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Amazon users can sign up for the Amazon Prime Rewards Visa Signature Credit Card. This credit card offers rewards for purchases made on Amazon or at any Whole Foods market. Unlike most other store-based credit, Amazon credit card holders can use their card at any location that accepts Visa credit cards.
But before signing up for an Amazon credit card, it’s important to know how it can affect your credit score. The Amazon Prime Rewards Visa Signature Card is not simply a rewards card or an Amazon gift card. It is a real credit card and it requires financial responsibility.
In order to qualify for the Amazon Prime Rewards Visa Signature Card, you must have a good credit score. This usually means a credit score at or above 670. Those with a lower credit score might not be able to receive the Amazon Prime Rewards credit card.
Many applicants are approved for the card instantly. Others may need to wait 2 to 4 weeks while Chase Bank reviews their application.
Amazon uses all three major credit bureaus when determining your eligibility for the Prime Rewards Visa Signature Card. Every user’s credit activity is similarly reported to all three credit bureaus (Equifax, Experian, and TransUnion).
Chase Bank is responsible for administering the Amazon Prime Rewards Visa Signature Card.
Before applying for any credit card, it’s necessary to carefully consider the risks and benefits. The Amazon Prime Rewards Visa Signature Card is no different. Here are some of the pros and cons of signing up for this credit card.
Before signing up for the Amazon Prime Rewards Visa Signature Card, it’s crucial to understand that it can affect your credit score. If you are not careful, your spending habits with this credit card can cause your credit score to drop.
As mentioned, members need a good credit score to be eligible for the card. With responsible spending habits, the Prime Rewards Visa Signature Card can improve your credit score. However, it can also hurt your credit score in a few ways.
First, a hard inquiry, or hard pull, is performed when you apply for the Amazon Prime Rewards Visa Signature Card. Hard inquiries have a very small negative impact on your credit score. One hard inquiry is not a big deal, but you should avoid applying for multiple lines of credit in quick succession. Doing so can have a larger impact on your credit score.
In addition, missed or overdue payments can hurt your credit score, while also incurring late fees. The Amazon Prime Rewards Visa Signature Card charges late fees up to $39. The Prime Rewards Visa Signature Card APR ranges between 16.24% and 24.24%, depending on creditworthiness.
The Amazon Prime Rewards Visa Signature Card may seem like a great idea if you do most of your shopping on Amazon. The potential to earn cash back on Amazon and Whole Foods purchases is a savvy way to save. However, it’s easy to get carried away with any store-specific credit card, especially one that offers ample rewards.
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