Amazon Credit Card Synchrony: Rewards, Rates, and Eligibility Explained

Amazon Credit Card Synchrony is a versatile financial tool that offers a range of rewards, competitive interest rates, and flexible eligibility criteria. Explore the ins and outs of this card to determine if it aligns with your financial goals.

Amazon Credit Card Overview

The Amazon Credit Card Synchrony is a store-branded credit card that offers rewards and benefits specifically tailored to Amazon customers. It’s issued by Synchrony Bank and offers various perks, including cashback rewards, exclusive discounts, and flexible financing options.

Key Features and Benefits

The Amazon Credit Card Synchrony comes with several notable features and benefits:

  • Rewards:Cardholders earn 5% back on all Amazon purchases, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases.
  • Welcome Offer:New cardholders can receive a welcome bonus of up to $150 in Amazon Gift Card after spending a certain amount within the first 90 days of account opening.
  • Flexible Financing:The card offers flexible financing options for large Amazon purchases, allowing cardholders to pay over time with low monthly payments.
  • Exclusive Discounts:Cardholders have access to exclusive discounts and promotions on Amazon products and services.

Interest Rates and Fees, Amazon credit card synchrony

The Amazon Credit Card Synchrony has the following interest rates and fees:

  • Purchase APR:14.99% – 24.99% Variable
  • Balance Transfer APR:14.99% – 24.99% Variable
  • Cash Advance APR:24.99% Variable
  • Annual Fee:$0
  • Balance Transfer Fee:3% of the amount transferred (minimum $5)
  • Cash Advance Fee:3% of the amount advanced (minimum $10)

Eligibility Criteria

To be eligible for the Amazon Credit Card Synchrony, applicants must meet the following criteria:

  • Be at least 18 years of age
  • Have a valid Social Security number
  • Have a good or excellent credit score
  • Be a resident of the United States

Rewards and Benefits

The Amazon Rewards program associated with the Amazon Credit Card offers cardholders the opportunity to earn and redeem points for purchases made on Amazon.com and at select partner retailers.

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Cardholders earn 5% back on all Amazon.com purchases, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases. Points can be redeemed for a variety of rewards, including Amazon gift cards, travel, and merchandise.

Exclusive Rewards and Discounts

In addition to the standard rewards program, Amazon Credit Card holders also have access to exclusive rewards and discounts, such as:

  • Early access to Amazon Prime Day deals
  • Free shipping on Amazon.com purchases
  • Discounts on Amazon Music and Amazon Video

Interest Rates and Fees

The Amazon Credit Card Synchrony comes with competitive interest rates and fees that are designed to meet the needs of different customers. Let’s dive into the details:

Introductory Rates

As a new cardholder, you may be eligible for an introductory 0% APR on purchases and balance transfers for a limited period. This promotional rate can help you save money on interest charges while paying down your balance.

Ongoing Interest Rates

After the introductory period, the ongoing APR for purchases and balance transfers will vary based on your creditworthiness. The current APR range is 14.99% to 24.99%.

Annual Fees

The Amazon Credit Card Synchrony does not charge an annual fee, making it an affordable option for everyday use.

Balance Transfer Fees

If you choose to transfer balances from other credit cards, you will be charged a balance transfer fee of 3% of the amount transferred (minimum $5). It’s important to consider this fee when deciding whether to transfer balances.

Other Fees

Other applicable fees may include:

  • Late payment fee: Up to $39
  • Returned payment fee: Up to $39
  • Cash advance fee: 5% of the amount advanced (minimum $10)

Eligibility and Application Process

To be eligible for the Amazon Credit Card Synchrony, you must meet certain criteria and provide the necessary documentation during the application process.

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Eligibility Criteria:

  • Be at least 18 years of age.
  • Have a valid Social Security Number.
  • Be a U.S. citizen or permanent resident.
  • Have a good credit history and score.

Application Process:

You can apply for the Amazon Credit Card Synchrony online, by phone, or by mail. You will need to provide your personal information, financial information, and employment information. You may also be asked to provide supporting documentation, such as a copy of your driver’s license or a pay stub.

Credit Score Requirements

The credit score requirements for the Amazon Credit Card Synchrony vary depending on your individual circumstances. However, in general, you will need a good credit score to be approved for the card.

Other Factors that May Affect Approval

In addition to your credit score, other factors that may affect your approval for the Amazon Credit Card Synchrony include your income, debt-to-income ratio, and employment history.

Comparison to Other Credit Cards: Amazon Credit Card Synchrony

Amazon credit card synchrony

The Amazon Credit Card Synchrony offers a unique combination of rewards and benefits tailored to Amazon shoppers. However, it’s important to compare it to similar credit cards from competing issuers to ensure you’re getting the best deal for your spending habits.

The following table provides a side-by-side comparison of the Amazon Credit Card Synchrony with other popular credit cards:

Rewards

Credit Card Rewards
Amazon Credit Card Synchrony 5% back on Amazon.com purchases, 2% back at restaurants, gas stations, and drugstores, 1% back on all other purchases
Chase Freedom Flex 5% back on rotating categories (up to $1,500 per quarter), 1% back on all other purchases
Discover it Cash Back 5% back on rotating categories (up to $1,500 per quarter), 1% back on all other purchases

Pros and Cons

The Amazon Credit Card Synchrony offers a range of benefits and drawbacks compared to other credit cards. Let’s explore the strengths and weaknesses of this card.

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Strengths:

  • Rewards:Generous rewards on Amazon purchases and other categories.
  • Flexible Financing:0% APR on eligible Amazon purchases for a limited time.
  • Amazon Prime Benefits:Access to exclusive Amazon Prime perks and discounts.
  • No Annual Fee:No annual fee to maintain the card.

Weaknesses:

  • High Interest Rates:Higher than average APR on non-promotional purchases.
  • Limited Rewards on Non-Amazon Purchases:Lower rewards rates outside of Amazon’s ecosystem.
  • No Travel Benefits:Does not offer travel rewards or perks.
  • Credit Limit Restrictions:May have lower credit limits compared to other cards.

Customer Reviews and Feedback

Amazon credit card synchrony

The Amazon Credit Card Synchrony has received mixed reviews from customers. While some users praise its rewards and benefits, others criticize its high interest rates and fees.

To provide a balanced perspective, we’ve categorized the feedback into positive and negative categories:

Positive Feedback

  • Generous rewards and cash back on Amazon purchases
  • Convenient to use with Amazon Pay
  • Easy online account management
  • No annual fee

Negative Feedback

  • High interest rates on purchases and balance transfers
  • Late payment fees and other penalties
  • Limited rewards outside of Amazon ecosystem
  • Customer service issues

Epilogue

Amazon credit card synchrony

Whether you’re seeking rewards, competitive rates, or straightforward eligibility, the Amazon Credit Card Synchrony presents a compelling option. Its tailored features and benefits cater to a diverse range of financial needs, making it a valuable consideration for savvy consumers.

Detailed FAQs

What are the rewards associated with the Amazon Credit Card Synchrony?

Cardholders earn Amazon Rewards points on every purchase, which can be redeemed for gift cards, travel, or cash back.

What is the interest rate on the Amazon Credit Card Synchrony?

The interest rate varies based on your creditworthiness, but typically ranges from 14.99% to 24.99%.

Is there an annual fee for the Amazon Credit Card Synchrony?

No, there is no annual fee associated with the Amazon Credit Card Synchrony.

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