Amazon has several financing options for its retail and corporate customers. These financing options include 0% APR and equal monthly payment plans.
Amazon’s Store Card Equal pay and special financing are two of its most widely used financing options.
Amazon Financing Options
Amazon offers various financing options to its customers. These financing options include monthly payment plans, cashback rewards, 0% APR, and other installment plans.
Amazon offers these financing options to its customers directly through its website. It means customers do not need to apply for financing with a third-party lender.
Amazon has partnered with different banking and credit card channels to offer these financing options. These partners include VISA, Citi bank, Chase, and Synchrony.
However, these financing options are available only to Amazon customers. The financing approved can only be used at the Amazon store and its affiliate web stores.
Moreover, Amazon has different types of financing options for individual and corporate customers. The financing terms, interest rates, and loan amounts vary by the financing product and by the borrower type as well.
How to Get Amazon Financing?
Amazon financing options are available for retail and corporate customers. You can apply for one of the credit cards offered by Amazon or use the monthly installment plans.
You can apply for Amazon financing even if you do not hold Prime membership. However, the prime membership comes with additional benefits of low APR and cashback rewards.
Here is the simple process of applying for Amazon financing:
- Create an online account at Amazon or one of its affiliates.
- Shop for your favorite items in the store.
- Proceed to the checkout and select the Amazon store card as your payment option.
- Alternatively, you can shop with an Amazon VISA card subject to availability.
- Once you chose the Amazon store card, you can now choose from the two payment programs on offer.
If you qualify for the financing, you’ll instantly receive the funding in your Amazon account.
Your approved plan will show the effective interest rate, minimum monthly installment, and loan term.
The approval criteria at Amazon are not published officially. Amazon offers its financing services through third-party service providers.
However, you can expect to get approved with an average credit score. You shouldn’t have a bankruptcy or a default in your recent credit history.
You’ll need to fulfill formal information and other common requirements to get approved for a financing plan as well.
Amazon Prime and Signature Visa Cards
Amazon has two VISA cards that offer 0% interest or cashback rewards to its members. The signature card is for everyone without the prime membership.
The Amazon VISA Prime card is for prime members. It comes with higher cashback rewards and lower APR as compared to the signature card.
With Amazon VISA Prime and Signature cards members can:
- A welcome bonus of $100 and $50
- Enjoy an APR of 0%
- Earn cashback rewards from 1% to 10% on different product categories and depending on the card type.
- Zero annual card fee
- Zero foreign transaction fee
- 0% APR with a loan term of 6-18 months
The normal APR rate for both these cards after the promotion period will be 14%-22%. VISA card members can either choose a cashback or 0% APR as both these offers are mutually exclusive.
Amazon Store Card
Amazon’s flagship store card is issued in collaboration with Synchrony bank. It is available for Prime and non-Prime members with the same financing options.
Apart from other benefits, store card members can upgrade to Prime membership using this card anytime. They can enjoy a further discount of 5% cashback when they upgrade their memberships.
The Amazon store card comes with the following features:
- Zero Annual Fee
- Sign up bonus of $10
- 0% APR for special promotional financing plans
- Normal APR of 25.99%
- Late Payment Fee of $40
- 5% cashback rewards for Prime members
- Additional benefits of special financing or equal monthly payment plans
The store card can be used at Amazon and its affiliated web stores only.
Amazon Equal Pay
Amazon store cardholders have two financing options currently; equal pay and special financing. Both these financing options come with slightly different perks for the borrowers.
The equal pay plan lets borrowers pay over time with 0% APR. If they repay all the dues within this promotional period, they will not incur any interest charges.
However, if there is any balance after the promotional period, they’ll have to pay accrued interest. For example, if their promotional 0% APR period was six months and they fail to repay all dues, they’ll have to pay accrued interest for these six months as well.
Here are a few key features of the equal pay program:
- Six equal monthly payments for purchases of $150 0r more
- Twelve equal monthly payments for purchases of $600 0r more
- Twenty-four equal monthly payments for purchases of $600 0r more
- 0% APR if repaid within these promotional financing periods
- The standard APR of 25.99% will apply after the promotional period
- Additional 5% cashback rewards for Prime members
- Standard reward points on all purchases
As with any other financing option, your financing option is subject to approval.
Amazon Special Finance
The second financing option with the Amazon store card is the special finance promotion. This is a 0% APR special financing option for specified terms.
Borrowers can repay within the financing term with no interest. The financed amount is not divided equally but the borrowers must pay a minimum monthly payment.
Here are a few key features of the Amazon special financing plan:
- Six monthly payments for purchases of $150 0r more
- Twelve monthly payments for purchases of $600 0r more
- Twenty-four monthly payments for selective purchases of $800 0r more
- A minimum monthly payment is required for all terms
- 0% APR if repaid within these promotional financing periods
- The standard APR of 25.99% will apply after the promotional period
Unlike the equal payment plan, the amount due will be charged to your account upfront. Your total outstanding balance will show you the minimum payable amount for the selected finance term.
Other Financing Options at Amazon
Amazon has a wide range of financing and credit card options for its customers. Some financing options come through its third-party service providers.
Equal Monthly Payment with Citi
This offer is for Citi bank credit cardholders for shopping at Amazon. It comes with a lower APR of 6.74% or 8.74% for finance terms ranging from 6- to 48-months.
Pay with Affirm Over Time
Amazon customers can purchase by obtaining financing from Affirm. Affirm lets borrowers repay with flexible loan terms ranging from 3- to 48-months. The APR is 10-30%.
Amazon Business Line of Credit
The business line of credit is offered in collaboration with Synchrony bank. It allows corporate clients an extended payment period of up to 55 days with no interest and no additional fees.
Amazon Business Pay by Invoice
The business’s prime members can get financing against their invoices. It is a kind of invoice financing option offered by Amazon for its business clients.
Amazon Business American Express
This option is for Amazon’s business and business prime members through American Express.
Both types of financing come with 0% APR for 60 or 90 days or a choice to get cashback. The cashback rewards are 3% 0r 5% respectively for these two tiers.
American Express, HSBC, Capital One, Membership Rewards
Amazon customers shopping with third-party credit cards can earn different cashback and promotional rewards as well.
Amazon is currently offering special cashback and reward points for HSBC Capital One, and American Express cardholders.
