Synchrony Financial and Amazon are partnering on a credit card for those who might not have good enough credit to get one otherwise.
“Amazon Credit Builder” lets users build up credit through a secured card, alongside budgeting tools and tips. It allows people eventually to “graduate” to another Amazon Store card once they’ve established credit. “It’s putting credit in the hands of people in a responsible way,” says Tom Quindlen, Synchrony executive vice president and CEO of the bank's retail card operation.is finding a way to get its rewards credit card in the hands of more people.to launch "Amazon Credit Builder" — a program that lends to shoppers with no credit history or bad credit, who would otherwise be exempt from Amazon's loyalty cards.
"There's always going to be people that we can't give credit to — this is a large population that we weren't able to reach," Tom Quindlen, Synchrony executive vice president and CEO of the bank's retail card operation, told CNBC in a phone interview. "It's a new segment of the market." The card has the same perks, like 5% cash back on purchases, that come with the popular Amazon Store card, which Synchrony also powers. These rewards cards incentivize shoppers to use Amazon instead of an alternative and helps drive loyalty within its customer base, Quindlen said. Banks such as J.P. Morgan have also bet on rewards cards that would theoretically make customers spend more and in turn bring in more interest and returns.
The 5% cash back is good. If they offered that on all purchases, I’d get it
Isn’t this how Fed’s trillions of printed monies being used? Corp America buying back shares and increasing private consumption debt? How about all talks of business lending and wages growth? Hogwash?
28% is loan shark rates. At a time when interest rates are still near historic lows. Criminal.
28%?!?!? This is exactly the way people get into credit card debt.
28%..? How could that not be considered usurious..?
28% that’s terrible...I hope people don’t fall for it just because of the name...
Great idea, we haven’t had a leveraged loans financial crisis yet, very good opportunity to repeat 2007, can’t wait. ❤️
Paying 28% on your own money is not a good deal!
An Amazon card for people with bad credit. Will they call it “Amazon Sub-Prime”?
Their credit will only get worse when they max their 500 limit in a month and have 28% interest payments they can’t afford.
Persian famine of 1917–1919 The .'Persian holocaust.' !