferring money you DO have (in checking acct. for instance) is a sane thing to do. CatChat is right, you don't really need one. Even a PayPal account can be linked to withdrawal from a checking account, and Amazon will take checks tho' that's probably slower. The only exception I know if is renting a car--you could come in with a letter of credit for a million dollars or nearly that much in your wallet and they'd want a credit card.

I should also point out that if you're on your own, paying utility accounts (on time, and in their full amount) will help you establish credit too.

So many young people get in trouble because they DO think of credit cards as an unlimited source of fun for entertaining, clothing, transportation, etc. Strangely enough, the young people I know who get into the most trouble are the "homebodies" who are lured into department-store charge accounts (at something like 22.6% APR), and then buy overpriced furniture and kitchen gear in a hurry. (These days, "overpriced" in a dept. store can be almost everything, since almost everything goes on sale eventually. Don't rush.) It can wreck your credit rep to fail on these, and keep you in a kind of post-collegian misery to be stuck paying off the minimum well into or past the life of that couch, food processor, HDTV, etc. Resolve to be poor but cheerful for a couple of years and you'll develop habits that will put you in good stead, and understand that nobody is impressed if all your furniture came from Bloomingdale's or Macy's on credit. Or, for that matter, nobody is impressed by the "fashion plate" at 25 who, because of overindulgence, can't afford a decent car by age 30.

Posted on Oct 16, 2013 2:13:20 PM PDT
[Deleted by the author on Oct 16, 2013 4:32:11 PM PDT]

In reply to an earlier post on Oct 16, 2013 2:24:34 PM PDT
So true. For many people growing up without (as I did), having a credit card was like dying and going to heaven. Bought all sorts of stupid stuff, not particularly expensive, but not wise choices either. Got my first credit card when I was taking home maybe a little under $200.00 a week for full time work. Of course, I'm talking a century ago . . .

In reply to an earlier post on Oct 16, 2013 3:16:05 PM PDT
CatChat says:
I'm not foolish enough to use actual cash for everything, though. 95% of what I buy is with my debit card so that, yes, I get that digital record too.

Posted on Oct 16, 2013 3:53:03 PM PDT
OTOH when you buy something with cash and seek a refund, you get cash back. All it needs is a cash-register receipt.

Posted on Oct 16, 2013 5:13:49 PM PDT
L. J. says:
I remember when debit cards made their debut. It didn't have all the extras that the credit card had, fraud protection, and such. But, now it does. I think people are more responsible when the money is coming out of the bank account.

Posted on Oct 16, 2013 5:18:54 PM PDT
Oh, yes. Including the fact that they can't spend what isn't there.

Posted on Oct 16, 2013 5:35:41 PM PDT
MissPenny says:
Thank you everyone for your input. I definitely think I am going to reconsider looking into getting this credit card or any credit card for awhile. I am very good with money and pay all of my bills on time but maybe its not best to add another one right now to buy things I really don't need. I still might get one because it is tempting, maybe I will use it to help pay for a few Christmas gifts I want to get people.

In reply to an earlier post on Dec 5, 2013 10:18:13 PM PST
I admire you.

Posted on Dec 6, 2013 12:16:22 AM PST
Last edited by the author on Dec 6, 2013 12:17:53 AM PST
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In reply to an earlier post on Dec 6, 2013 5:49:36 AM PST
WiseShopper says:
The amazon credit card is a great choice if you shop a lot on http://amazon.com. But if you don't shop a lot on amaozn, i would reccommend getting something like Chase, capitol one, or discover. You will get more points there. The credit requirement for Amazon credit card is not very high, so most people are approved. The limit on the card is based on your credit.

Posted on Dec 6, 2013 11:01:03 AM PST
I agree with everyone who wrote that the key to the card is paying it in full. I also agree with those who wrote that you get an excellent record of all your purchases. If you put absolutely everything on the credit card, as I do, I have tax records at hand for all Rx, medical co-pays, insurance premiums - you name it. And by paying for everything, from internet to mass transit, with the credit card, I build up a lot of points that I can use on Amazon. If you let those points accumulate, and then suddenly need something pricey like a microwave, you'll be delighted to find you can "buy" one for free with those points.

But there's one thing no one seems to have mentioned. It's important to have at least one or two credit cards, even if you don't use them often. Credit cards are factored into your FICO score. At age 22, this may not be a blip on your radar yet, but rates that are offered to you for car loans, mortgages and the like are based on your FICO. Simply paying cash for everything won't get your score as high as you want it. Having credit and either not using it, or using only a small portion of it, does raise your FICO. If you're uncomfortable using a credit card in general, get one and make only an occasional small purchase to keep it active.

You can also research online, at sites such as bankrate.com, to find out more about your FICO score. Finally, it isn't too soon to check your annual credit reports. This is free only from a single licensed website, annualcreditreport.com. It won't give you the FICO score, but you can check to make sure all the reports are accurate. You should check this every year.

In reply to an earlier post on Dec 6, 2013 2:54:22 PM PST
Miss Penny - Can you resist buying everything your heart desires until you max out your card? I am one of those people who can't resist buying things if I have a credit card. It is a pretty serious thing to max out a card. So I'd say either get a low credit limit or avoid the idea altogether. On the other hand selling my car and paying off the $3,000 did great things for my credit. So just be cautious and have a plan to pay off your credit card each month. I wish you better luck than I had with an amazon credit card.

In reply to an earlier post on Feb 18, 2014 11:37:23 AM PST
GinaShops says:
Just a note on the Amazon card. You must pay it on-line through your bank. It will cost you money for the convenience of paying it over the phone. And if you are old school like I am and send them an actual paper check, Amazon is unable to process paper checks in a timely manner. So they will charge you a $25 late fee plus interest AND you get to stop payment with your bank on the paper check Amazon can't find for another fee of $25. So your no annual fee credit card has now cost you $50 and change. I'm delighted with the Amazon card. If you have a Visa or MasterCard use it to buy your stuff on Amazon. Skip the Amazon Credit card.

In reply to an earlier post on Feb 18, 2014 12:26:50 PM PST
Bill says:
MissPenny

Follow NewDiane's excellent advice and you can't go wrong.

One of the best ways to establish a good credit rating (or even rehab a damaged one) has always been to properly maintain a checking account.

Posted on Feb 18, 2014 12:30:49 PM PST
GinaShops, did I understand you correctly? if you're trying to tell me that (unless we have waived paper invoices) Amazon does not put its credit-card invoices in the mail in time to pay them by mail--that breaks all kinds of federal Truth In Lending legislation. An envelope bearing payment slip and check must be RECEIVED by a certain date--if Amazon is sluggish in negotiating the check, that's not our problem, or at least not supposed to be.
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Discussion in:  Top Reviewers forum
Participants:  32
Total posts:  47
Initial post:  Oct 16, 2013
Latest post:  Oct 23, 2014

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