SEATTLE, Wash. (NBC) – Amazon is launching a new credit card for consumers who have no credit or bad credit, finding a new way to get its rewards cards into more hands.
It’s called “Amazon Credit Builder,” a new program in partnership with Synchrony Financial that offers shoppers a way to get Amazon’s Rewards credit card that may otherwise not be eligible.
The new card, described as a “secured credit card,” has no annual fee and offers 5% back on eligible purchases.
It works like any other credit card except cardholders must make a refundable security deposit that becomes a customer’s line of credit.
The card can only be used for purchases on Amazon.com or with merchants that offer Amazon Pay.
Cardholders can eventually upgrade to an unsecured Amazon credit card after it’s determined the account is in good standing and the deposit will be refunded at that time.