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Amazon Prime Secured Card review Build credit and earn rewards at Amazon com

Written by Author, Award-Winning Writer Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing Feb. 3, 2022 Edited by Itzel Garcia Ruiz Reviewed by Senior Editor, Credit Card Product News Emily Sherman is a senior editor for CreditCards.com and Bankrate Credit Cards, specializing in product news and recommendations. She has worked as a writer and editor in the Feb. 3, 2022

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Snapshot

3.0 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bottom line The Amazon Prime Secured Card lets users build credit while they earn 2 percent back on eligible Amazon purchases. A security deposit of at least $100 is required to get started, yet this card helps you when others won’t. The best part? There’s no annual fee. in the fact you have to put down a cash deposit as collateral. However, this card is also available to a broader range of credit profiles, including people with a low credit score or no credit history at all. Users can earn 2 percent back as they shop on Amazon.com, and free credit tracking tools make it easier to see your credit progress over time. This Amazon Prime Secured Card works or , as well as those who frequently shop on Amazon for food or supplies.

What are the pros and cons

Pros

You can report your credit balances and payments to the , which will help you build credit and with time. No annual fee. Earn cash back on eligible Amazon purchases including food purchases made with Amazon Fresh, with an eligible Amazon Prime membership. Low starting lower than the average APR for all credit cards combined, which applies when you carry a balance. After you have used your secured card responsibly for 12 months, you can that earns 5 percent back on eligible purchases. Fully refundable security deposit whether you upgrade this card to the Amazon Store Card or you close your account in good standing.

Cons

Amazon Prime membership required, which requires on its own. You need to put down cash to build credit and earn rewards with this card. Credit limits may be as low as $100, and the maximum you can be approved for is $1,000. No welcome offer. If you upgrade your card to a store card after 12 months, you’ll pay a high 25.99 percent variable APR on revolving balances.

A deeper look into the current card offer

Quick highlights

Rewards rate: Earn 2 percent back on Amazon purchases with an eligible Amazon Prime membership Welcome offer: N/A Annual fee: $0 Purchase intro APR: N/A Balance transfer intro APR: N/A Regular APR: 10.00 percent fixed APR

Current welcome offer

The Amazon Prime Secured Card does not offer a welcome bonus of any kind, although this is pretty common among .

Rewards rate

Cardholders who choose to with the Amazon Prime Secured Card also get the benefit of earning 2 percent back on purchases provided they are Amazon Prime members. This rewards rate is , particularly since it applies to grocery delivery purchases made through Amazon Fresh. However, it's important to note that the Amazon Prime Secured Card cannot be used for anything other than eligible Amazon purchases. For example, you cannot use it at grocery stores, gas stations or restaurants like you can with some other secured credit cards.

How you earn

Sign up to earn 2 percent back in rewards on eligible Amazon.com purchases, which can include Amazon shopping and grocery delivery through Amazon Fresh. This rate is very good for eligible purchases, particularly since the Amazon Prime Secured Card charges .

How to redeem

Once you are ready to cash in the rewards you have earned, you can redeem rewards directly for Amazon.com purchases. You can also redeem your rewards points as a one-time statement credit, or you can set up your account to automatically redeem your available rewards balance for a statement credit at the end of each billing cycle. The card's issuer, Synchrony Bank, notes that your account has to be in good standing in order to be eligible for rewards redemptions.

How much are the rewards worth

Rewards earned with this card are offered in the form of , so calculating your rewards value is simple. For example, 2 percent back with this card translates to $2 in rewards for every $100 you spend.

Other cardholder perks

The Amazon Prime Secured Card doesn't offer many benefits, but this is common among secured credit cards. Since this card is mostly for building credit with the secondary benefit of earning rewards, most of its perks center around these two features.

Credit-building tools and features

This secured card is easy to get approved for, which is a major benefit if you need to build credit but cannot get approved for an . Other credit-building features are available through a TransUnion CreditView dashboard, which lets you track your credit score and progress in real-time.

Upgrade your card after 12 months

Also note that you may be eligible to upgrade to an Amazon Store Card after you use the Amazon Prime Secured Card responsibly for 12 months. For the most part, this means keeping debt at a reasonable level and always paying your bill on time. If you upgrade to an Amazon Store Card, you'll get your full security deposit back.

Rates and fees

The Amazon Prime Secured Card comes with no annual fee required, which is a major plus. In the meantime, the fixed APR of 10 percent is considerably lower than the , which is currently a little over 16 percent. Also be aware that the Amazon Prime Secured Card charges a late fee of just $5, which is considerably lower than other cards charge.

How the Amazon Prime Secured Card compares to other secured credit cards

Before you sign up for the Amazon Prime Secured Card for the purpose of building credit, you should check out other secured credit cards and what they have to offer. The following options also let you build credit and earn rewards with no annual fee.

Amazon Secured Card

star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bankrate Score Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. Annual fee Intro offer Intro offer is not available to this Synchrony credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Discover it® Secured Credit Card

on Discover's secure site Annual fee Intro offer Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match. Rewards rate Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Earn unlimited 1% cash back on all other purchases – automatically. Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Bank of America® Unlimited Cash Rewards Secured credit card

Annual fee Intro offer Intro offer is not available to this Bank of America credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Amazon Prime Secured Card vs the Discover it® Secured Credit Card

Since the is a Discover credit card, you can use it nearly anywhere you shop in-person or online. You'll also earn cash back rewards on everything you buy, and Discover will even double all the rewards you earn after year one. There's no annual fee, either. However, it's worth noting you need a security deposit of at least $200 with this card. This is double the minimum deposit for the Amazon Prime Secured Card.

Amazon Prime Secured Card vs the Bank of America® Unlimited Cash Rewards Secured Credit Card

First off, you should know that the is a Visa credit card that can be used nearly anywhere around the world. You also earn 1.5 percent cash back on all purchases with no annual fee required, and your credit limit can be as high as $4,900 with an equal security deposit. However, a minimum security deposit of $300 is required to get this card, which can make it a tough option if you need to build credit but cash is tight right now.

Best cards to pair with this card

If you decide to pair the Amazon Prime Secured Card with another card, you may be able to earn rewards on non-Amazon purchases and add even more depth to your credit history. We can suggest other secured cards on the market today that earn rewards, including the Discover it® Secured Credit Card and the Bank of America® Unlimited Cash Rewards Secured Credit Card we profile above. Just remember that you'll have to make separate security deposits for each secured card you apply for, which could be a costly barrier considering both of the mentioned cards have higher minimum security deposit requirements.

Bankrate s Take Is the Amazon Prime Secured Card worth it

If you want to build credit with a credit card and you are already an Amazon Prime member, the Amazon Prime Secured Card could be the right card for you. The fact you can only use it for Amazon purchases could be a pro or a con depending on your needs. For example, you may feel limited by this fact and wind up wishing you got a secured card that's a Visa, Mastercard or Discover card instead. On the flip side, you might feel like an Amazon-only card lets you build credit in a slow, deliberate way without extra temptation to spend. Take our advice: Compare the Amazon Prime Secured Card to you might be interested in, then decide which features you care the most about. If you are a big Amazon shopper anyway, the Amazon Prime Secured Card might be just what the doctor ordered.

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Written by Holly D. Johnson Author, Award-Winning Writer Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Edited by Itzel Garcia Ruiz Reviewed by Senior Editor, Credit Card Product News

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Bankrate.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which Bankrate.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Bankrate.com does not include the entire universe of available financial or credit offers.
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