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Its one of those things. If you know, you know. Easy money.
That's B.S. Wifey and I apply for at least 6-8 cc's/year and our credit rating is around 830/ea. Applying for a cc makes a tiny hit to your cc rating which goes away pretty quickly.
If your credit rating is so bad that your worried about this, then you have bigger financial problems to solve.
The amount of new accounts opened per year is only a small percentage of the overall credit formula. The majority of your score is based on you debt to income ratio. I open around 4 cards per year and sit around 790-810 credit score. That is still in the range to get the best available interest rates.
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I think I signed up for an Amazon card like 10 years ago, for a $50 gift card, then never used the credit card. I just recently canceled my Costco Visa, since I didn't think it was worth keeping (you don't qualify for any Citi perks). I am hoping the Amazon chase card is also eligible for their perks.
I also got 7% during Prime Day on all my purchases, I will have to decide which is going to be primary card, and which backup, this one or my Discover. I also make road trips to Canada, which 90% of the stores do not even take Discover Card for some reason.
I was actually really proud when Amazon finally accepted me for one of these. I tried a bunch of times and finally after years of trying I got it. Funny enough it was one of the few times I've ever felt like an adult lol.
Is the 5% only good for Amazon credit or can you "cash out" for that amount
You can put it towards new amazon orders, transfer to bank, and use as statement credit. There's also gift cards and can be used in the travel portal on the chase app.
Don't know what you consider gigantic but I was approved in 15 seconds for 20K . Will only use for amazon for the 5% cash back & buy alot there, but will use other cards for 2% on everything else. Also more credit available increases credit score.
Sadly I didn't get approved after submitting. I have a 800 credit score, zero debt and just one credit card on file. Just the second CC I applied for in the past 4 years.
Did it give you a reason? You can call the Chase reconsideration line and explain your stituation.
I cancel them after the bonus posts. It frees up the credit for the next card you apply for. (Chase is rather stingy on extending credit on their business cards so you need to free it up.)
If cancelling causes a slight ding on your score, I've never noticed. I'm well into the 800's.
Careful doing this. Other issuers will blacklist you from future sign up offers if they feel like you're gaming the system. Amex in particular hates it.
Already have a Amazon Prime card otherwise this would be a no brainer.
I did however recently got approved for Wells Fargo Active card which is giving $200 credit after spending $500 in 3 months. Planning to remodel the bathroom so will hit $500 easily.
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If your credit rating is so bad that your worried about this, then you have bigger financial problems to solve.
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Need to be a Prime member to get $200 bonus offer -- after that the card stays active like a regular CC (doesn't matter if you keep Prime or not)
The rewards structure is based on your Prime status (card is linked to your Amazon account) -- 5% Prime or 3% non-Prime cash back on Amazon purchases
I also got 7% during Prime Day on all my purchases, I will have to decide which is going to be primary card, and which backup, this one or my Discover. I also make road trips to Canada, which 90% of the stores do not even take Discover Card for some reason.
Need to be a Prime member to get $200 bonus offer -- after that the card stays active like a regular CC (doesn't matter if you keep Prime or not)
The rewards structure is based on your Prime status (card is linked to your Amazon account) -- 5% Prime or 3% non-Prime cash back on Amazon purchases
You can put it towards new amazon orders, transfer to bank, and use as statement credit. There's also gift cards and can be used in the travel portal on the chase app.
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EDIT: HOLY CREDIT LIMIT!!!! Anyone else getting gigantic credit lines?
You're joking right
If cancelling causes a slight ding on your score, I've never noticed. I'm well into the 800's.
I actually did get approved 2 days later when Amazon emailed me about it. I wonder if Amazon themselves override Chase and approved it for me.
I did however recently got approved for Wells Fargo Active card which is giving $200 credit after spending $500 in 3 months. Planning to remodel the bathroom so will hit $500 easily.
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