What credit score you need for amazon credit card -
How to Apply for an Amazon Credit Card
By the end of , Amazon saw an impressive $ billion in net sales, according to database company Statista. Offering everything from furniture to clothing to electronics and an online platform with two-day shipping options, it’s not hard to see why this site is so popular. Customers who regularly buy items on Amazon might want to take advantage of the Amazon credit card, which offers 3 percent back on purchases made on the site.
Applying for the Amazon Rewards Visa Signature Card is easy, using the online application. Just follow the steps outlined here to get your Amazon credit card and start earning cash back when you shop.
How to Apply for an Amazon Credit Card
The requirements to obtain an Amazon Credit Card are similar to standard credit cards. To apply for the Amazon Rewards Visa Signature Card, you must be at least 18 years of age — or 19 if you live in Alabama or Nebraska — and you’ll need to follow a few instructions.
Here’s what you need to do to be considered for the Amazon credit card:
- Visit the Amazon Rewards Visa Signature Cards page and click the orange “Apply Now” button.
- Sign in using your Amazon login information, or set up an Amazon account if you don’t already have a login.
- Fill out your name, address, date of birth and annual net income information in the provided boxes. Afterward, click the “Continue to Next Step” button.
- Add your home phone, cell phone, email address, Social Security number and mother’s maiden name where requested. Click the “Continue to Next Step button.”
- Review the “Additional Information” page before selecting your delivery method and checking whether you’d like to take part in the optional card security program. Click the “Continue to Next Step” button when you’re done.
- Review the terms on the final page and check the box that you have read and agreed to the provisions listed within the terms. Click the “Submit” button to have your application processed.
Applications can be approved in as little as 30 seconds or as long as two to four weeks if Synchrony Bank, which authorizes the Amazon credit card, decides it needs a more detailed review of your application. Those who meet the requirements to obtain the Amazon Card and who would benefit from the Amazon rewards might still receive a rejection if they are not able to show adequate income or a high enough credit score.
Check Out: 11 Useful Items You Can Get for Dirt Cheap on Amazon
Benefits of the Amazon Credit Card
The Amazon credit card offers cardholders a number of rewards and benefits. One of the best benefits is that you’ll earn cash back on all your purchases.
You’ll earn on purchases as follows:
- 3 percent cash back for Amazon purchases
- 2 percent cash back at restaurants, gas stations and drugstores
- 1 percent cash back on all other purchases
Cardholders can use their cash back rewards toward Amazon purchases; you’ll see your rewards balance during checkout, and no minimum rewards balance is required in order to redeem. You can enjoy these perks without having to pay an annual fee, and you won’t be charged any foreign transaction fees when you use your Amazon credit card abroad.
Learn: 22 Secret Ways to Save Money at Amazon
Amazon Rewards Visa Signature Card vs. Amazon Store Cards
The Amazon Rewards Visa Signature Card — the regular Amazon credit card — is different from the Amazon Prime Rewards Visa Signature Card and the Amazon Store Cards. Here’s a closer look at the differences:
Amazon Chase Visa Card
The Amazon Visa — that is, the Amazon Chase card — can be used anywhere that accepts Visa credit cards, and anyone can apply for it. No annual fee is required for this basic Amazon credit card.
Amazon Prime Rewards Visa Signature Card
The Amazon Prime Rewards Visa Signature Card can also be used anywhere that accepts Visa, but you can only get this card if you have an Amazon Prime membership, which costs $99 per year. This card offers even more rewards for purchases made on Amazon: You’ll get 5 percent back, instead of 3 percent. Depending on how much you spend at the site, an Amazon Prime membership could be worth the money. Aside from the Prime membership fee, no annual fee is required for the Prime Rewards Visa.
mynewextsetup.us Store Card
The mynewextsetup.us Store Card can only be used on Amazon or on sites within the U.S. that allow Amazon this specific card as a payment option. The Store Card allows cardholders to take advantage of special financing for purchases of $ or more, and no annual fee is required. You can get the upgraded Amazon Prime Store Card if you’re an Amazon Prime member. The upgraded card doesn’t require an annual fee either, but the required Prime membership will cost you $99 annually. With the Prime Store Card, cardholders can earn 5 percent cash back on qualifying purchases.
Find Out: 12 Clever Ways Amazon Gets You to Spend More
The Store Cards could be an ideal option for avid Amazon shoppers who want to use the special financing offers, but probably aren’t a good option for individuals who don’t shop regularly on Amazon. If you’re looking for a credit card you can use just about anywhere, the regular Amazon credit card would be the most useful of these Amazon cards.
Alicia Bodine contributed the reporting for this article.
Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.
Amazon Store Credit Card Review
Shopping from the comfort of home is a lot more convenient than trying to fight the crowds at the mall.
If you’re a regular Amazon customer, signing up for an Amazon credit card is a no-brainer.
The Amazon store credit card is designed to be used exclusively for Amazon purchases.
This card is good for someone who wants to earn a whopping 5% cash back on Amazon spending (requires a Prime membership) or to take advantage of 0% APR financing for big purchases.
In this Amazon credit card review, we'll compare rates, fees, and services to other popular credit cards.
Key credit card features:
Credit cards come with lots of fine print and we know how easy it is to get bogged down in the details. To make it easier, we’ve highlighted the best reasons to apply for an Amazon credit card:
No annual fee
Some credit cards charge you an annual fee just to have them. That’s on top of the interest you pay if you carry a balance.
The Amazon store card has no annual fee at all.
If you spend $ or more with your card, you pay no interest if you pay the balance off within six months.
If you spend $ or more, you get 0% financing for 12 months. There’s also a 0% deal available on selected items for up to 24 months. That includes things like appliances, jewelry, and computers.
5% back when you upgrade to Amazon Prime
With the upgraded Amazon Prime Store card, you earn 5% back every time you shop online at mynewextsetup.us That’s $5 back on every $ you spend.
Equal pay financing
Amazon offers 0% financing on certain items for 12 months without requiring a $ minimum purchase.
Card rates and fees
If you make a purchase that doesn’t qualify for 0% financing, you’ll pay a regular variable annual percentage rate. A variable rate means your APR can go up or down over time. The minimum interest charge is $
This card doesn’t allow balance transfers or cash advances so there are no fees for that. The only other cost is a $35 late fee if you make a payment past the due date.
Amazon Store Card Account Fees
|Annual Percentage Rate (APR) for Purchases||% This APR will vary with the market based on the Prime Rate.|
|How to Avoid Paying Interest on Purchases||Your due date is at least 23 days after the close of each billing cycle. We will not charge you any interest on purchases if you pay your entire balance by the due date each month.|
|Minimum Interest Charge||If you are charged interest, the charge will be no less than $|
|Late Payment||Up to $38|
Why it’s worth it to get the Amazon Prime credit card instead
The basic store card is good for Amazon shoppers but there’s a better option if you want to get paid back even more for shopping online.
Upgrading to an Amazon Prime Store Card opens the door to more impressive benefits, including streaming TV and movies as well as free 2-day shipping on Amazon purchases. Not only that but you can earn rewards on what you spend.
With a Prime store card, you automatically earn 5% back on everything you spend at Amazon, every day.
The rewards you’re earning are applied as a statement credit. Amazon doesn’t cap the amount of rewards you can earn.
They don’t expire as long as your account is open and in good standing.
Getting 5% back on your purchases can add up to some serious savings if you’re a regular Amazon shopper.
It’s the equivalent of getting $50 back for every $1, you spend so if you charge $10, a year, you’re putting $ of that right back in your pocket.
Even if you only spend $2, a year, you still earn enough back to cover the Prime membership’s annual fee.
Amazon does enforce a catch of sorts for customers who change from the store card to the Prime card.
If you make a purchase that qualifies for 0% financing, you have to decide whether you want to avoid the interest charges or get the 5% back. Amazon doesn’t let you have both.
The current annual membership fee for Prime benefits is $
If you already have a membership or you decide to sign up for one, your store card is automatically upgraded to an Amazon Prime credit card.
If you’re on the fence about paying a $99 annual fee, Amazon gives you 30 days to try Prime for free. You can always switch back to a regular Amazon store card before the trial period expires.
Amazon store cards vs. other rewards credit cards
It’s always smart to compare the different Amazon credit card options to some of the most popular rewards cards on the market.
Specifically, we were interested in whether any other cards could help you save the same amount or more on Amazon purchases.
Here’s a quick rundown of the top card alternatives for Amazon shoppers:
Blue Cash Preferred Card from American Express
The gives you cash back for making supermarket purchases each year.
If your grocery store sells mynewextsetup.us gift cards, you can use the Blue Cash Preferred card to save money on gift cards you buy.
This card has a $95 annual fee (see Rates & Fees; terms apply) but that’s still less than the $99 you’d pay each year for an Amazon Prime credit card.
You can earn the fee back and then some if you max out the 3% cash back bonus each year.
Read Blue Cash Preferred Card Editor's Review
U.S. Bank Cash+ Visa Signature
The has a more customizable cash back program that makes it a good pick if you love Amazon.
The card offers the option to earn 5% cash back on the first $2, in purchases in two categories of your choice each quarter.
One of the choices is electronics stores, including Best Buy, which sells Amazon gift cards so you can save when you stock up.
read U.S. Bank Cash+ Visa Signature Card Editor's Review
The doesn’t offer any rewards but it’s got something better for people who don’t like paying interest charges.
Typically, the card offers 0% financing on purchases for an extended period of time. You get the same deal on balance transfers. Best of all, there’s no annual fee, no late fees and no penalty rate.
Read Citi Simplicity Card Editor's Review
Discover it® Cash Back
The Discover it® Cash Back card is another cash back card that features rotating spending categories. The cash back bonus tops out at 5% and it applies to mynewextsetup.us purchases during certain quarters of the year.
If you don’t shop at Amazon as often but you still want to get a deal, this no-annual-fee card is worth a look.
Applying for an Amazon store card or Prime card
You can apply for an Amazon store card if you’re a U.S. resident and at least You need to have a Social Security number of a Taxpayer ID number to fill out the application.
Amazon store cards are issued by Synchrony Bank and they’ll check your credit report when you apply. You’ll find out in as little as 15 seconds if you’re approved.
If you’ve got serious delinquencies or a bankruptcy on your credit, it may be tougher to get a card.
Final verdict: Is an Amazon store credit card a good choice for online shoppers?
The answer to that question ultimately depends on how much shopping you do at Amazon and how you prefer to save money.
For shoppers who don’t want to pay interest on larger purchases or get hit with an annual fee, the Amazon store credit card makes sense.
On the other hand, if you already have a Prime membership the 5% back option with the Amazon Prime credit card offers you a little more in the way of rewards.
If you want rewards but you don’t think you’ll use Prime to stream movies or TV or take advantage of the free two-day shipping, you’re better off sticking with one of the no-annual-fee alternatives we mentioned earlier.
See the rates & fees for the mentioned American Express cards: Blue Cash Preferred from American Express (Rates & Fees; terms apply).
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Credit rating ruined by my silly mistake
I have always held an excellent credit rating and obtaining 0% interest credit has never been a problem … until recently. About three years ago I signed up for the Amazon credit card. I used it for about a year and then, with the balance clear, I cut up the card, but unfortunately I didn't close the account.
I then moved house (from Manchester to Cornwall). At my new house I purchased an album from the Amazon MP3 store for £ At the payment screen, I didn't check the default credit card (which turned out to be the Amazon card) and continued on my way.
Seven months later I asked my mortgage company for further borrowing to do some home improvements. This loan was accepted, but they advised I should check out my credit score as there appeared to be a problem.
I signed up to Experian and found that I had missed six months' payments on the Amazon credit card. I immediately called the company and cleared the debt along with £25 late charges and thought that was the end of it. The company stated they had been sending reminder letters to my previous address. I explained I had moved and it was a silly mistake.
Since then I have not been able to get credit. I was advised to add a reason to my credit report, explaining the problem, but this appears to have had no effect. I have written to Amazon Credit Card Services twice and they have refused to change the notes on my report and, as a final attempt, I have written to the Financial Ombudsmen, but as yet have not had a reply.
I have never been bankrupted, have no CCJs, have a mortgage for only 50% of my property and earn over £60, a year. I recently inquired into a car-leasing company as I am about to transfer from a company car scheme to a cash for car scheme, but this was refused. It's a dire situation, especially when the root of the problem is a silly mistake worth less than £ Do you have any advice on how I can get out of this? JP, Falmouth
Your story should serve as a warning to all us, because, as you have found, having an impaired credit rating can really damage your financial life. Changing mortgage provider, taking out a credit card, and even getting a mobile phone contact all become very difficult with a default notice on your file. The problem you have is that, despite the extenuating circumstances, you didn't pay the bill for six months, triggering the default.
We asked MBNA, which provides the Amazon credit card, and it confirmed as much. It said it made multiple attempts to contact you, writing to your old address and emailing. It said it "has an obligation to report all factual information to the credit reference agencies and to report an account as defaulted. Customers in this situation are able to add a Notice of Correction to the credit file to provide an explanation".
The credit reference agency, Experian, confirmed the notice will remain for six years from the settlement date, although it suggested car-leasing firms aren't usually lenders and "wouldn't therefore have access to credit history information".
A spokesman says that as time passes, your record should have less impact, because lenders tend to focus on the most recent credit history when assessing new credit applications.
Sadly, all we can advise is that you make sure that you don't miss any of the payments on the loan you were able to take out. Pay this off on time, and this will help restore your score.
Other readers, make sure that you advise every bank/card provider when you move house, and get post redirected for a good period afterwards. If you cut up a credit card, make sure you close the account formally too.
We welcome letters but cannot answer individually. Email us at [email protected] or write to Bachelor & Brignall, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number
Amazon Prime Rewards Visa Signature Card: Get 5% Cash Back and a Suite of Perks
The Amazon Prime Rewards Visa Signature Card is the second credit card I opened in college, and I’ve had it for over 10 years now. It’s also one of my favorite credit cards because it offers 5% cash back at mynewextsetup.us, which is where I do most of my online shopping. It can be especially beneficial if you’re planning to do a lot of shopping online during Amazon Prime Day and the holidays.
The card isn’t just great for Amazon purchases, however. Here’s everything you can expect to get with the Amazon Prime Rewards Visa Signature Card.
Amazon Prime Rewards Visa Signature Card Review
The card, which is issued by Chase, doesn’t offer a big sign-up bonus, but for people who spend a lot online and at Whole Foods Market, it’s tough to beat.
The Amazon Prime Rewards Visa Signature Card offers 5% cash back at mynewextsetup.us and Whole Foods Market, 2% back at restaurants, gas stations and drugstores, and 1% back on everything else. Note, however, that if you want to earn the 5% rate at mynewextsetup.us and Whole Foods Market, you’ll need to be a Prime subscriber.
If you’re not an eligible Prime member, you’ll be downgraded to the Amazon Rewards Visa Signature Card, which offers just 3% back on those purchases.
An Amazon Prime subscription costs $ per year, but if it helps you earn 2% more back with the Amazon Prime Rewards Visa Signature Card, you could recoup that cost after you spend $5, per year at mynewextsetup.us and Whole Foods Market.
The card doesn’t charge an annual fee, which is great if you’re already a Prime member and you’re spending that money whether or not you have the card. If you don’t have an Amazon Prime membership, though, you will need to pay the $ annual fee to join, which may feel steep if you wouldn’t otherwise join Prime.
While the credit card issuer, Chase Bank, doesn’t expressly state the Amazon Prime Rewards Visa Signature Card credit score necessary to qualify, you’ll most likely be approved with a credit score of fair to excellent (). You can monitor all three of your credit reports for free and possibly boost your credit score several points using this free service.
Average Percentage Yield (APR)
The Amazon Prime Rewards Visa Signature Card APR is a variable regular APR based on creditworthiness. APR is the interest rate for a whole year, rather than just a monthly rate, as applied to whatever balance you carry from one statement period to the next. Chase will determine your APR during the approval process. However, APRs can fluctuate periodically as a credit card issuer adjusts its rates to the market.
The cash back you earn comes in the form of points, and unlike most store credit cards, you’ll get a lot of flexibility with how you can use them. Your points are worth 1 cent apiece, regardless of how you use them, and you can opt for one of the following:
- Pay for mynewextsetup.us purchases at checkout
- Get cash back in the form of a direct deposit
- Request a statement credit to help pay down your balance
- Buy gift cards through Chase (review the latest Chase gift card deals)
- Book travel through the Chase Travel Center
One thing to note is that if you want to use your points to book travel, you’ll need to call Chase to do it. There’s no way to go through the process online.
While the redemption rate is the same for all options, I’d recommend avoiding using your points to pay at checkout. The reason is that if you’re using rewards, you’re not getting the 5% back on the amount that you’d get if you were using your card.
For example, if you have a $ purchase and use your card, you’d get $5 back, and you can request a direct deposit or statement credit for $ to effectively pay off the purchase and more. But if you use your points, you wouldn’t get the extra $5. So while it’s convenient, skip using your points to pay for mynewextsetup.us purchases during the checkout process.
The card doesn’t have a standing sign-up bonus like most rewards credit cards. However, from time to time, Amazon will offer a gift card, which it will load onto your account as soon as your credit card is opened. The highest bonus I’ve seen is a $ gift card, but the actual bonus can vary.
Amazon Prime Rewards Signature Visa Bonus
Currently, for Prime members, the Amazon Prime Rewards Signature Visa bonus is a $ gift card immediately applied to your account upon approval. However, this bonus offer may vary depending on the time of year you choose to apply, as well as your geographical location at time of application.
Amazon Rewards Visa Card Bonus
For those who aren’t Prime members, the Amazon Rewards Visa Card bonus is a $50 gift card applied to your account upon approval. Similar to the Prime Rewards Card bonus, this offer can vary by seasonality and geographical location.
While the card’s rewards program alone makes it worth having in your wallet, it also offers some significant perks that you don’t normally get with a cash-back credit card, as well as some that are pretty standard:
- Travel accident insurance: If you use the card to pay for eligible transportation, you qualify for accidental death and dismemberment coverage of up to $,
- Lost luggage reimbursement: If a carrier loses or damages your luggage, you can get reimbursed for up to $3, to replace the contents.
- Baggage delay insurance: If a carrier delays your luggage by six hours or more, you can get reimbursed up to $ per day for up to three days for essential purchases like clothing and toiletries.
- Rental car insurance: Use your card to pay for your car rental and decline the company’s coverage, and you’ll get insurance for theft and collision damage (secondary to your personal auto insurance policy).
- Roadside dispatch: If you experience a roadside emergency, you can call to get a dispatch for a tow, jumpstart, tire change, lockout service, winching and even gas delivery. While the dispatch service is free, the actual assistance is not.
- Purchase protection: If you purchase an eligible item with the card and it’s damaged or stolen within days of the purchase date, you’ll be covered up to $ per item and up to $50, total on your account.
- Extended warranty protection: If you buy an eligible item with your card and the item has a warranty of three years or less, you’ll get an additional year’s worth of protection.
- No foreign transaction fees: The card won’t charge a fee, which is typically 3%, when you make other purchases abroad.
Amazon Prime Rewards Visa Versus Amazon Rewards Visa
If you are looking to earn rewards on everyday purchases, then you should get either the Amazon Rewards Card or the Amazon Prime Rewards Visa Signature Card. While both are no-annual-fee cards, the main difference is whether or not you have an Amazon Prime membership. Prime members will be able to earn 5% back at Amazon and Whole Foods. Whereas, non-Prime members will only earn 3% back for the same purchases.
|Amazon Rewards Visa Card||Amazon Prime Rewards Visa Card|
|Amazon & Whole Foods Market||3%||5%|
|Restaurants, gas stations & drugstores||2%||2%|
|All other purchases||1%||1%|
|Foreign Transaction Fees||None||None|
|Interest-free financing on purchases over $50||Yes||Yes|
|Credit card issuer||Chase||Chase|
5 Ways to Save With the Amazon Prime Rewards Signature Visa
Squeeze More Out of Every Amazon Prime Purchase
Right now, there doesn’t seem to be any other credit card that offers such a high rewards rate for spending at Amazon and Whole Foods. You get 5% back on qualifying Amazon and Whole Foods purchases, which is great for those who are fans of both retailers.
Sure, other cards occasionally offer bonus categories that could rival this card, but as a regular patron of Amazon, I don’t want to wait for rotating categories to come around. In many cases, I find big-ticket items tend to be cheaper on Amazon, and the rewards rate helps me save even more money.
You can further optimize your spending by checking Slickdeals for any Amazon deals or coupon codes before making any other purchases.
Amazon Prime Rewards Visa Has No Annual Fee
While this co-branded Chase card technically has no annual fee, you do need Prime membership to get this card. If you’ve already paid the annual Prime membership fee anyway, why not sign up and start earning rewards? Even if you put the card in your sock drawer, you’re not out any cash.
Additionally, if you downgrade and no longer want to be one of the millions of Amazon Prime members, you can still earn cash rewards. Instead, you’ll earn 3% cash back on spending at Amazon and Whole Foods, and you’re still not subject to an annual fee.
Redeem Points Any Time You Want
You can earn an unlimited amount of rewards, and they don’t expire. There’s also no minimum redemption requirements — use them as soon as they land in your rewards account. Whenever you check out at Amazon and you’ve linked your card, you should be able to see how much cash back you have, and whether you want to use it up.
Since points don’t expire, you can save them for big-ticket items or deals during Prime Day or Black Friday. However, like we stated earlier, redeeming points for products means you miss out on the 5% back you would have otherwise earned. But if you’re ok with missing out on the extra savings, saving points for holiday spending is a popular option. Knowing that Prime deliveries take one to two days to arrive, I’ve been able to ship off last-minute gifts in time to go under the tree.
Nab Some Other Perks While You’re At It
Aside from getting cash rewards, there are other perks, like certain consumer protections. This card comes with extended warranty protection on qualifying items. Not that I usually shell out extra cash for those types of warranty add-ons, but it’s nice knowing that my purchases have additional protection.
Like other cards issued by Chase, Amazon Prime Rewards Signature Visa features purchase protection up to $ per claim, a maximum of $50, per account when your item is damaged or stolen within days. But always check the fine print to see which products qualify.
The Amazon Prime credit card is a great backup card when traveling abroad too. International purchases aren’t subject to foreign transaction fees and you can get other benefits such as baggage delay insurance and travel accident insurance. But only when travel purchases are made on the card, of course. Thank goodness we haven’t had to make any claims for loss or damage during our travels, but travel protection does bring piece of mind.
Additionally, the 2% back at gas stations and drugstores is a great value for other purchases that don’t fit neatly into traditional rewards categories like spending at supermarkets or home improvement stores.
Start Getting Free (or Heavily Discounted) Amazon Purchases
If your already legions of Amazon Prime members, it’s worth looking into getting the Amazon credit card for the cash rewards alone. It’s a no-annual-fee card that squeezes more savings from every Amazon or Whole Foods purchase.
However, the Amazon Prime credit card might not be worth it, if you don’t spend more than $5, a year for the extra 2% in earnings — the amount that makes up for the cost of membership. For the occasional Amazon shopper, you might want to stick with the regular Amazon Rewards Visa card. However, if you use other services Prime Video or music streaming, this 5% back card is a no-brainer.
Apply for Prime Rewards Visa Signature Card
The Amazon Prime Rewards Visa Signature Card is one of the best store credit cards available. It offers excellent rewards at mynewextsetup.us and Whole Foods Market, gas stations, as well as on other purchases, and it provides standout benefits you won’t normally see from a store card or even a standard cash-back credit card for that matter.
If you regularly shop at mynewextsetup.us or Whole Foods Market and you’re a Prime member, the card’s a no-brainer. If you’re not a Prime member, do the math on a membership and your typical online spending to determine if it’s a good bet for you.
Buy now, pay later with Pay in 4
Check out at millions of online stores and split your purchase into 4 interest-free payments with no late fees. There’s no impact on your credit score and it’s backed by PayPal.1
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1 Pay in 4 is available to consumers upon approval for purchases of $30 - $ Pay in 4 is not currently available to residents of New Mexico, North Dakota, Missouri, South Dakota, Wisconsin, Nevada, Rhode Island, or any U.S. Territories. Loans to California residents are made or arranged pursuant to a California Finance Lenders Law License. PayPal, Inc. is a Georgia Installment Lender Licensee, NMLS # For purchases made with Pay in 4 on or before September 30, , late fees may apply for missed payments depending on your state of residency. When applying, a soft credit check may be needed, but will not affect your credit score. You must be of legal age in your U.S. state of residence to use Pay in 4. Offer availability depends on the merchant and also may not be available for certain recurring, subscription services. Offers are not pre-approved offers or firm offers of credit.
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Boost Your Business with Amazon Lending
Sell here, borrow here. Once you have a seller’s account with Amazon, you may be eligible to borrow up to $,
What is Amazon Lending?
Amazon launched Amazon Community Lending as a pilot program in From through , borrowers got about $ million in funding.
Amazon Lending provides short term business loans for qualified sellers. The sellers use the funds to get additional inventory. Amazon Lending works in partnership with Goldman Sachs and other third party lenders.
The available products include term loans, interest-only loans and lines of credit for US-based businesses.
How does Amazon Lending Work?
You must have an Amazon sellers account. The loans are by invitation only. There’s no credit check in the traditional style. Amazon automatically looks at select metrics such as your sales volume and invites you to apply.
What’s the payment method? Your monthly payments are automatically deducted from your sellers account based on a percentage of sales from your Seller’s Account. If there’s not enough money in your Seller’s Account to cover the loan payment on the due date, the funds are withdrawn from the credit card information you provided when you set up the loan.
There are various financial programs. You can follow the steps to choose which is best for you.
How Does Amazon Financing Help Grow Your Business?
You get more ability to grow your business as you purchase inventory.
You can expand your product line through better inventory management.
You can reach more shoppers.
You can better position your company.
Am I Eligible for an Amazon Loan?
Once you establish a Seller’s Account on Amazon Marketplace, Amazon will let you know. If you aren’t immediately eligible, you won’t receive an invitation to apply for an Amazon loan. It is one of the better small business financing options in the market if you get the nod.
Amazon wants to enhance and grow businesses owned by historically disadvantaged sellers, and those of low to moderate income. During the online application process, Amazon does not look at your credit score as a factor when making a loan decision.
As you sell on Amazon, you may later become eligible due to sales volume. Eligible sellers may receive an invitation later.
How Much Could I Borrow from Amazon Lending?
There are minimum and maximum loan amounts for each type of loan. You can borrow from $1, to $, The majority of high dollar loans are lines of credit loans.
Does Amazon Financing Have High Loan Payments
The lending program has various loan rates. The loan rates are determined by the loan size, the term, and the quality of your credit as determined by Amazon.
As with all small business loans, you’ll pay an additional fee for late payments. The annual interest rates range from % to %.
For Line of Credit loans, there is an additional maintenance fee if you don’t use 30% of your line of credit amount.
Amazon Lending Program vs. Traditional Small Business Loan
If you choose a bank loan, you’ll most likely make payments from your business bank account. There are other factors that influence this bottom line, such as utility and insurance payments. With Amazon Lending, you’re borrowing money to buy inventory, and using inventory sales through the online marketplace to pay the loan. That’s simple to track and analyze, compared to other business financing options, making it one of the biggest alternative lenders for small business. The only drawback being you have to be on Amazon platform.
With Amazon Lending early payments aren’t penalized. If you make the full loan payment early, erasing the loan early, there’s no prepayment penalty. That means with early payment, you’ll have interest savings.
As a credit option, the Amazon business lending program is fast, with the time from business completed application to approved loans issued often within business days. That’s a huge plus for business financing options.
Typically, a small business loan requires a and better score, and a requirement that you’ve been in operation for 12 months. Small businesses might get better interest rates on merchant cash advances, business credit cards or a business line of credit from other lending institutions, but small businesses typically wait 2 or 3 months for a decision. There may be various fees associated with your loan. And even with a short term loans, you may pay a penalty if you pay your loan balance early, which is one of the main hidden fees in the fine print.
If you default on the loan by not making payments, and your credit card is declined, Amazon may do a first seller account disbursement. That means that Amazon can use and sell your remaining inventory to use against your remaining loan payout.
5 Steps to Apply
Businesses eligible must be set up with a seller’s account on Amazon seller central. Here’s a brief overview of the steps to take:
1. Sign in to Your Amazon Sellers Account on Seller Central
If you’re new to Amazon Sellers, don’t despair if you don’t receive an invitation for a loan. As your business grows, Amazon will automatically take another look. After opening and running your sellers account for some time, you may become eligible for a loan.
2. Verify Eligibility
If you’re eligible for Amazon loans as an Amazon seller, your online business will get an invitation.
3. Choose a Financing Option
Choose your loan amount, and go through the steps of the application process. Choose the option that best fits your business needs. You can choose a term loan, interest only loan, or a line of credit.
4. Send Your Application
Submit your application for an Amazon loan.
5. Wait for Your Application to be Processed
You should get a response on your Amazon business loan application in business days, with loans issued immediately.
Does Amazon financing affect credit?
No. If you’re seeking finances from potential lenders outside Amazon, they won’t be able to access information about your Amazon Lending activities. The loan issued and ongoing payments against the remaining balance are internal transactions within Amazon.
Does Amazon have 18 month financing?
No. The repayment terms are up to one year.
You can get 18 month financing on a short term business loan through a traditional lender.