MSE News: Amazon unveils new rewards credit card

King_Of_Fools

napu2400 wrote: »

Does anyone want to talk about the Amazon card? Is it worth getting it and using for Amazon purchases? I don't care about the APR since I would pay it off in full each month, but Amazon already takes Amex so is this any better?

There are tables in the original article that might help but it will depend on how much you spend at Amazon and elsewhere.

If you are a low spender you are probably better off with the Amazon Mastercard. If you are a high spender you are probably better of with Amex.

For me personally, I am better off using my Amex Platinum on Amazon even with the £25 a year fee.

jackieblack

I'm quite interested in this card, but can't find it in the Eligibility Checker :huh:

Anthorn

bigadaj wrote: »

Why would you withdraw cash on a credit card, domestically speaking?

Why wouldn't I?

jo-bo

jackieblack wrote: »

I'm quite interested in this card, but can't find it in the Eligibility Checker :huh:

You can do an eligibility check on the amazon website which gives you an idea to acceptance and Apr

Anthorn

JuicyJesus wrote: »

The main thing lenders care about is stability and signs that you're not a poor risk. Someone who gets a cash advance once is probably on holiday. Someone who has cash advances on their account more than a few months in a year is probably bad with money.

The cost of cash advances is huge relative to other forms of cash borrowing (bar Wonga etc) so the inference is that if you're doing it repeatedly then you're desperate for cash and can't get any from anywhere else.

Or maybe the retailer doesn't accept credit cards or I don't want to use a credit card and I want to borrow the money to pay for it.

What you're saying is that a CC lender provides a service but if we use that service we will be penalised. Doesn't make sense: In that case the CC lender shouldn't provide that service.

But I didn't ask for an explanation, I asked for proof which I haven't got yet.

Oh ok I'll provide the proof myself: What the information in a credit report provides lenders is helping to spot customers who are showing signs of financial stress through patterns of behaviour. Note: Pattern of behaviour.

Importantly, none of these pieces of information are going to be significant in isolation, so making the odd cash withdrawal on your credit card should not hurt your credit score – as long as the rest of your credit history tells a good story!

http://www.experian.co.uk/consumer/questions/askjames358.html

So go ahead and get your cash advance. It's not going to hurt your credit.

jackieblack

jo-bo wrote: »

You can do an eligibility check on the amazon website which gives you an idea to acceptance and Apr

Thanks for this

I've now applied and been accepted. APR is irrelevant as I'll set up a direct debit to repay in full every month.
Website is a bit of a nightmare, pages constantly refreshing so having to re-enter information over and over, I almost gave up!
I declined their instant credit offer, so await card and PIN which, their email claims, is 'on it's way!'

Bogalot

jackieblack wrote: »

I'm quite interested in this card, but can't find it in the Eligibility Checker :huh:

Because MSE don't get a referral fee from them

bigadaj

Anthorn wrote: »

Why wouldn't I?

Generally fees, charges and interest.

System

King_Of_Fools wrote: »

There are tables in the original article that might help but it will depend on how much you spend at Amazon and elsewhere.

If you are a low spender you are probably better off with the Amazon Mastercard. If you are a high spender you are probably better of with Amex.

For me personally, I am better off using my Amex Platinum on Amazon even with the £25 a year fee.

Apparently the fee free version is actually better value

King_Of_Fools

Heng_Leng wrote: »

Apparently the fee free version is actually better value

Not sure where you saw that but they are pretty much the same now up to a £10k annual spend and then the one with the fee is better as you earn 1.25% instead of 1%.