OtherGround Forums Amazon credit card for idiot's, 28% apr!

6/11/19 11:53 AM
1/1/01
Posts: 59752

This new Amazon card could open the door to a huge segment of U.S. buyers. According to a 2018 FICO survey, more than 11% of the population has a credit score below 550. About 4% of the population has a “bad credit score,” which according to FICO Score is between 300 and 499. Meanwhile according to a 2017 survey by the FDIC, 25% of U.S. households are either unbanked or underbanked.

The program prompts users with financial literacy tools and tips to learn about building credit. For example, it might include a tutorial on why someone should pay a minimum, Quindlen said. Borrowers can eventually “graduate” to an unsecured Amazon credit card once they’ve demonstrated they can pay back the loans.

Mitigating risk

Reaching further down the credit curve comes with risks. Quindlen said they’re mitigating that by issuing what are known as “secured” credit cards. People can deposit $500, for example, and have a $500 credit limit. The interest rate, or APR, for the starter card is 28.24%.

“It’s putting credit in the hands of people in a responsible way,” he said. Stamford, Connecticut-based Synchrony Bank, which is a subsidiary of Synchrony Financial, also issues co-branded credit cards with Lowe’s, Sam’s Club, PayPal, Banana Republic and other companies.

The new card application sits directly next to the other Amazon cards. If a customer doesn’t get approved for an Amazon credit card, they’ll be prompted for this new offering and asked if they want to apply to “Amazon Credit Builder” instead. They can eventually “graduate” to another Amazon store card, once they’ve built credit history, according to Quindlen.

6/11/19 11:56 AM
6/3/03
Posts: 100678

“The interest rate, or APR, for the starter card is 28.24%.”

HOLY SHIT!

6/11/19 11:57 AM
5/24/17
Posts: 2462

That's low here, lots of Apr here in the UK goes into the thousands. Payday loans are usually charged at a 1000% Apr lol

 

6/11/19 12:01 PM
1/1/01
Posts: 59753

Payday loans would make loan sharks blush.  I got to get into that business.

 

Pretty soon Bezos will have millions of serfs to do whatever he wants.

6/11/19 12:11 PM
10/8/18
Posts: 169

Yikes lol. Anyone who signs up for that is a dipshit. 

6/11/19 12:18 PM
12/17/06
Posts: 74419

Western Sky Financial has loan option for you, grey hair white man!

Edited: 6/11/19 12:22 PM
11/9/10
Posts: 67378
Nitecrawler -

“The interest rate, or APR, for the starter card is 28.24%.”

HOLY SHIT!

That's actually not that crazy compared to almost any store credit card. At 28.24% APR it's 2.3% per month. If you carry a ballance on a card like that its on you.

6/11/19 12:23 PM
12/2/05
Posts: 13885
Nitecrawler -

“The interest rate, or APR, for the starter card is 28.24%.”

HOLY SHIT!

And it’s even more rediculous when you consider it’s secured.  Raping people risk free!   And I bet there’s a hefty application fee and annual charge too!

6/11/19 12:24 PM
7/7/10
Posts: 17932
VinegarStrokes -
Nitecrawler -

“The interest rate, or APR, for the starter card is 28.24%.”

HOLY SHIT!

That's actually not that crazy compared to almost any store credit card. At 28.24% APR it's 2.3% per month. If you carry a ballance on a card like that its on you.

Yea most those stores have crazy rates, they are great for discounts but they make it back and more on all the people that don’t pay it on time,

6/11/19 12:32 PM
11/9/10
Posts: 67380
Stea1th -
VinegarStrokes -
Nitecrawler -

“The interest rate, or APR, for the starter card is 28.24%.”

HOLY SHIT!

That's actually not that crazy compared to almost any store credit card. At 28.24% APR it's 2.3% per month. If you carry a ballance on a card like that its on you.

Yea most those stores have crazy rates, they are great for discounts but they make it back and more on all the people that don’t pay it on time,

Almost any reward card carries a pretty high rate like that.

6/11/19 12:54 PM
4/13/12
Posts: 26489

28.75% on a secured credit card?  Thats usury. 

6/11/19 12:56 PM
10/15/13
Posts: 29454
EFM -

28.75% on a secured credit card?  Thats usury. 

Thats usury what, ya chinaman?

6/11/19 12:59 PM
1/1/01
Posts: 95943
EasyTapper - 
Nitecrawler -

“The interest rate, or APR, for the starter card is 28.24%.”

HOLY SHIT!

And it’s even more rediculous when you consider it’s secured.  Raping people risk free!   And I bet there’s a hefty application fee and annual charge too!


That just sounds illegal. 

6/11/19 1:14 PM
12/17/06
Posts: 74427

89.68% lol

62k to pay off a 10k loan

6/11/19 1:28 PM
8/6/11
Posts: 1247
Altofsky -

89.68% lol

62k to pay off a 10k loan

Holee fuk. That's a problem creator, not a problem solver.

6/11/19 1:31 PM
4/20/08
Posts: 21928
Altofsky -

89.68% lol

62k to pay off a 10k loan

My credit was so bad like 13 years ago that they TURNED ME DOWN lol. 

6/11/19 1:36 PM
1/1/01
Posts: 75994
Altofsky -

89.68% lol

62k to pay off a 10k loan

Jesus Christ!! This shouldn't be legal.

6/11/19 1:39 PM
1/1/01
Posts: 75995

I have a bad feeling I'm gonna be in a spot where I have to pay a minimum one of these days. But I currently pay my card in full every single time. Fuuuuuuck paying interest.

6/11/19 1:45 PM
5/9/06
Posts: 28929

Who's going to pay for it when all of the accounts go bad  and the account holders don't give a poop, becuase their credit already sucks?

6/11/19 1:51 PM
6/30/14
Posts: 32025
Morgz - 

Who's going to pay for it when all of the accounts go bad  and the account holders don't give a poop, becuase their credit already sucks?


it is a secured card
6/11/19 2:04 PM
11/25/09
Posts: 4452
Altofsky -

89.68% lol

62k to pay off a 10k loan

Lol hey! I used to be a loan agent for them. Made bank for like 2.5 years. Over 100k both years.

6/11/19 2:06 PM
12/6/14
Posts: 535

My Amazon card that gives me 5% back is 28% apr... The key is so pay it down to just above 1% the card max value before interest hits. If you leave any kind of large amount on cards like that you're ignorant, anv idiot, or both.

6/11/19 2:11 PM
1/19/12
Posts: 30811

High twenties is the standard rate for a co-branded retailer issued card. Sears, et al, had the same rates.

6/11/19 2:13 PM
1/1/01
Posts: 59757
BTTMike -
Altofsky -

89.68% lol

62k to pay off a 10k loan

Lol hey! I used to be a loan agent for them. Made bank for like 2.5 years. Over 100k both years.

Do you feel bad?

6/11/19 2:47 PM
6/12/00
Posts: 36620

I have the Amazon account that's JUST for Amazon, but it's just because you get 5% back on everything you buy and I've never not paid it off at the end of each month.

That 5% adds up fast when you buy as much stuff on Amazon Prime as I do.