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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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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.
Do you close all those accounts too? Does that hit your credit harder?
Thanks! Got approved. I have a weird and long name that is VERY hard to get approved with a weird character in it , My own bank can't even give me an accurate CC score. I got injured at work and a credit check is ran for some strange reason and it became a nightmare to get it approved as they couldn't prove my ID. Got instantly approved for this which was nice surprise. It literally must be a crapshot after reading these comments.
I am a Prime member but I may not be in the future. Do I need to maintain my prime membership to keep using this card and keep getting the benefits?
Will I get 5% Cashback in Amazon purchases even after I cancel my prime membership?
5% only applies while you have prime - though it's reinstated if you rejoin prime, and only falls to 3% when you don't. So if you plan to join prime sporadically (Prime day, black friday, etc), and do most of your shopping then, you'll get your 5%. But if you're swearing off Prime for good, you'll only get 3.
I read somewhere (can't remember where now) that Amazon had gotten rid of it's grace period and since I like to pay my cards in full each month before interest, that was a deal breaker for me. But now I'm seeing conflicting information. Can anybody let me know if Amazon does have a grace period or not on newly issued accounts?
Edit* it was one of the card reviews on their site and it was not the grace period it was for rollover balances being charged extra interest. Here is the quote
"I received my first statement and paid all but $25 (by accident, meant to pay in full) on time. So my carryover balance was $25, which I would expect to be charged interest for. However, on the next statement I see I have been charged interest for the full balance PLUS my new purchases, of which I was still within the grace period at that point. This happened again the following month. So I called Chase and was told that for this particular card, if you don't pay the balance in full they charge interest on the TOTAL balance - not the carry-over balance like most other credit cards, which in my case was $25 - PLUS they will forego the grace period on your current purchases! I told them I won't be using this card anymore, and that this is predatory."
I read somewhere (can't remember where now) that Amazon had gotten rid of it's grace period and since I like to pay my cards in full each month before interest, that was a deal breaker for me. But now I'm seeing conflicting information. Can anybody let me know if Amazon does have a grace period or not on newly issued accounts?
Edit* it was one of the card reviews on their site and it was not the grace period it was for rollover balances being charged extra interest. Here is the quote
"I received my first statement and paid all but $25 (by accident, meant to pay in full) on time. So my carryover balance was $25, which I would expect to be charged interest for. However, on the next statement I see I have been charged interest for the full balance PLUS my new purchases, of which I was still within the grace period at that point. This happened again the following month. So I called Chase and was told that for this particular card, if you don't pay the balance in full they charge interest on the TOTAL balance - not the carry-over balance like most other credit cards, which in my case was $25 - PLUS they will forego the grace period on your current purchases! I told them I won't be using this card anymore, and that this is predatory."
I think its like that for all CCs -- if you don't pay in full for a month then your grace period goes away and all purchases are charged interest until you pay off the card (grace period should come back the month after you've paid it off when you're no longer carrying a balance)
I use mine once in a while to make random purchases when needed -- I wait for the statement to generate then pay the statement amount by due date without any issue. No interest charges for me just like other CCs since I'm not carrying a balance and pay statement amount in full each cycle
Do you close all those accounts too? Does that hit your credit harder?
Closing an account has minimal impact. I usually close all but a couple Chase business card accounts because Chase is really stingy at extending credit for their business cards. (unlike personal cards) Chase doesn't seem to care how many business cards you have but they do care about the total amount of credit extended.
So my wife has the Amazon Prime account in her name. I have the solid credit though. Can I apply under her account and have it loaded to her account? Guessing they won't let spouses do that since name on Prime Account needs to match cc.
Closing an account has minimal impact. I usually close all but a couple Chase business card accounts because Chase is really stingy at extending credit for their business cards. (unlike personal cards) Chase doesn't seem to care how many business cards you have but they do care about the total amount of credit extended.
The primary risk of impact on closing accounts is it reduces your total available credit and can thus increase your utilization. Not an issue for someone who already has a bunch of open cards with good limits.... but could be a major hit to someone for whom neither of those is true.
Business cards don't show on your personal credit report of course so no impact either way there.
Credit card transaction fees varies from one type to another (Visa vs Amex vs Discover, etc), but yes, the fee allow credit card companies to help protect the merchant (fraud) as well as the consumer (again fraud). It's good that you are using it responsibly, because I didn't when I was in college I signed up for a school cc that gave me $1k limit with no income because I wanted a "free"......wait for it........CD holder I was no responsible with credit until my 30s and learned my lesson. Now my credit score hovers in the 820s. Good luck.
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from twitch_77
:
They had this same offer last year in July. I was approved and the $200 was pretty much immediately put into my amazon account for me to use. It was awesome!
It's my first credit card, and initially they only gave me a $500 line of credit but 2 or 3 month later, without informing me, they increased it to $2,000.
My finances were already solid and I already had a decent credit score...but this card has been the best financial decision I've made in many years. I use it for everything and I keep it payed off (I use it as a debit card) and my credit score has soared, I'm super close to hitting that 780 mark (I'm at 772 atm) which is kind of cool feeling.
I love this card. I love that I got $200 for free just for getting it, that it has no fees, and that I'm constantly earning cash back rewards with it. And I LOVE what it's done for my credit score!
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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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If your credit rating is so bad that your worried about this, then you have bigger financial problems to solve.
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
Can you link to more than one Amazon account?
Isn't Bay area average like 200k?
Depends what source you use but avg is more or less 120.
Will I get 5% Cashback in Amazon purchases even after I cancel my prime membership?
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https://www.amazon.com/dp/BT00LN9...isadv
Edit* it was one of the card reviews on their site and it was not the grace period it was for rollover balances being charged extra interest. Here is the quote
"I received my first statement and paid all but $25 (by accident, meant to pay in full) on time. So my carryover balance was $25, which I would expect to be charged interest for. However, on the next statement I see I have been charged interest for the full balance PLUS my new purchases, of which I was still within the grace period at that point. This happened again the following month. So I called Chase and was told that for this particular card, if you don't pay the balance in full they charge interest on the TOTAL balance - not the carry-over balance like most other credit cards, which in my case was $25 - PLUS they will forego the grace period on your current purchases! I told them I won't be using this card anymore, and that this is predatory."
Edit* it was one of the card reviews on their site and it was not the grace period it was for rollover balances being charged extra interest. Here is the quote
"I received my first statement and paid all but $25 (by accident, meant to pay in full) on time. So my carryover balance was $25, which I would expect to be charged interest for. However, on the next statement I see I have been charged interest for the full balance PLUS my new purchases, of which I was still within the grace period at that point. This happened again the following month. So I called Chase and was told that for this particular card, if you don't pay the balance in full they charge interest on the TOTAL balance - not the carry-over balance like most other credit cards, which in my case was $25 - PLUS they will forego the grace period on your current purchases! I told them I won't be using this card anymore, and that this is predatory."
I use mine once in a while to make random purchases when needed -- I wait for the statement to generate then pay the statement amount by due date without any issue. No interest charges for me just like other CCs since I'm not carrying a balance and pay statement amount in full each cycle
Yes, that is exactly how ours is set up.
The primary risk of impact on closing accounts is it reduces your total available credit and can thus increase your utilization. Not an issue for someone who already has a bunch of open cards with good limits.... but could be a major hit to someone for whom neither of those is true.
Business cards don't show on your personal credit report of course so no impact either way there.
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It's my first credit card, and initially they only gave me a $500 line of credit but 2 or 3 month later, without informing me, they increased it to $2,000.
My finances were already solid and I already had a decent credit score...but this card has been the best financial decision I've made in many years. I use it for everything and I keep it payed off (I use it as a debit card) and my credit score has soared, I'm super close to hitting that 780 mark (I'm at 772 atm) which is kind of cool feeling.
I love this card. I love that I got $200 for free just for getting it, that it has no fees, and that I'm constantly earning cash back rewards with it. And I LOVE what it's done for my credit score!