Newbie Questions About Amazon Credit Card

bad_bob00

Hi there,

I just applied to the amazon credit card (so I can make a spend and receive £15 voucher).

Just got a few questions...

Would I be able to use the card online to make my first spend (probably on amazon)?

How often would I have to pay the credit card bill (the card has 0% on purchases for 6months)? Would I simply have to pay it off every month?

What happens after the 6months regarding spending - would I get charged interest on any of my purchases? Regardless of whether I pay them off in full?


Thanks for any help

Phantom_Flan_Flinger

bad_bob00 wrote: »

Would I be able to use the card online to make my first spend (probably on amazon)?

You can use the card where you want

How often would I have to pay the credit card bill (the card has 0% on purchases for 6months)? Would I simply have to pay it off every month?

You have to at least pay the minimum payment.

What happens after the 6months regarding spending - would I get charged interest on any of my purchases? Regardless of whether I pay them off in full?

As long as your balance is clear before the 6 months is up, you'll pay no interest.

Superheavy

As we're discussing this card....does anyone know how to redeem the loyalty points on the card, and what they're worth?

RTNI

Superheavy wrote: »

As we're discussing this card....does anyone know how to redeem the loyalty points on the card, and what they're worth?

Points are redeemed automatically when you have 1500 of them. You get one point for every £1 spent at Amazon and 0.5 points for every £1 elsewhere.

darkovo

Superheavy wrote: »

As we're discussing this card....does anyone know how to redeem the loyalty points on the card, and what they're worth?

Yeah they send you an email with a voucher code for £15 automatically to your registered email address, anyone can use the voucher code though

bad_bob00

Thanks for the help.

So when a card has 0% interest on purchases for 6 months, how does that work? I mean, after the 6 months is up, if I make a purchase on the card will I automatically have to pay interest on that purchase?


Thanks again

Phantom_Flan_Flinger

bad_bob00 wrote: »

So when a card has 0% interest on purchases for 6 months, how does that work? I mean, after the 6 months is up, if I make a purchase on the card will I automatically have to pay interest on that purchase?

For the first six months from the time the account is opened, you won't have to pay any interest on your purchases. You will however have to make the minimum payment required by your bills.

After 6 months, you'll start paying interest on any outstanding balance and on any further purchases you make.

bad_bob00

Sorry to bump this thread up again, just got a few questions about using the card.

Is it best to simply pay off the minimum amount required, every month? And then keep doing this for the period of 6 months (putting the money not-used aside in a high-rate savings account)? Is this the best way of utilising a card like Amazon's?


Thanks for any help

emmasally

The idea of using 0% periods is to clear as much of the balance as possible while it's at 0%, therefore you pay no interest at all. If you have a balance that you don't think you'll be able to clear before the 0% period ends, you should look to apply for another card with 0% for balance transfers a few weeks before your current deal expires. Then transfer onto the new card & start the whole cycle again.
Hope that helps.:D

andy1988

Following on from what emmasally said above, if you look on the main MoneySavingExpert site under "stoozing" you will find a very helpful article that got me going with it, I've earned over £200 in the last year by doing this, well worthwhile as long as you are financially stable and can keep close track of your accounts.

To elaborate...
If you got a 0% card with £2,500 credit (PayPal is a good one) you use the card for your usual purchases (NOT CASH ADVANCES) and keep the money you'd usually spend in a high interest savings account (I use NatWest so I can transfer from a 4.3% savings to my current account instantly). Then just make the minimum payments until the 6 months period is up and pay it all off in one go (in that time you could have earned £53.75 if you filled the card within 2 weeks), or you can make a balance transfer at a reasonable fee (i.e. 2.9%) to a card that gives you 12+ months at 0% and keep the money you saved in the 4.3% (or higher) account and still be earning something in interest.
One point to make is don't always rely on getting a balance transfer card that'll take all your previous credit, as if you're offered a few £1,000 short and don't have the cash you'll be paying interest!