Chip Lupo, Credit Card Writer
@CLoop
The catch with Amazon credit cards is that you need an Amazon Prime membership to get the best rewards. The Amazon Credit Card gives cardholders who don't belong to Prime lower rewards rates, and you won't earn any ongoing rewards from the Amazon Store Card without Prime.
There's also a hard credit pull when you apply for an Amazon credit card, and other potential costs associated with using the card. Overall, though, the rewards and benefits of Amazon credit cards far outweigh the potential drawbacks.
What to Watch Out for With Amazon Credit Cards
- Prime membership needed for best value. With the Amazon Credit Card, cardholders who have an Amazon Prime membership earn more rewards than those without one. With the Amazon Store Card, cardholders only earn rewards if they have Prime.
- Hard credit pull. When you apply, your credit score will likely drop by 5-10 points. You can easily recover from this with a few months of responsible credit use.
- Interest. If you carry a balance between months with the Amazon Credit Card, you will have to pay interest at an APR of 18.74% - 27.49% (V). For the Amazon Store Card, the APR is 29.49% (V).
- Fees. On the Amazon Credit Card, there is a balance transfer fee, a cash advance fee and a late fee. The Amazon Store Card does not allow balance transfers or cash advances, but there is a late fee.
- Limited store card acceptance. One catch unique to the Amazon Store Card is that it can only be used at Amazon and select merchants that accept Amazon Pay.
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Does the Amazon store card affect your credit score?
Yes, the Amazon Store Card does affect your credit score, but the exact impact depends on how you use the card. If you make your payments on time and keep your credit utilization low, your score should increase, but it will decrease if you don’t.
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Amazon Credit Card Fees
- Annual Fee: $0
- Cash Advance Fee: 4% (min $5)
- Foreign Fee: 0%
- Balance Transfer Fee: 4% (min $5)
- Max Late Fee: $39
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