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Amazon Secured Card - Amazon Secured Store Credit Card Review - YouTube
Channel: CreditFast
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so this is gonna be an interesting
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review we're gonna see how much shade i
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happen to throw on the amazon secured
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card
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or maybe i'll be nice
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we'll see
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most of my reviews including this one
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are not sponsored so i don't hold back
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i really hope that amazon or synchrony
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is not watching this but if they do they
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could get some constructive feedback
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from what i have to say and what people
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have to say in the comments to make this
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card better because it should be better
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i am reviewing the amazon secured card
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and in this video i am going to detail
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all the facts about this particular
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secured credit card i'm going to tell
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you the pros and cons but what left me
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very confused about this
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secured store card is that
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this card is so unusual because it has
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about an equal amount of people liking
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it and disliking it at the same time
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i really don't know what to think so i'm
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asking in the beginning of this video
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that if anybody has this card or applied
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for this card if they could please leave
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a comment below telling us whether it's
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worth having or not i want to help
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viewers make the best possible decision
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on which credit card to apply for and
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with your help i think we can do that
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so as you can see here there are about
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1500 different reviews on this store
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card from amazon the secured card
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and they are both positive and negative
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here's the top positive review and the
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top negative review you can see here
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that some people strongly believe in
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this card and while others do not
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so even before you decide
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to just apply for the amazon secured
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card i do recommend that you take a look
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at some other secured credit cards that
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could possibly be a better fit for you i
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review secured credit cards all the time
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i have a playlist i put the link in the
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description check it out later to see if
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there might be an offer a little better
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suited for you
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as far as my research goes
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this secured card with amazon is the
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only secured card i could find with
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synchrony bank
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it doesn't seem like they have as much
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experience with offering a secure form
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of credit
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one thing syncrd bank does not do in
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comparing with other
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banks that offer secured credit cards is
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that they have no pre-qualification
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application for this card
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and
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they do have these type of
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pre-qualification applications for other
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credit cards that they offer their other
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store cards for example the old navy
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store card you can pre-qualify before
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you do the official application
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and
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the problem with this amazon
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synchrony secured card is that when you
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do the application it's going to be
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a application that will automatically
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right from the beginning give you hard
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credit inquiry and unfortunately
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many reviewers have said that they not
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only received one hard credit inquiry
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but two
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some people stated that they didn't have
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that bad of credit and they still got
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denied
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and other people had no problem getting
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approved for this secured credit card
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i i believe that the the feelings of the
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people that get
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got denied for was that
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it was a little too
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picky on who they approved when this is
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a secured credit card
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with a security deposit
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so this is what you get the amazon
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secured card
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when you join prime you'll get two
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percent back on all your purchases
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at amazon.com amazon fresh and more with
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an eligible prime membership there is no
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annual fee and there is a very low apr
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for a secured card at only 10
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and they will offer you free tracking
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tools access to transunion credit view
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dashboard to track your credit score
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with synchrony bank store cards
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themselves there are mixed reviews i
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have a few accounts opened with
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synchrony and i'm pretty neutral on my
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opinion with them because i really
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haven't had anything bad happen with
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those store cards currently i do have
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the walgreens store card that is issued
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with synchrony and i've gone through a
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couple of billing cycles i have no
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problems with it so i have nothing
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really against synchrony bank however
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other people have had different
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experiences synchrony bank offers a lot
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of different store cards and they
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oftentimes will approve people with fair
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credit
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so one complaint i oftentimes saw in the
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comments section was that people had
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difficulties in funding their accounts
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and it was detailed whether they just
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had trouble putting the money in or
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they couldn't find where to put their
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money they did not
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appear
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to have
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an active account waiting for funding
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so again if you've experienced something
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like this
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in trying to get this card please leave
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a comment below lettings letting us know
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exactly what happened so if you're at
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that point where you're deciding which
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secured credit card
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to apply for please visit creditfast.com
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to learn more about these cards and
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if you use these links it helps support
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my channel and i thank you so when you
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apply for the amazon secured card
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they're going to give you a possible
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credit line say of 750
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from there you have a decision to make
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how much you want to put down it can be
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anywhere from the minimum of 100
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up to 750
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and let's say for example in this
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example you decide to put 550 down as a
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security deposit then your credit line
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becomes 550
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so if you're liking this video i'm doing
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today on the amazon secured card i'd
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appreciate it so much if you could hit
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that like button and if you want to see
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my future upcoming videos make sure you
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hit the subscribe and bell notification
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so after you have this card for at least
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12 months and as long as your account is
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in good standing this is at the time
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when
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synchrony bank may decide to
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turn your card from secured to unsecured
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they're going to give you the option of
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whether you want to
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upgrade your account once you do that
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your
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rewards will go from two percent to five
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percent but unfortunately your interest
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rate also goes up because with the
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secured version there is a much lower
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interest rate in comparison to other
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secured cards in general now with the
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amazon secured card you are not able to
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use this card at whole foods but you can
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use it at the other amazon
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grocery store amazon fresh
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so keep that in mind and i'm going to
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show you this card over here basically
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detailing where you're able to use this
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secured card and where you're not the
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most important thing with this is that
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you can use the secured credit card on
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amazon.com and that was the whole point
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of
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applying for this secured credit card so
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here are the pros of the amazon secured
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card
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there is a low security deposit there is
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no annual fee you have the option to
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upgrade it later from secured to
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unsecured
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and
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your points don't expire
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so these are the cons of the amazon
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secured credit card
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you do not earn two percent rewards
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unless you are a prime member
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and
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the other thing is that you're only
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earning two percent rewards with the
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secured store card versus earning five
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percent in rewards with the unsecured
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amazon card from synchrony you'll have
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to wait at least 12 months in order to
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have this card graduate to unsecured
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and you can only use this with amazon
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versus a typical secured credit card
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which is a major credit card that you
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can use anywhere you want
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so what do i think of the amazon secured
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credit card well
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i think it's okay it all depends on how
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you feel about it and your situation
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personally for me i
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think that i would rather and this is
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actually what i did do when i was
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rebuilding credit they didn't have the
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amazon secured card so that wasn't an
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option for me but what i did do is i
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built up my credit score and after that
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i applied for the chase amazon visa card
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and i got approved
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and i do believe that it is helpful to
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have
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some kind of amazon
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credit card whether it's the amazon
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store card from synchrony or the chase
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amazon visa if you're a regular shopper
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with amazon you're going there all the
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time
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it is helpful to start earning rewards
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with amazon especially
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if you're a prime member so this is
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another thing about how i feel about the
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amazon store card now
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this card is a store card so you can't
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use it outside of amazon
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and with your typical secured credit
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card they are major credit cards and you
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can use it anywhere you would like so if
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you have
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problems coming up with a security
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deposit and the amazon secured card only
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requires a minimum of 100
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then this secured card could be just
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perfect for you but if you have watched
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my videos before you've heard me talk
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about different secured credit cards and
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you would know that i
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would
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talk about the capital one secured card
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and the benefit of your security deposit
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being anywhere from forty nine
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dollars ninety nine dollars or two
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hundred dollars for a
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two hundred dollar credit line so
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imagine this if you go
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to do the pre-qualification application
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so you're not going to see a hard credit
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inquiry
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if you do that
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and they pre-approve you for either a
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capital one secured card with a forty
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nine dollar security deposit or a ninety
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nine dollar security deposit you're
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going to have a secured card
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with a two hundred dollar line of credit
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and you can use that card it's a major
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credit card you can use it anywhere
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major credit cards are accepted
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once you decide to do the official
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application you will get a hard credit
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inquiry but you will also get that
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secured credit card
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so this is why there's a benefit to
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watching my videos and if you want to
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see more videos like the one i'm doing
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today to learn about different things
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about credit cards make sure you
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subscribe to this channel
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so are you interested in getting the
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amazon secured card if you are let us
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know in the comments below whether you
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want to get this card or not
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and to learn more about different
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secured credit cards check these videos
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out here
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and i'll see you next time don't forget
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to like and subscribe
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