Try the custom AI to help you find products that Reddit loves.
Read the credit card statement. It tells you your interest rate.
You might also be hit with a retroactive interest charge after the promo ended.
Did some reading on the Amazon Store Card from Synchrony Bank. Retroactive interest is what happened.
> No interest if paid in full within 12 months on any purchase totaling $599 or more. Interest will be charged to your account from the purchase date if the promotional balance is not paid in full within 12 months. Minimum monthly payments required.source
Interestingly, if it's this card you were actually given a lower rate than what they say it will be (which is outrageously high).
But to agree with the others, I no longer look at the interest rate on cards I get because I only use them if I already have the cash to pay off the balance each month, so I get rewards and pay no interest. If you are paying interest on a credit card, especially on a card you got in order to earn rewards, you are doing it wrong.
Chase Amazon credit card does not charge retroactive interest. In fact it doesn't even have a 0% APR promotion.
You might be thinking about the Synchrony Amazon store card. Terms on the Synchrony card:
> "Interest will be charged to your Special Financing-Enabled Card account from the purchase date if the promotional balance is not paid in full within 6, 12 or 24 months respectively. "
The Amazon Prime card directly for Amazon only is Synchrony:
> Amazon Store Cards and Secured Cards are issued by Synchrony Bank.
The regular credit card where you can earn Amazon points for any purchase is Chase.
You may have better luck with the Amazon Store card from Synchrony (https://www.amazon.com/Synchrony-Bank-Amazon-com-Store-Card/dp/B008A0GNA8) as I think they're not as strict as Chase in terms of approvals, however note that it only has 5% cash back at Amazon, not Whole Foods like the Chase one does.
He's referring to the Amazon Store Card with Synchrony Bank.
Chase does also have their own Amazon Rewards Card which I believe predates the Synchrony card. It initially offered 3% back, but they just recently updated it to offer the same 5% cash back rewards to Prime members that Synchrony offers with their Amazon Store Card.
you can buy all the parts from Amazon. they have a gift/credit card you can sign up for.
this one: http://www.amazon.com/Synchrony-Bank-Amazon-com-Store-Card/dp/B008A0GNA8/ref=lp_3561432011_1_1?s=financial&ie=UTF8&qid=1458846687&sr=1-1
If the purchase is $149 or more, if you pay it off within 6 months, you won't be charged any interest. You could use it, pay it off in 1-2 months, and have a card if you get approved for it.
Other options for credit score are to get any credit card (secured credit card) and use it for small purchases and pay it off in full every month.
Also, if you NEED (federal) student loans, those can help give you good credit history/good score as well as long as you make payments on time. Don't get a loan if you don't need it. College loans are not a good way to build credit unless you actually need that money to pay for school.
First thing's first, the golden rule of credit card management: PAY OFF YOUR STATEMENT BALANCE EACH MONTH. Set it to pay automatically. Do not ever carry a balance and pay interest on a credit card, it will kill you. Don't use the card if you don't have the cash to pay it off.
I'm going to assume there are plenty of student cards out there that will offer benefits to you, but I'm well into my 30s and haven't researched anything like that so I'll leave that to some of the other posters in here rather than try and take a whack at it myself.
If you have Amazon Prime, Synchrony Bank offers an Amazon Store Card that will get you 5% back. It only works with Amazon, so you can link it to your account then toss it into a filing cabinet somewhere. It's a godsend for an Amazon account. I find myself buying gift cards on Amazon to get the 5%, then using them myself. For example, if I want to buy a video game, I will buy a $100 Steam Gift Card from Amazon, ship it to myself, and use that to buy it so I get the 5% back from my card. Again just be careful not to carry a balance on it, I think the APR is something like 26+% which is insane.
EDIT: As others have mentioned, Chase also offers an Amazon Rewards Card that will provide you with 3% Amazon, 2% gas and pharmacy, and 1% all other rewards. This is upgradeable to the same 5% that Synchrony is, but you must be a Prime member here as well. This is a better option than the Synchrony card due to being supported by a more reliable bank and providing additional rewards.
As far as general use cards, most people recommend one of the following:
Citi DoubleCash gets you 1% cash back, plus another 1% once you pay off what you've charged. It's essentially a 2% back card.
Chase Freedom Unlimited gets you 1.5% cash back on anything you purchase. This is the card I use for miscellaneous purchases because I prefer Chase rewards points and like not having a necessary minimum rewards balance to redeem.
Again, remember to pay off your balance each month. I really can't stress this enough. Paying credit card interest is the biggest waste of money, it almost physically pains me when I hear about friends carrying a credit card balance. I personally carried a balance of a few thousand dollars for my last few years of being a college student and it was akin to taking a bunch of cash out back and burning it. It's a monumental waste of money. Make sure you use your cards smartly (ie. don't spend money you don't have) and you're essentially making free money from the banks to use your credit card.
At 5/24 (but one card is ink preferred) and CS is 750-760 on Transunion and Experian. About to make ~18k of purchases on Amazon soon so I would love 5% off. Five cards are:
What should I do?
I can wait a good amount before pulling the trigger on the amazon purchases, but I'd like to lay out a game plan.
Same here. I wonder if we're talking about different Amazon cards; there seem to be different versions.
Prime store card from Synchrony (what I have)
Prime Rewards signature card
amazon store card application link https://www.amazon.com/dp/B008A0GNA8
Some pretty savage 1 star reviews here.
credit card that can only be used on Amazon https://smile.amazon.com/Synchrony-Bank-Amazon-com-Store-Card/dp/B008A0GNA8/ref=lp_3561432011_1_2
Yeah there are 3 different Amazon cards. Let's focus on the synchrony and chase. Both are 5% if you are prime, 3% if you aren't. Synchrony has options to finance. Chase has visa protection for warranty and such.
Both have different sign up bonuses.
Synchrony is a store card only can be used at Amazon
Chase has an Amazon visa
> Note - it was not an "Amazon Card" - it was a Synchrony Bank card that was branded with Amazon and they must have promoted it for a time.
> Just apply for another card from a different bank if you need the credit card.
I guess since I think I recall that I got it directly from Amazon when I logged into my account that the Amazon.com Store Card was the "official" Amazon credit card that one used when making purchases on Amazon:
We don't Horse around here.
^(Info) ^| [^(Developer)](/user/The_White_Light) ^| [^(Inquiries)](/message/compose?to=The_White_Light&subject=PriceKnight+Inquiry) ^| ^(Support Me!) ^| [^(Report Bug)](/message/compose?to=The_White_Light&subject=Bug+Report&message=%2Fr%2FNintendoSwitchDeals%2Fcomments%2Fh0riuo%2Famazonusa_prime_store_cardholders_15_back_on%2Ffumv6vf%2F%0D%0A%0D%0A___%0D%0A%0D%0APlease+explain+here+what+you+expected+to+happen%2Fwhat+went+wrong.)
Does this work with the Amazon Store Card?
3% is only certain categories. Be aware of that. I use a 2% cash card for everything else.
Store card looks like amazon credit card issued by a bank. https://www.amazon.com/dp/B008A0GNA8?_encoding=UTF8&plattr=gf_mobile&ref_=gfm#moredetails_1583392775676
I assume these might be stolen card being sold
The Amazon Prime store card offers 5% back on Amazon purchases
The Amazon Rewards Visa offers 3% back on Amazon purchases
If it's this: https://www.amazon.com/Synchrony-Bank-Amazon-com-Store-Card/dp/B008A0GNA8/ref=sr_1_1?ie=UTF8&qid=1474903610&sr=8-1&keywords=apply+for+amazon+credit+card
It absolutely appears to be a credit card, so yes, it would.
i already have this credit card from last year and if you spend 150 or more, you get 30 dollars off. when i signed up for this card last year, i got a $75 dollar amazon credit. BONUS!!! **as long as the purchase price exceeds 150 dollars, you can use a gift card + the amazon visa rewards card and still get the bonus 30 dollars off. im about to pull the trigger on a galaxy tab e and my total cost will be 71 dollars and some change due to my gift card balance+the additional 30 dollars off since the price was over 150.
the amazon card i got a $50 gift card was this one:
the $50 dollar instant gift card is only valid for today. you have to apply today and be approved for the instant 50 gift card.
For Amazon I can greatly recommend their store card: Link (assuming you have Prime - 5% Cashback is GREAT)
For everything else get a card with high base rate cashback like Citi Double Cash, CapitalOne QuickSilver or Chase Freedom Unlimited
It is. It's ran through Synchrony, not Chase.
I think you have to a Prime member too.
Amazon has a credit card with a 6 or 12 month 0% APR offer(26% APR afterwards). Best Buy has a similar program, and Apple has something similar for purchases from the Apple Store.
>Avalanche is the mathematically best option for paying the least amount on your cards. The only reason to pay them via snowball is to satisfy a psychological need to see progress. The balances are irrelevant when it comes to Avalanche method. Only the interest rate matters.
Thank you for the explanation. For my case, should I also ignore the balances? I wasn't sure because I figured the Amex Blue Cash is still costing me significantly more money than the Chase Sapphire right now.
I read this link that outlines the terms I currently abide by and interest will be charged on the original balance. The "cool" thing about the account is that it actually shows you the interest that is accruing, so you're never in the dark about that.
Your outline on how to tackle this was really clear and I appreciate it.