Consider getting an Amazon credit card, such as the Amazon Prime Rewards VISA Signature Card, Amazon Rewards VISA Signature Card, or Amazon Prime Store Card, if you often purchase on Amazon. Before opting to apply, it’s critical to apprehend the qualifying requirements and how your credit history compares.
Although essential, your credit score is one of many things to assume. The bank delivers your Amazon card throughout the approval procedure regarding your salary and different facets of your credit history.
Several factors, including the particular card you’re looking for and the information in your application, will affect the Annual Percentage Rate (APR) you receive if supported. As a result, it’s a good idea to evaluate your financial status to decide whether an Amazon credit card is a good fit for you.
This post explains your credit score to get authorised for an Amazon credit card and how the authorization procedure operates.
Amazon delivers some illustrative data to aid you in comprehending how your credit score compares to the Amazon credit card requirements. According to Amazon, if your credit score exceeds 640, your odds of being authorized for an Amazon credit card increase.
It’s essential to comprehend that Amazon displays credit score ranges for educational purposes only, and these ranges differ from those employed by credit scoring models like FICO®. Individual lenders may use additional ranges when assessing your creditworthiness. As a result, what FICO® considers a “good” score may differ from what a lender considers a “good” score. Amazon delivers the following credit score ranges:
- Fair: 640 or higher
- Good: 680 or higher
- Excellent: 720 or higher
The FICO® Score ranges vary from the bad credit score ranges presented by Amazon. The score ranges for FICO® can be more diverse than those for Amazon. Personal lenders may also have their measures and benchmarks for judging loan applications. As a result, even while you can use Amazon’s score ranges as a general guide for Amazon cards, your credit score can fall into a different FICO® range or a range particular to the lender reviewing your application.
There are diverse ways you may check your credit score. You can review it directly from credit reporting agencies, on loan bills, using credit monitoring services, or through your existing credit card provider.
Some of these alternatives don’t cost anything, while others might. You can also get a free credit score from Experian after reporting a free account, and some financial associations also supply free access to your FICO® credit score through FICO® Open Access.
When designating your creditworthiness, lenders consider more than just your credit score. They evaluate your possibility of repaying debt and search your credit history for red flags of high-risk borrowing. Even if your credit score is in the acceptable range, your application may still be rejected if you have a limited credit history, a history of late payments, high debt, insufficient income, or recent credit inquiries.
It’s critical to recognize that some Amazon credit cards, such as the Amazon Prime Rewards Signature Visa, are only accessible to Amazon Prime subscribers. Even though these cards may not have an annual cost, you must obtain a Prime membership to qualify.
The approval procedure usually occurs fast since Chase Bank issues Amazon Rewards cards. Most of the time, when you apply online, you can get a response instantly and learn the outcome in just 15 seconds.
However, relying on variables like the speed of your internet connection and the number of applications currently being processed, the exact timeframe for approval may change. If instant permission is not given, you should anticipate a reply within two to four weeks of submitting your application.
The minimum credit score required for an Amazon Credit Card is 700. That indicates that applicants for this card with at least perfect credit can be accepted. On the other hand, the Amazon Store Card demands a credit score of 640 or above.
Yes, a hard pull, also known as a hard inquiry, will be created by the Amazon Store Card. This could temporarily diminish your credit score by a few points. Your credit score must be at least 640 to be qualified, which is about where most retail cards start. One cannot be pre-qualified for the Amazon Store Card.
Even while credit scores are only one of several concerns lenders make during the application process, they are nevertheless quite crucial because they are based on many diverse parts of your credit history.
Although there isn’t a speedy fix for better credit, you can boost your credit score by being dedicated and patient and using the FICO® score model as a guide:
Monitor your credit report: Federal law authorizes you to examine your credit report once annually for free from each central credit bureau via AnnualCreditReport.com. Regularly inspecting your credit report delivers insight into your financial standing and what lenders see when you apply for credit.
Reduce outstanding credit balances: The amount you owe is taken into account by FICO®, which accounts for 28-30% of your credit score. Your tremendous amounts are a part of your credit utilization ratio (CUR). Your CUR is calculated by dividing your total revolving credit limit by the sum of your revolving debt. Diminishing your CUR is profitable for your credit score, and experts advise keeping it around 30%, ideally under 10%.
It’s crucial to recognize that several aspects affect how well your application is evaluated, regardless of whether you have received an Amazon credit card offer or intend to do so. Even though the perks—which include bonus programs, savings at stores like Whole Foods Market, cash back on purchases made on Amazon.com, and even Amazon gift cards—might be tempting, it’s necessary to scan your credit before applying to make sure you select the best credit card for your needs.