June 11, 2019
Amazon has launched a co-branded credit card with Synchrony Financial, called Amazon Credit Builder, aimed at providing access to underbanked consumers who normally would not qualify for traditional credit lines, a spokesperson for Synchrony confirmed via email.
The partnership offers users some of the same benefits, like 5% cashback on purchases, as the co-branded card product already in the market from Synchrony and Amazon. To get the cash rebate, cardholders need to be eligible members of Amazon Prime, according to the Amazon website.
The Credit Builder card is secure, which means the initial credit line can only go as high as a deposit from the applicant. The initial deposit can range anywhere from $100 to $1,000, according to the website. A cardholder can eventually qualify for a regular card after demonstrating the ability to make payments. Synchrony will review a cardholder for an upgrade as soon as seven months after opening the account, according to the site.
The program also includes access to a Transunion CreditView dashboard and credit education tools to help cardholders better manage their finances.
Topics: Mobile Banking, Mobile Payments, Retail
Companies: Synchrony Financial, Amazon
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