Amazon is a global company that now offers a credit card of its own. There are two options, and both are issued by New Day. Long before Apple began its foray into credit cards, Amazon jumped on the trend.
The brand offers its cardholders a loyalty point-earning program that brings with it plenty of benefits. There are two main cards, beginning with the starter card, which is the Classic MasterCard. Then, when you have established yourself with that one, you can upgrade to the Platinum version.
If you already have good credit, then you may qualify for the Platinum card right away, but which one is better? Let’s take a look.
Classic Vs. Platinum: The Comparison of Benefits
Each of the cards is designed with competitive benefits. Understanding them individually will help you compare and make the best decision for you. Here is a look at the benefits of each.
Amazon Classic credit card
This one is a credit builder card. That means it is easier to get and offers those with poor credit a way for them to help improve their credit ratings. This MasterCard offers no monthly or yearly fees, and balance transfers are completed at 29.5% APR. For regular purchases, the cardholder will have 0% APR for the first 90 days, and then it will return to the standard APR.
You will be able to take cash advancement at an APR of 39.94% and have interest free purchases for up to 56 days. The minimum credit limit on this card is £500, and there is no maximum specified. If you use this card at least once a month, pay the bill on time, and keep to your limit for a year, then you have the opportunity to be upgraded to the Platinum card.
Amazon Platinum credit card
This card also offers no annual or monthly fees. It gives its user a 21.94% APR in balance transfers, as well as a 5% fee on transactions of this nature. You will remain interest-free for the first three months while using this card. When those three months are up, you will revert to the standard APR.
For cash advances, you will be looking at a 31.94% APR. The card has a £500 minimum credit limit but no maximum. Where this card differs from the Classic is that you will be earning reward points. The cardholder will earn 1.5 points per £2 spent on Amazon, as well as .5 points per £2 spent on purchases made anywhere else. Once you reach 1,000, a £10 gift card will be linked to your account.
Credit Card Fees & Rates
When comparing credit cards, one of the most important aspects is the fees and rates, so here are those metrics for these two cards.
Classic card
As we said in the section above, there is no annual or monthly fee with this card. Payment must consist of 1% or £5, whatever is the larger amount, or at least the total of interest, fees, and purchases plus 1% of whatever balance remains.
There is a 5% transfer fee charge, and the potential foreign transaction fee is about 2.75%. For cash advances, you are looking at a 3% fee. There’s also a £12 fee for both late payment and over drafting.
Platinum card
The rates and fees for this card are identical to the ones outlined above. Thus, for this portion of the comparison, neither card has any advantages over the other.
How to Apply
Both cards are applied for through Amazon and a secure form you can easily find. The process takes about 15 minutes, and you will be notified of your qualification status via email. Each card has a slightly different qualification process and requirements. Here are those differences.
Classic Card Application Requirements
The process, as we said, is quick and secure. You should check your eligibility before applying and make sure that you have all your important documents on hand.
The requirements for the application are very simple. You must be 18 years of age. You must also be a UK resident and have lived in the UK for a year. Additionally, you must have a UK bank account, an address/phone number, and a steady income.
Platinum Card Application Requirements
Basically, this card application process is the same as the Classic. However, with this card, you should check your eligibility. This process is done through a soft search for your credit. Once that is done and you have been flagged for approval, the process moves on to a hard search.
The actual requirements for your eligibility to even apply are the same as above.
Contact Information
The best way to contact Amazon about their credit card is via telephone: 0330 838 0160 (from UK) and +44 113 881 0680 (internationally).
Amazon EU S.a.r.l., acts as a credit broker and introduces customers to credit products from NewDay Ltd. The registered office for NewDay Ltd. is 7 Handyside Street, London, N1C 4DA, while the registered office for Amazon EU S.a.r.l is 60 Holborn Viaduct, London EC1A 2FD.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
