Amazon Prime Rewards Visa Signature Card Credit Score

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.

Do I Need a Good Credit Score to Apply for an Amazon Prime Rewards Visa Signature Credit Card?

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.

How Long Does it Take to Be Approved for an Amazon 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.

What Bank and Credit Bureaus Does Amazon Use?

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.

What are the Pros and Cons of Using an Amazon Prime Rewards Visa Signature Credit 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.

Pros

• Users get a free $100 Amazon gift card immediately upon approval
• Amazon Prime members earn 5% back on any purchase made on Amazon.com or at any Whole Foods store. Some members are eligible for 10% back on select items.
• No annual fee.
• Rewards are effortless to redeem on Amazon.
• No foreign or international transaction fees.
• Visa Signature Concierge benefits, which cover things like travel, concerts, and dining out.
• Excellent member protection and purchase security
• Instant approval for most members.

Cons

• An Amazon Prime membership is required. This serves as an indirect annual fee.
• 5% cash-back bonus is limited to Amazon and its affiliates.
• High APR rates for some members.
• Bonuses are limited outside of Amazon stores and affiliates.

Can an Amazon Prime Rewards Visa Signature Card Hurt My Credit Score?

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.

Need Help Repairing Your Credit? Credit Glory Can Help

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.

At Credit Glory, our credit repair experts can dispute inaccurate information and deal with creditors on your behalf. Contact us today for a free credit consultation.