Opening a Amazon Classic Mastercard credit card for the £20 reward
TightMike
Posts: 28 Forumite
in Credit cards
I'm wondering whether it would be worth opening an Amazon Classic Mastercard credit card just for the £20 reward? I don't need the card so I wouldn't use it at all. Are there any drawbacks to this?
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Just weigh up whether the impact on your credit file is worth £20.0
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Deleted_User wrote: »Just weigh up whether the impact on your credit file is worth £20.
Yeah that's what I was wondering? Would there be any impact?0 -
Yes. A new search, account and available credit will appear on your files.0
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Not to mention that it is owned by NewDay who own a lot of the subprime credit card market:We provide credit and store cards for these retail partners: Debenhams, House of Fraser, Laura Ashley, Topshop, Topman, Burton, Wallis, Miss Selfridge, Evans, Dorothy Perkins, Outfit, Harvey Nichols amongst others. Our consumer brands include Aqua, Marbles and Opus branded range of credit cards.
So you'd potentially have a new card with a low limit of say £200 on your history. Assuming you applied for another card in the future, this could be taken into account when the new lender does their internal scoring as being a subprime card, causing possible decline.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Candyapple wrote: »Not to mention that it is owned by NewDay who own a lot of the subprime credit card market:
So you'd potentially have a new card with a low limit of say £200 on your history. Assuming you applied for another card in the future, this could be taken into account when the new lender does their internal scoring as being a subprime card, causing possible decline.
I opened this account a few weeks ago and while it is my lowest limit by a long way, its not as bad as £200. Mine is £1500.0 -
Candyapple wrote: »Not to mention that it is owned by NewDay who own a lot of the subprime credit card market:
So you'd potentially have a new card with a low limit of say £200 on your history. Assuming you applied for another card in the future, this could be taken into account when the new lender does their internal scoring as being a subprime card, causing possible decline.
The minimum limit according to the summery info is £500.0 -
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Sorry thought some keyboard expert was saying the other day that the amount is seen by other creditors but not the issuer.~?0
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Samsung_Note2 wrote: »Sorry thought some keyboard expert was saying the other day that the amount is seen by other creditors but not the issuer.~?
Nobody said otherwise. Logic would dictate that only a subprime lender would give such a paltry credit limit, thus I'm pretty sure whatever algorithm the lender would use to calculate their score would already know that and take that into consideration.
Just thought of another reason against it - your average account history length will be dragged down massively by this new account.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0
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