Amazon is a well-known online retailer that provides a wide range of products and services to millions of customers worldwide. One of their most popular services is financing options, such as the Amazon Store Card. Whether you’re looking to make a personal purchase or need financing for your business, Amazon offers various types of financing to meet your needs.
In this article, we will provide a comprehensive guide to Amazon Store Card financing. We will explore the different types of financing options available, including credit card options, Amazon Prime benefits, and financing terms and rates.
Additionally, we will examine alternative financing options available, such as Affirm and Amazon Business Line of Credit, and discuss the benefits of Amazon VISA credit cards. By the end of this article, you will have a clear understanding of the different financing options available through Amazon and how you can take advantage of them to make your purchases more affordable.
Types of Financing
Various financing options are available to individual and corporate customers at Amazon, including equal monthly payment plans, credit cards offered by Amazon, and other financing products with varying terms, interest rates, and loan amounts, such as Amazon Business Line of Credit and pay with Affirm over time.
Customers can apply for one of the credit cards offered by Amazon or use the monthly installment plans. Amazon Prime membership comes with additional benefits of low APR and cashback rewards.
One of the flagship financing options for Amazon customers is the Amazon store card, issued in partnership with Synchrony bank. This card is available for both Prime and non-Prime members, with the same financing options.
Store card members can upgrade to Prime membership using this card anytime and enjoy a further discount of 5% cashback when they upgrade their memberships. The Amazon store card comes with zero annual fee and a sign-up bonus of $10, while the normal APR rate is 25.99%. However, customers can also opt for the equal pay and special financing options, depending on their purchase amount and preferences.
Credit Card Options
Different types of credit cards are available for Amazon customers, with varying benefits such as low APR and cashback rewards. Amazon has partnered with major financial institutions such as VISA, Citi bank, Chase, and Synchrony to offer credit cards to its customers.
The Amazon Prime membership comes with additional benefits of low APR and cashback rewards, making it an attractive option for frequent Amazon shoppers.
The flagship store card issued in collaboration with Synchrony bank is available for both Prime and non-Prime members, offering the same financing options. However, Amazon VISA Prime cardholders can enjoy higher cashback rewards and lower APR compared to the Signature card.
The VISA Prime and Signature cards have zero annual card fees and zero foreign transaction fees, with a 0% APR for a loan term of 6-18 months. Customers can choose between cashback rewards or 0% APR with these cards, as both offers are mutually exclusive.
Amazon Prime Benefits
The Amazon Prime membership offers a range of benefits, including low APR and cashback rewards on credit card purchases, making it an attractive option for frequent shoppers.
Prime members can enjoy not only the convenience of free two-day shipping on eligible items, but also access to Amazon Music, Prime Video, and Prime Reading. Moreover, they can save more on groceries with Prime Pantry and enjoy early access to select lightning deals.
In terms of credit card benefits, Amazon offers a Prime Rewards Visa Signature card that provides 5% cashback on eligible purchases at Amazon.com and Whole Foods Market, 2% cashback at restaurants, gas stations, and drugstores, and 1% cashback on all other purchases.
Prime members can also apply for an Amazon Prime Store Card that provides 5% cashback on eligible purchases at Amazon.com and Whole Foods Market, as well as special financing options for purchases over $150. These benefits, combined with the convenience of shopping at Amazon, make the Prime membership a valuable asset for those who frequently shop online.
Financing Terms and Rates
Financing terms and rates vary by the type of credit card or financing option offered by the Amazon store and its affiliates, with interest rates ranging from 0% to 30% and loan periods ranging from 3 to 48 months depending on the borrower’s creditworthiness and the amount financed. For example, the equal pay plan requires six, twelve, or twenty-four equal monthly payments for purchases of $150, $600, or $1,200 or more, respectively, with a standard APR of 25.99% applying after the promotional period. On the other hand, the special finance promotion requires six, twelve, or twenty-four monthly payments for purchases of $150, $600, or $800 or more, respectively, with a standard APR of 25.99% applying after the promotional period.
To give a clearer overview, the following table provides a summary of the financing options offered by Amazon and their corresponding terms and rates:
| Financing Option | Loan Period | Interest Rate | Minimum Purchase Amount |
|---|---|---|---|
| Equal Pay Plan | 6, 12, or 24 months | 0% APR during promotional period, 25.99% APR after | $150, $600, or $1,200 or more |
| Special Finance Promotion | 6, 12, or 24 months | 0% APR during promotional period, 25.99% APR after | $150, $600, or $800 or more |
| Amazon Business Line of Credit | Up to 55 days | No interest or fees | N/A |
| Amazon Business Pay by Invoice | N/A | N/A | N/A |
| Amazon Business American Express | N/A | Varies | N/A |
| Amazon VISA Prime and Signature Cards | 6-18 months | 0% APR during promotional period, 14%-22% APR after | N/A |
| Affirm Financing | 3-48 months | 10-30% APR | N/A |
It is important to note that approval criteria for these financing options are not officially published, but customers can expect to get approved with an average credit score and should not have a bankruptcy or a default in their recent credit history. Additionally, the financing approved can only be used at the Amazon store and its affiliate web stores.
Alternative Financing Options
Alternative financing options available to customers at Amazon and its affiliate web stores are designed to cater to a variety of customer needs and preferences. One such option is the Equal Monthly Payment plan, which is offered in partnership with Citi bank. This plan allows customers to make purchases and pay them off over time with equal monthly payments and a fixed interest rate. The interest rate is determined by the amount of the purchase and the length of the repayment term, which can range from 3 to 60 months.
This financing option is available to both individual and corporate customers, and the approval process is quick and easy. Another alternative financing option available to customers at Amazon is the Pay with Affirm Over Time plan. This plan allows customers to spread their purchases over a fixed period with interest rates ranging from 0% to 30%. The repayment term can be as short as 3 months or as long as 48 months, depending on the amount of the purchase and the customer’s creditworthiness.
This option is ideal for customers who want to budget their purchases over time and avoid high-interest credit cards. Overall, Amazon offers a wide range of financing options that cater to different customer needs and preferences, making it a convenient and accessible shopping destination for all.