The Amazon Prime Rewards Visa Signature Card has become a popular choice for many, largely due to its enticing rewards program and affiliation with the ubiquitous Amazon brand. However, a critical element that prospective cardholders often question is the required credit score for approval.
This article breaks down the credit score requirements for the Amazon credit card, providing clarity for those looking to manage their finances better.
Key Features of the Amazon Prime Rewards Visa Card
This Amazon credit card is one of its co-branded credit cards, issued by Chase Bank. It offers rewards like 5% cashback on purchases made on Amazon and at Whole Foods Market.
You must have an Amazon Prime membership to be eligible for the Amazon Prime Credit Card. There is no annual fee and no foreign transaction fees. Additionally, the card offers a $100 Amazon gift card as a sign-up bonus, 2% cashback at restaurants, gas stations, and drugstores, and 1% cashback on all other purchases.
Benefits of the Amazon Prime Card
Apart from the cashback rewards, this Amazon credit card comes with several benefits, such as:
- Travel and emergency assistance: Cardholders have access to a 24/7 hotline for travel and emergency assistance, which can provide help during unforeseen circumstances while you’re away from home.
- Lost luggage reimbursement: If your checked or carry-on luggage is lost or damaged by the carrier, you can be reimbursed up to $3,000 per passenger. 3. Purchase protection: The card offers purchase protection, covering eligible items against damage or theft for up to 120 days from the date of purchase, with a maximum of $500 per claim and $50,000 per account.
- Extended warranty protection: Cardholders can extend the original manufacturer’s warranty on eligible items by an additional year, for warranties of three years or less.
- Auto rental collision damage waiver: When renting a car, you can decline the rental company’s collision insurance and charge the entire rental cost to your card. This provides primary coverage for theft and collision damage up to the actual cash value of most rental vehicles.
Minimum Credit Score for an Amazon Credit Card
The minimum recommended credit score for this credit card is 640. As you can see below, 640 is considered a “fair” credit score.
Poor: 300 to 579
Fair: 580 to 669
Good: 670 to 739
Very Good: 740 to 799
How to Increase Your Approval Odds for an Amazon Prime Credit Card
Getting approved for a credit card requires a little planning. Most credit card offers require very good credit. So, when applying for new credit, it’s essential to know your credit scores and what’s on your credit reports.
Credit card issuers want to see a strong credit history, steady income, and low credit utilization. If you’re using too much of your existing revolving credit, it’s a sign that you may not pay them back. You’ll also want to make sure you haven’t applied for too much credit in the recent past. Having too many credit inquiries can lessen your chances of getting approved.
Here are some additional tips to improve your chances of getting approved for an Amazon credit card:
- Pay down debt: Reduce your credit utilization by paying down existing balances on your credit cards. A lower credit utilization ratio (below 30%) can positively impact your credit score and increase your chances of approval.
- Pay bills on time: Maintaining a positive payment history on your credit accounts demonstrates responsible financial behavior, which can help improve your credit score. Late payments can negatively affect your credit, so avoid them whenever possible.
- Check for errors on your credit report: Review your credit report for any inaccuracies or discrepancies. If you find any errors, dispute them with the credit bureaus to potentially improve your credit score.
- Limit new credit applications: Applying for multiple credit cards or loans within a short period can lead to hard inquiries on your credit report, which can lower your credit score. Limit new applications to avoid impacting your chances of approval for an Amazon credit card.
- Consider a co-signer: If you have a limited or poor credit history, consider asking a friend or family member with good credit to co-sign your credit card application. This can help increase your chances of approval since the co-signer’s credit history will also be considered.
Need help improving your credit score?
One of the best ways to improve your credit scores is by removing negative items from your credit report. Credit Saint can help you dispute (and possibly remove) the following items:
- late payments
- charge offs
With years of experience at their disposal, these professionals have a proven track record of effectively removing incorrect entries for countless clients. So if you’re struggling with bad credit and want to increase the likelihood of getting approved for new credit, visit their website and fill out the form for a free credit consultation.
The Amazon Prime Credit Card is an attractive option for those with a fair to excellent credit score and a Prime membership. With its generous cashback rewards on Amazon and Whole Foods purchases, as well as additional benefits such as travel assistance and purchase protection, this card can be an excellent choice for frequent Amazon shoppers.
By following the tips above to improve your credit score and increase your chances of approval, you can get closer to enjoying the perks that this credit card has to offer.