Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Amazon Launches a Credit Card for People Who Otherwise Wouldn’t be Eligible for One

Listen to the article now

Amazon wants to make their rewards credit card available to more people. To do this, Amazon partnered with Synchrony Financial, a publicly traded bank, and launched “Amazon Credit Builder” – a program for shoppers with no credit history or bad credit, who would otherwise not be able to obtain Amazon’s loyalty cards.

Synchrony executive vice president and CEO of the bank’s retail card operation Tom Quindlen said: “There’s always going to be people that we can’t give credit to – this is a large population that we weren’t able to reach. It’s a new segment of the market.”

The card comes with the same perks as the Amazon Store card, which is also powered by Synchrony Financial, like the 5% cash back on purchases reward. This is meant to incentivize shoppers to use Amazon instead of other alternatives, Quindlen said.

This is a potentially brilliant move by Amazon, since, according to a 2018 FICO survey, approximately 11% of the US population has a credit score below 550, and 4% have a bad credit score (which falls in between 300 and 499). According to a 2017 FDIC survey, a quarter of American households are unbanked or underbanked.

To mitigate risk, they will also be issuing credit cards that are “secured” – where people first have to deposit, for example, $500 and have a $500 credit limit. “It’s putting credit in the hands of people in a responsible way,” Quindlen said.


Comment Template

You May Also Like

Business

Amazon has appointed Whole Foods CEO Jason Buechel to lead its global grocery operations, signaling a bold push to redefine the grocery industry. With...

Business

Amazon is transforming Prime Video to achieve profitability by 2025, focusing on live sports, integrating third-party channels, and diversifying revenue streams. Led by CEO...

Business

Wells Fargo closed 2024 with stellar results, exceeding earnings expectations and delivering $5.1 billion in net income—a 47% YOY increase. Under CEO Charlie Scharf’s...

Business

Amazon CEO Andy Jassy emailed employees revised return-to-work guidelines in February 2023. Starting on May 1, 2023, most Amazon employees were required to work...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok