How Hard Is It to Get an Amazon Credit Card?

Getting an Amazon credit card isn’t like scaling Everest, but it’s not a walk in the park either. The difficulty largely hinges on your credit score and overall creditworthiness. Generally, you’ll need a good to excellent credit score (typically 670 or higher) to be approved for most Amazon credit cards. However, Amazon offers different cards catering to a wider range of credit profiles, so even if your score isn’t stellar, you might still have options. This article will break down the requirements, card types, and insider tips to help you assess your chances and boost your approval odds.

Understanding the Amazon Credit Card Landscape

Amazon offers a few different credit card options, primarily through partnerships with Chase Bank. Each card caters to a different segment of consumers, with varying benefits and eligibility requirements. Understanding these differences is crucial for determining which card you’re most likely to be approved for.

The Amazon Prime Rewards Visa Signature Card

This is arguably the most popular Amazon credit card, and for good reason. It offers a generous 5% back on purchases at Amazon.com and Whole Foods Market for Prime members. You’ll also earn 2% back at restaurants and gas stations and 1% back on all other purchases.

Credit Score Requirement: Typically requires a good to excellent credit score (670+).

Why it’s harder to get: The richer rewards program makes it more selective. Chase wants to ensure you’re a responsible borrower who can handle credit wisely.

The Amazon Rewards Visa Signature Card

This card is the non-Prime version of the previous one. The primary difference is the rewards rate on Amazon purchases.

Rewards Rate: Earns 3% back on purchases at Amazon.com and Whole Foods Market, 2% back at restaurants and gas stations, and 1% back on all other purchases.

Credit Score Requirement: Similar to the Prime Rewards Visa Signature Card, a good to excellent credit score (670+) is generally needed.

Why it’s harder to get: While the rewards are slightly less lucrative than the Prime version, the creditworthiness requirements remain largely the same.

The Amazon Store Card

Unlike the Visa cards, the Amazon Store Card can only be used for purchases at Amazon.com. This card is issued by Synchrony Bank.

Benefits: Offers special financing options on select Amazon purchases, such as 6, 12, or even 24 months of promotional financing (deferred interest). It also offers 5% back for Prime members and 5% back for non-Prime members, but this benefit is only available at certain times, and in certain stores.

Credit Score Requirement: This card is generally easier to get than the Visa options, often approving applicants with a fair credit score (620-669).

Why it’s easier to get: Because it’s restricted to Amazon purchases, Synchrony Bank views it as less risky, leading to more lenient approval standards.

Factors Influencing Your Approval Odds

Beyond your credit score, several other factors play a significant role in determining whether you’ll be approved for an Amazon credit card.

Credit History

Your credit history is a detailed record of your borrowing and repayment behavior. Lenders look at the length of your credit history, the types of credit accounts you have, and your payment history. A longer, more positive credit history increases your chances of approval.

Key Considerations:

• Payment history: Do you consistently pay your bills on time?
• Credit utilization: How much of your available credit are you using? Keep it below 30% for optimal results.
• Age of accounts: A longer credit history is generally viewed more favorably.
• Derogatory marks: Bankruptcies, foreclosures, and collection accounts will negatively impact your approval odds.

Income

Your income demonstrates your ability to repay the debt you’re incurring. A higher income generally makes you a more attractive applicant. While you don’t need to be wealthy, you must show a stable and sufficient income stream.

Tips:

• Be accurate and truthful when reporting your income.
• Include all sources of income, such as salary, wages, self-employment income, and investment income.

Debt-to-Income Ratio (DTI)

Your debt-to-income ratio (DTI) compares your monthly debt payments to your gross monthly income. A lower DTI indicates that you have more disposable income and are better able to manage additional debt. Lenders generally prefer a DTI below 43%.

Calculation: (Total Monthly Debt Payments / Gross Monthly Income) x 100

Application Information

Accuracy is paramount when filling out the application. Ensure all information is correct and complete. Any discrepancies can raise red flags and lead to denial.

Common Mistakes to Avoid:

• Incorrect Social Security number
• Typographical errors in your name or address
• Underreporting or overreporting income

Strategies to Improve Your Approval Chances

If you’re not immediately approved, don’t despair. There are steps you can take to improve your creditworthiness and increase your chances of approval in the future.

Check Your Credit Report

Obtain a copy of your credit report from all three major credit bureaus (Equifax, Experian, and TransUnion). Review it carefully for errors and dispute any inaccuracies. Correcting errors can significantly boost your credit score.

Pay Down Debt

Reducing your credit card balances will lower your credit utilization ratio and improve your credit score. Focus on paying down high-interest debt first.

Avoid Applying for Multiple Credit Cards at Once

Applying for too many credit cards in a short period can negatively impact your credit score. Each application triggers a hard inquiry, which can lower your score.

Become an Authorized User

If you have a friend or family member with a responsible credit history, ask if you can become an authorized user on their credit card. This can help you build credit quickly and easily.

Consider a Secured Credit Card

If you have a limited or damaged credit history, a secured credit card can be a good option. These cards require a security deposit, which typically serves as your credit limit. Responsible use can help you build or rebuild your credit.

Frequently Asked Questions (FAQs)

1. What credit score is needed for the Amazon Prime Rewards Visa Signature Card?

Generally, you’ll need a good to excellent credit score (670+) to be approved. However, approval isn’t guaranteed, and other factors like income and credit history also play a role.

2. Is it easier to get the Amazon Store Card compared to the Amazon Visa cards?

Yes, the Amazon Store Card is typically easier to get because it’s restricted to Amazon purchases. It often approves applicants with fair credit (620-669).

3. What happens if I’m denied for an Amazon credit card?

You’ll receive a denial letter explaining the reasons for the rejection. Use this information to identify areas where you can improve your creditworthiness.

4. How long does it take to get approved for an Amazon credit card?

Many applicants receive an instant decision upon submitting their application. However, some applications may require further review, which can take a few days or even weeks.

5. Does being an Amazon Prime member increase my chances of approval?

While being an Amazon Prime member doesn’t automatically guarantee approval, it may be viewed favorably by lenders as it indicates a certain level of financial stability and engagement with Amazon’s ecosystem.

6. Can I get an Amazon credit card if I have a limited credit history?

If you have a limited credit history, consider applying for the Amazon Store Card, as it’s generally easier to get. Alternatively, focus on building your credit by becoming an authorized user or getting a secured credit card.

7. Will applying for an Amazon credit card affect my credit score?

Yes, applying for any credit card will result in a hard inquiry on your credit report, which can slightly lower your credit score.

8. What are the benefits of having an Amazon credit card?

The benefits vary depending on the card, but common perks include cash back rewards on Amazon purchases, at restaurants and gas stations, and special financing options on select items.

9. Can I use my Amazon credit card anywhere?

The Amazon Rewards Visa Signature Card and the Amazon Prime Rewards Visa Signature Card can be used anywhere that Visa is accepted. The Amazon Store Card can only be used on Amazon.com.

10. What is the interest rate on Amazon credit cards?

The interest rate (APR) varies based on your creditworthiness and the prevailing market rates. You’ll find the specific APR disclosed during the application process.

11. How do I redeem my Amazon credit card rewards?

You can redeem your rewards as a statement credit, for Amazon.com purchases, or even cash back. The redemption options may vary slightly depending on the card.

12. Are there any annual fees associated with Amazon credit cards?

The Amazon Rewards Visa Signature Card, and the Amazon Prime Rewards Visa Signature Card have no annual fee. The Amazon Store Card also carries no annual fee.

By understanding the requirements and implementing these strategies, you can significantly improve your chances of getting approved for an Amazon credit card and start enjoying the rewards and benefits it offers. Remember to always practice responsible credit management to maintain a healthy credit profile.