Amazon launches credit builder card

Amazon and Synchrony have announced the launch of the Amazon Credit Builder card, for customers who are looking to build or rebuild their credit responsibly.

This secured private label card has no annual fee, offers eligible Prime members five per cent back on Amazon purchases, and offers all cardholders equal pay instalments and special financing options on eligible purchases.

The new card has the same benefits as the Amazon Store Card, but users are required to maintain a refundable security deposit with Synchrony Bank to secure the full amount of their credit line.

Designed for customers looking to build or rebuild their credit, the card enables those on a controlled budget to make purchases on up to their credit limit. It also provides customers with access to free credit tools and tips.

Amazon Credit Builder customers may be eligible for an upgrade to the Amazon Store Card in as little as seven months after an account is opened, with card deposits refunded upon upgrade.

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