The Amazon.com Store Card is an instant approval credit card that is issued by Synchrony Bank and is only accepted for purchases on Amazon.com. On the application page, you’ll see the instant approval language: “Instant credit decision in as little as 15 seconds.” Assuming you are approved, you can start using the card immediately.
You should also note that this card gives paid Amazon Prime members 5% off all Amazon purchases. Amazon Prime members will automatically get the 5%-off perk once they are approved for the store card; other cardholders do not get such a discount.
If you are not a Prime member, this card offers two main features:
- You can buy things on credit at Amazon.com.
- You can finance large purchases a 0% interest rate.
The first point is a bit obvious, but the second requires a bit more information. For Amazon orders totaling from $149 to $598 that you buy with the card, you’ll pay no interest for 6 months, provided you pay off the complete balance in that time. For orders priced $599 or above, you’ll pay no interest for a full 12 months.
One important point to understand, though: You must pay off the FULL balance within the 6-month or 12-month no-interest period. If you do not pay it all off, you will then be charged ALL of the interest that would have accrued since the day you made the purchase, as if there had never been a no-interest offer at all. This card carries a very high 26.49% interest rate, so you don’t want to get stuck with that — pay it off!
There are actually two other 0% interest offers you can take advantage of with this card:
- Pay no interest for 24 months on select high-priced items. Like the offers above, you must pay off every penny in 24 months to avoid paying all the interest since the date of purchase.
- Pay no interest for 12 months on certain specially-marked items. This offer is different than the 0% 12-month offer already mentioned in that it works like an installment loan. The purchase price is divided by 12 and you pay the same amount each month for 12 months to pay off the purchase.
Overall, we don’t recommend this card for most people due to its high interest rate of 26.49% and the potential dangers lurking in most of the no-interest offers. However, if you can handle it, it can be a nice way to finance a purchase without paying any interest.