You will have a difficult time getting the Amazon Store Card with no credit history. According to the Amazon.com website, you will need the following minimum credit scores to have a likely chance of being approved: Excellent (720+); Good (680); and Fair (640).
When you have no credit history, that doesn’t necessarily mean you have a credit score of 0. It means that you’ve yet to establish a pattern of borrowing money and paying it back on time. Payment history is one of the key factors issuers consider before they extend credit to a borrower. If you don’t have at least fair credit, your options of landing any unsecured line of credit with favorable terms and benefits will be limited.
The Amazon Store Card is as advertised. You can only use the card only for Amazon.com purchases. If you don’t pay your credit card bill in full, you’ll be charged interest at a 27.74% APR on any unpaid balance.
To get an Amazon.com Store Card, you will need to come up with a plan to establish credit and build a solid credit profile. You can open a secured credit card account. Cards such as the Capital One Mastercard and Discover Secured card require a minimum initial deposit of $200 to secure your credit limit. With several months of timely payments, you may be eligible for a credit limit increase, a refund of your security deposit, or a transition to an unsecured credit card.
You may also sign on as an authorized user on someone else’s credit card. This allows you to build your credit based on the primary cardholder’s credit history. Be careful, though, if you choose to become an authorized user. Should the primary cardholder’s credit profile take a nosedive, any negative activity will also show up on your credit report.
Once your credit history reaches a healthy level, you may be eligible for the Amazon Rewards Signature Visa card. It’s a co-branded store card that can be used for purchases outside of Amazon.com. You’ll need at least a minimum good credit score (680+) to qualify.
Just try to resist the temptation and avoid applying for too many credit cards is a short amount of time, especially if you’re just starting out with credit. Multiple inquiries on your credit report will shave a few points off your credit score and stall your efforts to build good credit.
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