Amazon Secured Card
Amazon| Bright Super to get Debt-free
Card Summary
- Credit Building: The Amazon Secured Card is an excellent choice for people looking to establish or enhance their credit history. By requiring a security deposit, it minimizes risk for the issuer and makes credit accessible even to those with limited or damaged credit
- Low Minimum Deposit: This secured card offers a relatively low minimum security deposit, ensuring accessibility for a wide range of consumers, including those with limited budgets
- Flexible Credit Limit: Your credit limit is calculated by the amount of the security deposit, providing flexibility and control over how much credit you want to utilize
- Reporting to Major Credit Bureaus: Using the Amazon Secured Card responsibly, positively influences your credit history, as it reports to major credit bureaus, enabling credit-building progress
- No Penalty APR: Unlike some credit cards, the Amazon Secured Card does not impose a penalty APR. This means your interest rates won't spike if you miss a payment
- Amazon Shopping Perks: Cardholders can enjoy the benefits of the Amazon.com Store Card, including special financing options and access to exclusive Amazon offers
- Cashback Rewards: The Amazon Secured Card offers cashback rewards on eligible Amazon purchases, allowing cardholders to earn a percentage back on their spending, which can add up to savings over time
- Amazon Prime Membership: Some versions of the card may provide access to an Amazon Prime membership, granting cardholders exclusive access to Amazon Prime's perks, including free two-day shipping, streaming services, and more
- No Foreign Transaction Fees: The card may not charge foreign transaction fees, making it a suitable choice for international purchases or travelers who want to shop online without incurring additional fees
- Extended Warranty: Cardholders may benefit from extended warranty protection on eligible purchases made with the card, providing added peace of mind when shopping
- Cell Phone Protection: Some versions of the Amazon Secured Card may offer cell phone protection, covering eligible cell phones in case of damage or theft, potentially saving users money on cell phone insurance
Card Summary - Cons
- No Rewards Program: The Amazon Secured Card does not offer a rewards program or cashback incentives, which may disappoint users looking for shopping-related rewards
- Annual Fee: The card comes with an annual fee, which can be a drawback for individuals looking to minimize credit card costs
- Limited Card Features: Compared to some unsecured credit cards, the Amazon Secured Card offers fewer additional features and perks, such as travel benefits or purchase protection.
Rates and fees
Highlights
Comparative Analysis with Other Cards
Discover it Secured Credit Card:
While the Amazon Secured Card offers exclusive Amazon shopping perks, the Discover it Secured Card provides cashback rewards and a cashback match in the first year, making it more rewarding for those looking for cashback incentives.
Capital One Secured Mastercard:
In contrast to the Amazon Secured Card's exclusive Amazon benefits, the Capital One Secured Mastercard may offer a lower annual fee and credit limit increases with responsible use, making it appealing to those seeking lower costs and potential credit limit growth.
Chime Credit Builder Visa Credit Card:
While the Chime Credit Builder Visa Card focuses on low fees and budget-conscious users, the Amazon Secured Card prioritizes credit building and offers exclusive Amazon shopping perks, catering to individuals looking to improve their credit while enjoying shopping benefits.
Conclusion
In conclusion, the Amazon Secured Card serves as a valuable tool for people looking to build or rebuild their credit. With its low minimum deposit requirement, flexible credit limit, and reporting to major credit bureaus, it provides a path to credit improvement. While the card lacks rewards and comes with an annual fee, it offers accessible credit-building opportunities and the chance to enjoy exclusive Amazon shopping perks.
When evaluating this card, it's essential to weigh the benefits of credit building against the associated costs and explore alternatives that may offer rewards or lower fees, depending on your specific financial needs and preferences. By managing your card responsibly, you can build a stronger financial future while enjoying Amazon's shopping benefits.
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
