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Analysis: Visa's Amazon spat shows power is shifting to retailers in fee battle
NEW YORK, Nov 22 (Reuters) - Amazon.com Inc (AMZN.O)'s latest spat with Visa (V.N) shows big retailers, armed with a growing array of payment options, are gaining the upper hand in their power struggle with card providers, but it's not a crisis for the payment company.
Amazon said last week that it would stop accepting Visa credit cards issued in the United Kingdom from Jan. 19, 2022, saying that despite technology advancements the fees on such transactions remained high or in some cases were rising.
While Amazon may yet back down on the UK front, where the company accounts for less than 1% of Visa's credit card volume, according to an estimate by Piper Sandler analysts, the dispute is a bad sign for the card industry. Some analysts said it could presage a fight in the much bigger U.S. market.
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"Amazon is treating this dispute with Visa as an experiment," said Piper Sandler analyst Christopher Donat. "Our biggest concern is that Amazon seeks concessions from Visa in other geographies."
Visa Chief Financial Officer Vasant Average american savings 2020 told Reuters in an interview on Friday that he expected a resolution. united shore wholesale mortgage resolved these things in the past and I believe we'll resolve them in the future," he said. Amazon declined to comment.
Credit cards dominated a third of North American ecommerce spending in 2020, according to payments giant WorldPay, but mobile payment options like Venmo and 'buy now, pay later' (BNPL) financing plans are chipping away at their market share.
While alternative payments have been growing for years, the pandemic accelerated a downward trend in credit card applications boosting the popularity of BNPL financing, especially among younger consumers.
Credit cards' share of North American e-commerce spending declined 7% last year, according to WorldPay, while BNPL's share increased 78%, making it the fastest-growing form of payment.
In August, Amazon partnered with BNPL provider Affirm to offer installment financing option on U.S. Amazon purchases.
"Credit cards are still dominant players for non-cash transactions, but they need to be aware of the growing competition," Chris Dinga, payments analyst at GlobalData, wrote on Friday.
"BNPL is gradually being adopted by retailers as they see higher conversion and growth opportunity by providing it to their customers," Dinga wrote, adding high credit card fees could accelerate BNPL adoption by retailers.
Some analysts said past disputes suggested Visa may have to blink before Amazon, such as when U.S. restaurant owners stopped taking Amex cards in the 1990s, leading Amex to reduce its fees.
"Visa may need to follow American Express's example," Evercore analysts said in a research note.
Still, Visa has survived such fights and few other merchants have Amazon's heft, said Prabhu.
"Even a very large retailer like Amazon represents a relatively small portion of our payment volume," he said.
And Visa is not wedded to credit cards as the primary transaction source, he added.
"If a merchant wants to offer credit in a different way, we're agnostic. We will do both. The buy now, pay later business has been a positive for us."
Visa has been partnering with BNPL providers, including Sweden's Klarna.
Retailers also benefit from credit card issuers offering their customers cash rebates and rewards programs to encourage them to spend more than they otherwise would.
Prabhu said he expected credit card spending to pick up now that borders are opening and affluent customers are spending more on travel, entertainment and eating out.
And Amazon also needs a partner for its own co-branded credit card. The company is considering replacing Visa on U.S. co-branded credit cards with either Mastercard or American Express, suggesting its UK fee dispute could be a negotiating tactic, said analysts.
"It's not necessarily a good idea for merchants to restrict consumer choice," said Prabhu. "Amazon will have to think about that, too."
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Editing Michelle Price and Nick Zieminski
Our Standards: The Thomson Reuters Trust Principles.
How the Amazon Prime Rewards Signature Visa Card Works: Benefits and Rewards
How the Amazon Prime Rewards Signature Visa Card Works
Amazon.com is the virtual store that has everything—and at low prices. Order it today; have it as soon as tomorrow. Not only does it offer a wide variety of goods, but the company also offers a co-branded visa card, especially for its Prime members.
The Prime Rewards Signature Visa is similar to its alternative co-branded card, named the Amazon Rewards Signature Visa credit card. Both credit cards can be used anywhere Visa is accepted and are backed by Chase Bank USA, N.A., a subsidiary of JPMorgan Chase & Co., which handles all revolving credit services and issues.
The card can be used anywhere that accepts Visa. The card offers 5% cashback on all items purchased on Amazon.com and Whole Foods markets. Newcomers get a $100 Amazon.com Gift Card instantly upon credit card approval. Cardholders may select a card design featuring either Amazon or Whole Foods, as well.
- The Amazon Prime Rewards Signature Visa Card is a co-branded credit card offering rewards like 5% cash back on purchases made on Amazon.com and in Whole Foods markets.
- Besides good credit, you must have a Prime membership to be eligible for a Prime Rewards Signature Visa.
- The Amazon Rewards Visa Signature Card is nearly identical to the card designed for Prime members. However, cardholders only receive a 3% rebate on purchases.
- You must have a good credit score—at least 670—to be considered for either of the co-branded Amazon Signature Visa cards.
- Amazon also offers two store cards, but these cards are not credit cards. The cards are used for purchases on Amazon.com but eligible for use in Whole Foods markets.
Rewards and Benefits
If you do a lot of shopping on Amazon and at Whole Foods, this card offers several perks. You earn a 5% rebate (or 3%, for non-Prime members, who are eligible for the Visa Rewards card) for all Amazon.com and Whole Foods Market purchases; 2% at gas stations, restaurants, and drugstores; and 1% on all other purchases. Your rewards come in wells fargo bank hours dallas tx how to pay off my amazon credit card of points. You'll get one point for each penny you earn in rebates.
When you open an Amazon Signature Visa credit card, you will receive 5% back everywhere you shop on up to $2,500 in purchases for the first three months of owning the card if you have a Prime account. If you tend to buy your groceries at Whole Foods and frequently shop online at Amazon as a Prime member, this card could provide substantial rewards and rebates.
Example of Points
Let’s say you bought an item on Amazon for $20. You would earn a 3% rebate (60 cents), which would become 60 points. Every 100 points are worth $1. Your points are available as soon as they are processed as a discount at checkout.
When you are approved for the card, Amazon will give you a $100 gift card. There is no annual fee, no foreign transaction fees, no earning cap, and your points never expire.
Where Can Someone Get the Amazon Prime Rewards Signature Visa Card?
Interested customers can apply for the card online at Amazon.com. However, the vetting process will go through Chase Bank, which authorizes and administers the financial logistics and the approval process.
According to Amazon.com, "if your application is instantly approved, you'll be taken to a page that includes the Cardmember Agreement, the terms of your Amazon Rewards Visa Signature account, and other important information."
Conversely, if your application isn't approved instantly, Chase Bank will inform you about your status after reviewing your credit history. This takes approximately two to four weeks. Amazon recommends waiting two weeks after submitting your application before contacting Chase Bank.
What Kind of Credit is Required for the Amazon Prime Rewards Signature Visa Card?
Unlike the Amazon store card, which only requires fair credit, the Amazon Rewards Signature Visa cards (Prime member or non-member) both require a higher credit score because they are Visa credit cards.
Amazon.com offers both a store credit card that can only be used on Amazon.com orders and several co-branded Visa card options such as the Amazon Rewards Visa Signature Card that can be used anywhere Visa is accepted.
Where Can the Amazon Prime Rewards Signature Visa Card Be Used?
You can expect to use your Amazon credit card anywhere that takes Visa, most likely anywhere in the U.S., and over 150 countries worldwide. Unlike store cards tied to use at a specific retailer, a visa card connected to Amazon.com is a regular credit card in many ways.
You will earn rewards if you use it to shop on Amazon.com or Whole Foods, but you can also benefit from rewards when used at participating gas stations, pharmacies, and other retailers.
Alternatives to the Amazon Prime Rewards Signature Visa Card
Amazon offers two store-only cards, similar to its credit cards, as the Amazon Prime store card offers its Prime member holders more perks. Synchrony Bank issues the Amazon.com Store Card and the Amazon Prime Store Card, and the cards are useful if you are a frequent shopper on Amazon.com.
Amazon.com and Amazon Prime Store Cards
If you don't want or don't qualify for either of the Amazon Rewards Signature Visa cards, the Amazon.com or Prime store cards may be a viable option for saving money on your Amazon purchases. Amazon store cards are not accepted at Whole Foods markets, unlike the Amazon Prime Rewards Signature Visa and the Amazon Rewards Signature Visa.
When you are approved for an Amazon.com store card, you receive a $60 gift card from Amazon.com, a bit less than the $100 gift card you receive for opening an Amazon Prime Visa card. The Amazon store card's reward program is not as robust as its Visa Rewards Signature Visa card, but it does offer introductory financing opportunities for new cardholders.
Amazon Rewards Signature Visa Credit Card
The Amazon Rewards Signature Visa card is another alternative if you don't have a Prime membership but want the convenience and the benefits of an Amazon Visa credit card. The Amazon Rewards Signature Visa is nearly identical in its perks and terms and conditions as the Prime Rewards Visa Signature Card, with one exception, if you are not a Prime how to pay off my amazon credit card, you will only reap a 3% reward when you shop on Amazon.com and at Whole Foods.
Terms and Conditions of the Amazon Prime Rewards Signature Visa Card
The annual percentage rate on your card will depend on your credit history. There’s no introductory APR. Expect a rate between 14.24% and 22.24%, but it will vary based on the prime rate. Balance transfers have the same APR as purchases instead of the higher one many cards impose.
Cash advances on the Amazon Prime Rewards Signature Visa have an interest rate of 24.99%. You have 21 days after the end of the billing cycle to pay the balance in full to avoid any interest charges. The late payment fee is up to $39, depending on your card's balance. Customers will pay $5 or 5% of the balance transfer amount, whichever is greater. Cash advances cost $10 or 5%, whichever is greater.
The card does not have an annual fee attached, but if you want the Amazon Prime Rewards Signature Visa, you will have to pay to be an Amazon Prime member, which costs $119 per year. You must be age 18 or older to apply for the card, and credit limits are based on the applicant's credit.
|Amazon Prime Rewards Signature Visa|
|APR||Late Fee||Return Check Fee||Grace Period|
|Amazon Prime Rewards Signature Visa||14.24% and 22.24%||$39||None||21 days after the end of the billing cycle|
Who Should Consider the Amazon Prime Rewards Signature Visa Card?
If you frequently shop in Whole Food markets and on Amazon.com as a Prime member, this card might make sense given the rebates and rewards. A co-branded card like this provides not only access to rewards but a line of credit, and you have the flexibility of being able to use the card anywhere that takes Visa. If you don't want to take out a credit card, but you have brand loyalty to Amazon and shop frequently on its website, you might consider an Amazon.com or Amazon Prime Store card.
The Bottom Line
Although the card is only available to Prime members, the rewards structure of either Amazon Visa card might make it useful even for people who only shop at Amazon infrequently. The APR is still higher than most non-retail cards, but this card's terms are attractive in the retail space.
Rewards are most valuable to people who don’t carry a balance, as you can quickly pay more in interest charges than the benefits are worth if you don't pay it off. Second, it may be wise not to make purchases solely to earn rewards. Saving your money and investing it will always win out over spending.
If you are interested in owning a Visa card and an avid Amazon.com and Whole Foods shopper, you may want to investigate opening this card.
Frequently Asked Questions
What Kind of Credit Score Do I Need to Open an Amazon Prime Rewards Signature Visa Card?
Amazon.com doesn't state explicitly about the score. Still, numerous reviewers of the product report that the recommended credit score to be eligible for an Amazon Prime Signature Visa card needs to be at least 670.
Where Can I Use My Amazon Prime Rewards Signature Visa Credit Card?
You'll earn 5% back on all Amazon.com and Whole Foods markets purchases, but you can use the card anywhere Visa is accepted.
Does Amazon Prime Rewards Signature Visa Card Help You Build Credit?
Yes. Like any Visa credit card, if you manage your credit wisely, it can help you improve your credit over time.
Does the Amazon Prime Rewards Signature Visa Have an Annual Fee?
No, the card does not have an annual fee. However, you will be required to purchase an Amazon Prime membership ($119 a year) if you want to open an Amazon Prime Rewards Signature Visa credit card account.
What's the Difference Between the Amazon Prime Rewards Signature Charles schwab routing number checking account Card and the Amazon Rewards Signature Visa Card?
Both cards are co-branded by Chase and offer the same terms and conditions but slightly different rewards. Prime members get a 5% back on all items purchased on Amazon.com, and at Whole Foods, non-prime cardholders receive a 3% rebate. Both cards come without an annual fee, but a Prime membership costs $119 a year.
Louis DeNicola is a personal finance writer and has written for American Express and Discover. Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted.
We think it's important for you to understand how we make money. It's pretty simple, actually. The offers for financial how to pay off my amazon credit card you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.
Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide how to pay off my amazon credit card like your Approval Odds and savings estimates.
Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can.
|No annual fee or foreign transaction fees||Only available if you have an Amazon Prime membership, which costs $119 a year|
|5% back on Amazon.com and Whole Foods purchases||Potentially high APR|
|Rewards redeemable on Amazon.com, or for cash, gift cards or travel|
|$70 Amazon.com gift card when you’re approved for the card|
What you should know about the Amazon Prime Rewards Visa Signature Card
No annual fee … sort of
Technically, the Amazon Prime Rewards Visa Signature Card doesn’t have an annual fee, which is a good thing for cardholders who want to save money. But there’s a catch: You must be an Amazon Prime member to apply for the card, and that costs $119 per year (or $12.99 per month) for a nonstudent membership.
Of course, that $119 goes toward more than just maintaining your card each year. Amazon Prime benefits include free shipping, Prime Video and additional savings at Whole Foods Market, along with a long list of other perks.
If you’re already an Amazon Prime member, then the cost isn’t a concern. But if you’re considering signing up just so that you can apply for the card, think about the cost carefully — you’d have to spend more than $2,380 at Amazon.com or Whole Foods each year to offset the $119 annual Prime membership fee. A different cash back card with a lower annual fee (or a cash back card with no annual fee at all) might make more sense (and cents!).
Cardholders who cancel their Amazon Prime membership can keep the Amazon Prime Rewards Visa Signature Card, but they earn 3% back, instead of 5%, on Amazon.com and Whole Foods purchases.
You can earn a lot of rewards
The number of points you can earn with the Amazon Prime Rewards Visa Signature Card depends on where you shop.
- 5% back on purchases at Amazon.com and Whole Foods
- 2% back on purchases at gas stations, restaurants and drugstores
- 1% back on all other purchases
You can then redeem those rewards toward an eligible purchase on Amazon.com. But it’s worth noting that you have other options for redemption, like cash back, gift cards and travel. In these cases, $1 of rewards is equal to 100 rewards pnc bank careers work from home, and vice-versa.
In other words, you can get the same value out of this card with cash back as you could with eligible Amazon.com purchases. That makes this card more versatile than many store-branded credit cards, which usually require that you use your rewards only at the store and its affiliates.
Similarly, while other cards offer 5% cash back on purchases, they may switch which stores or categories you’ll earn with throughout the year and limit how much you can earn.
The Amazon Prime Rewards Visa Signature Card offers unlimited earning potential. Plus Amazon sells a wide variety of products — there’s a reason it’s sometimes called “The Everything Store.” And though it’s not called out specifically on Amazon, you may even be able to get 5% back when purchasing gift cards for businesses other than Amazon or Whole Foods through Amazon.com.
You can use this card anywhere Visa is accepted
Some store-branded or retail credit cards are only accepted at the associated store, and possibly with other affiliated brands.
But you can use the Amazon Prime Rewards Visa Signature How to pay off my amazon credit card for purchases anywhere that Visa is accepted.
A potentially high APR could cost you
The Amazon Prime Rewards Visa Signature Card has a variable APR of 14.24% to 22.24% on purchases and balance transfers.
A high APR isn’t a concern if you pay your bill on time and in full each month. But if you carry a balance, then you might wind up paying a lot in interest. We don’t recommend using credit cards for purchases you can’t afford to pay off by your due date, but the APR is still a consideration if you have to cover emergency expenses that don’t easily fit into your budget.
There are a few more details that might help you decide if the Amazon Prime Rewards Visa Signature Card is a good fit for you.
There are other Amazon credit cards out there
The Amazon Prime Rewards Visa Signature Card isn’t the only Amazon card — there are several choices you can consider.
- Amazon.com Store Card
- Amazon Prime Store Card
- Amazon Rewards Visa Signature Card
- Amazon Pnc mobile deposit endorsement Rewards Visa Signature Card
You can only use the two store cards on Amazon.com.
The other Amazon Visa card is similar to the Amazon Prime Rewards Visa Signature Card in that you can use it elsewhere, but it doesn’t require an Amazon Prime membership. It also only gives you 3% back at Amazon.com and Whole Foods.
Also, know that you’ll be considered only for the card you apply for, so be sure to apply directly for the Amazon Prime Rewards Visa Signature Card if that’s the card you want.
Part of an Amazon Household with Prime? You might still qualify.
Even if you’re not the main Prime accountholder, you might qualify if you have Prime benefits that someone shares with you via an Amazon Household (which allows you to share Americas got talent season 14 episode 30 benefits between members of how to check amazon promotional credit same household, including up to two adults, four teens and four children). This could lower the card’s “annual fee” for you, depending on if (and how much) you contribute to that Prime membership fee.
Don’t unlink your card from your Amazon.com account
If you choose to remove the card from your Amazon account, you’ll no longer earn 5% back on Amazon or Whole Foods Market purchases. You can relink the card to get the higher rate back, though.Get rewarded for your purchases Compare Cash Back Cards
Understanding your points and redemption options
We’ve touched on earning points with the Amazon Prime Rewards Visa Signature Card — now let’s take a look at how you can use your points. The boat rentals near corolla nc news is that there are lots of options here, as well.
On Amazon.com, you can redeem your points to pay for part or all of your eligible purchase.
To use your points at Amazon.com, select the Amazon Prime Rewards Visa Signature Card as your payment method when checking out. You can then choose the dollar amount you want to cover using your points. Using your points this way gets you a redemption value of $1 per 100 points.
You can also redeem your points for cash back, gift cards or travel. The redemption value may vary for other types of redemptions, but 100 points also equals $1 for Amazon.com, travel, gift cards and cash back.
Who is this card good for?
If you do most of your household shopping on Amazon.com and grocery shopping at Whole Foods, the Amazon Prime Rewards Visa Signature Card could be a match.
Even if you only occasionally shop at these stores but tend to make large purchases when you do (like doing all your holiday shopping on Amazon.com), it could still make sense to get the card, because it technically doesn’t have an annual fee. Plus, the 2% back at gas stations, restaurants and drugstores might cover a lot of your other everyday purchases.
But the rewards probably won’t be worth it if you don’t think you’d get much use out of an Amazon Prime membership or you’d wind up carrying a balance from month to month. Make sure you can afford to pay off your card on time and in full each month, and don’t get tempted to make more (or costlier) purchases just because you’ll earn bonus points.
While there isn’t a foreign transaction fee, you also won’t earn a higher rewards rate on travel-related purchases with the Amazon Prime Rewards Visa Signature Card. It might make sense to keep a travel rewards credit card in your wallet for when you’re booking travel or you’re away from home.
The Amazon Prime Rewards Visa Signature Card isn’t a perfect fit for everyone. If you’re looking for a new card but haven’t fallen in love yet, take a look at these other options.Get rewarded for your purchases Compare Cash Back Cards
About the author: Louis DeNicola is christopher and banks signature slimming pants personal finance writer and has written for American Express, Discover and Nova Credit. In addition to being a contributing writer at Credit Karma, you can find his work on Business Insider, Cheapi… Read more.
How to pay off Amazon purchases over time
If you’ve had your eye on a few big-ticket items from Amazon.com but would rather not cover the full cost upfront, you’re in luck.
Amazon supports a number of different payment plans and flexible payment options, whether you finance a purchase through the site itself, sign up for a co-branded Amazon credit card, use a third-party financing tool to keep interest charges low or take advantage of a 0% introductory APR.
Here’s everything you need to know about paying off Amazon purchases over time and, hopefully, avoiding interest along the way.
See related: Best credit cards for Amazon purchases
Guide to Amazon financing
Does Amazon offer payment plans?
Yes. While the terms are fairly rigid, Amazon offers payment plans on eligible items to qualifying customers. The site also partners with a number of credit card issuers – including Synchrony Bank, Chase and Citi – to offer flexible payment options to cardholders.
Typically, your best bet in terms of both flexibility and cost will be either Amazon’s own Monthly Payments program, 0% promotional financing with an Amazon credit card or a new 0% intro APR credit card.
Amazon Monthly Payments
Monthly Payments is a little-known installment payment tool available on select items for eligible Amazon customers. Billed by Amazon as a way to “Get it now, pay over time,” Monthly Payments allows you to split the cost of an eligible item sold and shipped by Amazon across five months with no interest or finance charges.
With Monthly Payments, the price of your item is divided into five equal installments, with your first payment due when your product ships – that’s 20% of the total price, plus any tax and shipping on the full price of the item. Every 30 days after that for the next four months, you’re charged the remaining balance in equal installments.
You can only use Monthly Payments for one qualifying product in each product category (such as electronics) or Amazon device family (such as Fire tablets and Kindle e-readers) in your cart at time of checkout, and you can only be enrolled in one monthly payment plan per product category.
Here’s a quick look at how Amazon Monthly Payments work, per Amazon’s terms and conditions:
|Initial payment (plus taxes and shipping)||Date of shipment|
|First payment||30 days after shipping|
|Second payment||60 days after shipping|
|Third payment||90 days after shipping|
|Fourth payment||120 days after shipping|
To get started with Amazon Monthly Payments, you’ll first need to check if your account is eligible. You can only use Monthly Payments if your Amazon account has been active for at least one year, you reside in the U.S. and you have a valid credit card tied to your Amazon account and a positive Amazon payment history.
Luckily, no credit check is required to determine your eligibility, so you won’t face the temporary credit score drop that comes from a hard pull of your credit report.
While qualifying for Monthly Payments is relatively straightforward, only certain items are eligible for an installment plan. To see if an item is eligible for financing through Monthly Payments, check for the “5 monthly payments” option on the product listing.
Here’s how to make monthly payments on Amazon, step-by-step:
- Enable monthly payments for your account. Once you’ve signed in and verified that your account is eligible for Monthly Payments, you’ll need to enable the feature. Visit the Monthly Payments page and click “Enable monthly payments.”
- Find an eligible product and select monthly payments. Products eligible for financing through Monthly Payments feature the text “or 5 monthly payments” below the standard price on the product listing. You can choose between “5 monthly payments” and “One-time payment” before you add an item to your cart.
- Pay your first month, plus taxes and shipping. At checkout, your Order Summary lists the total cost of your item, the amount you’ll be charged immediately and the remaining balance, which will be billed in equal installments over the next four months.
- Pay off your remaining balance over the next four months. Every 30 days, your card will be charged an equal portion of the remaining balance.
Amazon credit cards: Equal Pay vs. Special Financing
If your Amazon account or the item you have in mind doesn’t qualify for Monthly Payments, or if you think you’ll need more than five months to pay off your purchase, an Amazon credit card could be a good alternative. Not only do these cards carry exclusive financing offers, but they’ll also help you earn rewards on some of your regular Amazon purchases.
If go the new card route, you’ll choose from either the Amazon Store Card suite issued by Synchrony Bank – which includes the Amazon and Amazon Prime store credit cards, as well as the Amazon Prime Secured Card – or the Amazon Rewards Visa suite issued by Chase, which includes the Amazon Rewards Visa Signature Card* and the Amazon Prime Rewards Visa Signature Card*.
Depending on the card and the size of your purchase, you may be eligible to choose between two main types of financing for Amazon purchases: Equal Pay and Special Financing.
See related: Amazon store cards vs. Amazon Visa credit cards
Amazon Equal Pay financing
Equal Pay is similar to Monthly Payments, but offers much longer payment plans for large purchases – based on the size of your purchase.
This payoff period ranges from six to 24 months on the Amazon store card and from six to 18 months on the Amazon Visa cards. The latter cards also require a lower minimum purchase price to take advantage of a payment plan.
Equal Pay options on Amazon store cards from Synchrony include:
|Offer period||Minimum purchase|
|24 months||$800 (select purchases only)|
On Chase cards, the following offers apply:
|Offer period||Minimum purchase|
Like Monthly Payments, Equal Pay allows you to split the cost of your item equally across the offer period. As long as you make your installment payments on time and in full, you won’t be charged any interest or other fees.
Instead of charging installments on a monthly basis, however, Equal Pay charges you for the total purchase amount when your item ships. Your required installment payment is then included as part of your minimum payment due each card statement period. This could get a bit confusing if you’ve used your Amazon credit card for new purchases in addition to an Equal Pay purchase.
Luckily, Chase makes it clear what you need to pay to avoid interest on new purchases by listing an “Interest Saving Balance” on your statement. Your Interest Saving Balance includes both the monthly payment due as part of your Equal Pay plan and any non-promotional balances you have. As long as you pay your Interest Saving Balance in full, you’ll avoid interest charges and be on track to pay off your Equal Pay purchase.
For example, if you used Equal Pay to split a $600 purchase across six months and also made $400 in other new purchases during a statement period, you’d have a total balance of $1,000. Your Interest Saving Balance, however, would be just $500 – that’s your $400 in new purchases, plus your $100 installment payment for the month.
To take advantage of an Equal Pay offer on an Amazon credit card, add items to your cart as you normally would. Then, at checkout, choose your Amazon credit card as your payment method and select the Equal Pay option from the “card options” drop down list.
Unfortunately, you must choose between either financing or earning rewards on your Amazon card. If you opt for financing, you’ll miss out on any cash back you’d otherwise earn on Amazon purchases.
Amazon Special Financing
The other financing option on Amazon credit cards is called Special Financing. However, it’s not particularly “special” – it’s just the sort of deferred interest financing offer you’ll find available with many retailers and store credit cards.
With Amazon Special Financing, you get a promotional 0% APR for six to 24 months, depending on the size of your purchase. As long as you pay off your purchase in full by the end of the promotional period, you’ll avoid interest charges. Without set installment payments, how much you pay over the minimum is up to you, though if you pay only the minimum each month, you won’t pay off your balance in time.
Here’s how 0% promotional Special Financing breaks down by purchase size:
|Offer period||Minimum purchase|
|24 months||$800 (select purchases only)|
Additionally, since Special Financing uses deferred interest, if you have even $1 remaining on your balance at the end of the promotional period, you’ll be charged interest going back all the way to the original purchase date.
Given the potentially high APR on Chase’s Amazon cards (14.24% to 22.24% variable) and the high APR guaranteed on Synchrony’s Amazon cards (25.99% variable), slipping up on a deferred interest financing offer could end up costing you a ton.
While marketing for Special Financing offers is more prominent on Synchrony’s Amazon cards, you may qualify for Special Financing with a Chase Amazon card as well. As with Equal Pay, simply choose your Amazon credit card as your payment method and select Special Financing from the “card options” drop down list.
Other Amazon financing options
While Amazon Monthly Payments or an Amazon credit card will likely offer the most flexibility, a number of other flexible payment tools may be a better fit for you. Keep in mind, however, that a few of these methods will require you to pay at least some interest.
Tip: Unfortunately, many shoppers have had trouble using popular installment payment services for Amazon purchases. Quadpay is one notable exception, allowing you to shop on Amazon via the Quadpay app. However, only six-week payment plans are available.
Citi Flex Pay
Citi has partnered with Amazon to allow eligible Citi cardholders to finance Amazon purchases using Citi Flex Pay. This feature lets you split the cost of most Amazon purchases of more than $100 into equal monthly payments when you use an eligible Citi card as your payment method at checkout.
While you generally can’t avoid paying some interest with this option, the standard fixed promotional APR is quite low, and you may qualify for much a longer payment plan than you’d find in other financing plans.
Here’s a breakdown of standard Citi Flex Pay Amazon payment plans:
|Offer period||Minimum purchase||Promotional APR|
|18 or 24 months||$600||6.74%|
|36 or 48 months||$1,200||8.74%|
As with Amazon’s Equal Pay and Special Financing offers, you can opt into Citi Flex Pay financing on a purchase by setting your Citi card as your payment method and selecting the monthly payment plan that works for you. Before you check out, you’ll see your payment plan displayed below your order total.
Tip: As part of Amazon Prime Day, eligible Citi cardholders can also access exclusive 0% intro APR offers on Amazon purchases. You can choose among three equal monthly payments on purchases of $75 or more, 6 equal monthly payments on purchases of $149 or more or 12 equal monthly payments on purchases of $300 or more, all at a 0% promotional APR.
Pay It Plan It
A flexible payment tool available on select American Express credit cards, the “Plan It” portion of the Pay It Plan It program allows eligible cardholders to split purchases of more than $100 into monthly payments with a fixed fee. Payment plans run from three to 24 months and can be used for up to 10 eligible purchases at a time.
To use “Plan It” with an Amazon purchase, simply charge the full cost of the item to your eligible Amex card, then log in to your Amex account and choose the purchase that you want to pay over time. You’ll be offered one to three payment plans and can see how many payments you’ll make, the amount you must pay each month and the required fees.
New 0% intro APR card
A new credit card that offers a 0% introductory APR on purchases will allow you to carry a balance for several months and save on interest on all new purchases.
Two of your best options at the moment are the Blue Cash Preferred® Card from American Express and the Blue Cash Everyday® Card from American Express.
That’s because not only do both cards come with a 0% introductory APR on new purchases (the Blue Cash Everyday offers a 15-month 0% intro APR period, while the Blue Cash Preferred offers a 12-month 0% intro APR period, with both carrying a 13.99% to 23.99% variable APR after that), they also offer rewards on Amazon purchases as part of their welcome bonus.
The Blue Cash Everyday and Blue Cash Preferred cards offer 20% back on Amazon.com purchases for your first six months as a cardholder, with a $150 and $200 cash back cap, respectively.
The Discover how to pay off my amazon credit card Cash Back card is another great choice. It comes with a 0% introductory APR on purchases for the first 14 months (11.99% to 22.99% variable APR after that) and the Discover cash back calendar for 2021 lists Amazon.com purchases as eligible for 5% cash back from October through December (upon enrollment, on up to $1,500 in spending, then 1%).
Tip: You can check if you prequalify for a new credit card at many issuers’ sites or use a tool like CardMatch™ to search across multiple issuers for prequalified offers that fit your credit profile. Prequalification will help you get a better sense of your odds of approval before you apply.
If you’re looking for payment flexibility as you browse Amazon, you have a ton of options to choose from, many of which will help you avoid interest charges for six how to pay off my amazon credit card or more.
If you want to avoid opening a new credit card, Amazon Monthly Payments may be your best bet but if you need more time to chip away at the cost of a large purchase, an Amazon co-branded credit card or a new card with a 0% introductory APR on purchases may be worth the temporary credit ding that comes with a new application.
Whichever route you take, be sure you have a payoff plan in place before you check out. You’ll also want to keep a close eye on your balance and payment schedule to ensure you don’t end up drowning in fees or interest charges.
See related: Best credit cards for large purchases
*All information about the Amazon Rewards Visa Signature Card and Amazon Prime Rewards Visa Signature Card has been collected independently by CreditCards.com and has not been reviewed or approved by the issuer.
The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.
Nouri Zarrugh is a staff editor at CreditCards.com, focusing on credit card reviews, product news and recommendations. Also a fiction writer, he won the Keene Prize for Literature and holds an MFA in creative writing from the Michener Center for Writers at the University of Texas at Austin.
3 Ways To Pay Your Amazon Credit Card Bill
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An Amazon credit card gives you even bigger buying power at one of the world’s top shopping sites. With new and used products from both third-party sellers and its own massive inventory, the global retailer has something for everyone and provides a bevy of financial benefits with its branded card.
The Amazon Store Card can be used for most purchases on Amazon.com and Amazon-branded physical stores. Plus, if you opened your account before Jan. 1, 2021, you can use the card at merchants that accept Amazon Pay. Cardholders are also eligible for interest-free purchases for six, 12 or 24 months by making equal monthly payments. Plus, Amazon Prime Store Card users can earn 5% back in statement credits or Amazon rewards points on Amazon.com purchases.
After using your Amazon Store Card, you’ll need to pay your bill. Find out your options so you can avoid making a late payment.
How To Make Your Amazon Credit Card Payment Online
Whether you want to make a minimum payment or pay off your Amazon credit card balance, this popular Amazon credit card bill-pay option how to pay off my amazon credit card you to log in to your account at the Synchrony Bank Amazon online credit center. Follow these steps to make a one-time payment:
- Log in to your account.
- Place your cursor over “Payments” and then select “View and Make Payments.”
- Select whether you want to make a minimum payment or pay your current balance, statement balance or another amount.
- Select a payment date.
- Enter your bank’s routing number and your checking account number in the appropriate fields and confirm.
Synchrony also offers cardholders the option to “Pay as Guest,” which means you can pay without logging in to your account. To use this feature, you’ll need glenview state bank review enter your card number, Social Security number and ZIP code.
How To Pay Your Amazon Credit Card Bill by Phone
You can make a payment of any size by calling Synchrony Bank’s automated payment system. You can also press zero to have a customer service representative assist you.
Here are the steps to pay your Amazon credit card bill by phone:
- Call Synchrony Bank at 866-634-8379.
- Wait for the prompts, and press two on your keypad.
- Listen to the prompts, and press one on your keypad.
- Enter your Amazon Store Card account number to allow the system to identify your account.
- Follow the prompts to make your payment.
How To Make an Amazon Credit Card Payment by Mail
Synchrony also accepts mailed payments. However, the crediting of your payment may be delayed up to five days after Synchrony acknowledges receipt. Follow these steps:
- Make out your check or money order to Synchrony Bank/Amazon.
- Place the remittance form from your statement with your payment, filling in the amount you wish to pay.
- Send your payment to:
Synchrony Bank / Amazon
P.O. Box 960013
Orlando, FL 32896-0013
When Is My Amazon Credit Card Bill Due?
As an Amazon cardholder, the due date for your Amazon credit card comes at a minimum of 23 days past the billing cycle’s close. You won’t be charged interest on purchases if your balance is paid by the due date every month. Payments are due by 5 p.m. ET. You will be charged a late fee of up to $40 if you fail to make your Amazon credit card payment on time.
Note that these payment instructions do not apply to Amazon Rewards Visa Signature cardholders. The Amazon Rewards Visa is financed by Chase Bank.
Cynthia Measom contributed to the reporting for this article.
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