Amazon Credit Builder : Deposit-Backed Credit Card for Members with Poor or Bad Credit Score

Amazon Credit Builder is the newest program of the Amazon Store Card, and is extended to Amazon.com members who do not qualify for a regular Amazon Store Card. This new credit offering is designed to give customers with poor or bad credit scores, a chance to build credit card history that will be tracked by TransUnion CreditView.

Offered by Amazon in collaboration with Synchrony Bank, the Amazon Credit Builder comes with the same amenities as the regular Amazon Store Card, including the five percent (5%) cash back reward on every purchase made at the Amazon Store.

An important aspect to understand is that a credit builder account requires a minimum deposit. Amounts of credit-builder purchases including interests, will be limited to the amount required as deposit upon approval of one’s credit-builder card.

It would be wise to look closely at the features and requirements of the Amazon Credit Builder program to determine if this new credit offering will work well for you.

The Finer Details About the Amazon Credit Builder Card

Amazon’s Credit Builder program is touted as a “no annual fee offering,” but an application is still subject to credit approval by Synchrony Bank. Also, know beforehand that in order to qualify, you have to have an Eligible Amazon Prime Membership,

An approved credit-builder account starts off as an Amazon.com Store Card Credit Builder. After seven (7) months from the date of activation, Synchrony Bank automatically evaluates the Amazon.com Store Card Builder to determine if the card holder qualifies for an upgrade into an Amazon Prime Store Card Credit Builder.

Approval of a credit-builder card into a Prime Store Card Credit Builder depends on the cardholder’s payment and other credit history details, which include:

  • Seven (7) consecutive on-time settlement of credit purchases made using the Amazon.com Store Card Credit Builder account over a period of 12 months.
  • The cardholder’s credit file does not show recent records of bankruptcy declaration, foreclosure or repossession proceedings or delinquency events
  • The cardholder meets a credit score qualified under Synchrony Bank’s underwriting criteria.

After seven (7) months as holder of the upgraded Amazon Prime Store Card Credit Builder, Synchrony will once again evaluate if the cardholder qualifies for another upgrade, based on the same set of criteria. This time, evaluation is geared toward determining if the credit-builder qualifies for upgrade as holder of a regular Amazon.com Store Card.

By the way, in order to mitigate its risks as credit provider, Synchrony charges interest on every purchase made using the credit-builder card. Widely known in the credit industry as Annual Percentage Rate or APR, the Amazon.com Store Card Credit Builder interest rate starts at 28.24% per annum.

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Laws Governing eCommerce that You Must Know!

After deliberately thinking whether to start an eCommerce business, you have come to a decision of pushing through. For sure, you are even considering of using ASM course to help you succeed in your endeavor. However, before doing so, you need t keep yourself informed of the laws governing this industry.

Yes it is difficult to provide a complete overview of what you should be following with for your business, having understanding of certain aspects and elements of this business can help a lot in your success. Keep reading because we’ve piled up the most vital things you must comprehend before launching your online store.

Let’s Begin with Copyright, Trademark or Patent

US Patent and Trademark Office (varies from countries) describe Copyright, Trademark and Patent as…

  • Copyright – this protects original works of authorship including dramatic, literary, musical as well as artistic works like novels, poetry, computer software, architecture and songs.
  • Trademark – this is a phrase, word, design and/or symbol that’s symbolizing and distinguishing the source of merchandise. Few notable examples are logos, slogans and brand names.
  • Patent – this is basically limited duration property right that is in relation to granted by US Patent and Trademark Office and invention in exchange for public disclosure of invention.

What You’ve came For

Now that you know the basics of what you should not mess up with in the first place, let’s focus on the things that you must be mindful about before you start any advertisements or marketing strategies online.

Number 1. Compliance to online advertising – believe it or not, there are laws governing how we can’t and can advertise over the web.

Being an entrepreneur, it pays a lot to know that you’re following what’s required.

This protects your consumers and preventing deceptive and unfair marketing practices. This at the same time is great for businesses for fairness and healthy competition.

Number 2. Customer Financial Datathe PCI DSS Compliance is an abbreviation for Payment Card Industry Data Security Standard. Any online retailers should follow this standard. This is especially when they are storing, processing as well as transmitting credit card data. With this, it ensures the security and safety of any financial transactions.

Number 3. Taxes – taxes are comparable to death. It is unavoidable. The same thing goes for eCommerce. This is why you’ll notice that some shops are charging you with shipping and others don’t.

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2019 is the Perfect Year to Invest

Even though the first half of the year 2019 is about to end, it is not yet too late for you to determine what best money habits to pursue this year. Maybe you have already figured out a smart way which is investing and you tried it last year. However, 2018 is not a very good year for our money because it is the year when stock market falls, there are changes in banking royal commission, Trump hysteria, and crashes of property market. 

One of the fastest way to earn money from a small portion of your savings is investing in stocks such as WOT Trading because it is an interesting way to introduce and approach this thematic. If it is your first time to to invest, you might be wondering how much should you be investing. I recommend you to invest 10%–20% of your income gradually, even if it’s not that big. The simple explanation to this is you should not invest you cannot afford to lose. There are risks and some situations are out of our control.

If you are starting to feel like 2019 is the year that you must start investing money then you are right. But where should you invest your money this year? This is a question that is sometimes hard to answer. While we cannot say that investments are guaranteed, we have listed two of the best investment options starting this year:

Stock Market- if you have been keeping yourself posted with the stock market, you will now that there are twists and turns lately and there might be a lot of correction on the way. S&P 500 will have lost all its profit in 2018 by the end of the year. However, if your goal to for long term investment, then you don’t have to worry to much.If you are not comfortable of buying individual stocks, you may consider putting your money in globally diversified, low-cost index funds 

Peer-to-peer lending- this is another place to invest your funds. There are platforms that let you borrow money to individuals where you will get the interest when they pay off the loan. While the return may vary depending on how risky your choices, the interest may go up to 6% or more. If you are afraid that someone may run away when you let them loan money from you, platform like Lending Club allows you to diversify your investments to over hundreds of loans in increments as small as $25.

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