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  • FIRST POST
    • TightMike
    • By TightMike 8th May 18, 10:48 AM
    • 28Posts
    • 1Thanks
    TightMike
    Opening a Amazon Classic Mastercard credit card for the 20 reward
    • #1
    • 8th May 18, 10:48 AM
    Opening a Amazon Classic Mastercard credit card for the 20 reward 8th May 18 at 10:48 AM
    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?

Page 1
    • zx81
    • By zx81 8th May 18, 10:50 AM
    • 16,853 Posts
    • 17,865 Thanks
    zx81
    • #2
    • 8th May 18, 10:50 AM
    • #2
    • 8th May 18, 10:50 AM
    Just weigh up whether the impact on your credit file is worth 20.
    • TightMike
    • By TightMike 8th May 18, 10:51 AM
    • 28 Posts
    • 1 Thanks
    TightMike
    • #3
    • 8th May 18, 10:51 AM
    • #3
    • 8th May 18, 10:51 AM
    Just weigh up whether the impact on your credit file is worth 20.
    Originally posted by zx81
    Yeah that's what I was wondering? Would there be any impact?
    • zx81
    • By zx81 8th May 18, 10:53 AM
    • 16,853 Posts
    • 17,865 Thanks
    zx81
    • #4
    • 8th May 18, 10:53 AM
    • #4
    • 8th May 18, 10:53 AM
    Yes. A new search, account and available credit will appear on your files.
    • Candyapple
    • By Candyapple 8th May 18, 11:44 AM
    • 2,866 Posts
    • 2,194 Thanks
    Candyapple
    • #5
    • 8th May 18, 11:44 AM
    • #5
    • 8th May 18, 11:44 AM
    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.com
    • msallen
    • By msallen 8th May 18, 11:53 AM
    • 810 Posts
    • 891 Thanks
    msallen
    • #6
    • 8th May 18, 11:53 AM
    • #6
    • 8th May 18, 11:53 AM
    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.
    Originally posted by Candyapple
    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.
    • A4445
    • By A4445 8th May 18, 2:00 PM
    • 760 Posts
    • 351 Thanks
    A4445
    • #7
    • 8th May 18, 2:00 PM
    • #7
    • 8th May 18, 2:00 PM
    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.
    Originally posted by Candyapple
    The minimum limit according to the summery info is 500.
    • Gary_Dexter
    • By Gary_Dexter 8th May 18, 2:05 PM
    • 1,156 Posts
    • 648 Thanks
    Gary_Dexter
    • #8
    • 8th May 18, 2:05 PM
    • #8
    • 8th May 18, 2:05 PM
    The minimum limit according to the summery info is 500.
    Originally posted by A4445
    Where does it say that?
    • A4445
    • By A4445 8th May 18, 2:42 PM
    • 760 Posts
    • 351 Thanks
    A4445
    • #9
    • 8th May 18, 2:42 PM
    • #9
    • 8th May 18, 2:42 PM
    https://applynow.newdaycards.com/pdfs/SummaryBoxClassic.pdf
    • Samsung_Note2
    • By Samsung_Note2 8th May 18, 2:54 PM
    • 414 Posts
    • 166 Thanks
    Samsung_Note2
    Sorry thought some keyboard expert was saying the other day that the amount is seen by other creditors but not the issuer.~?
    If my appalling spelling offends you that much...dont read my posts.
    • Candyapple
    • By Candyapple 8th May 18, 3:08 PM
    • 2,866 Posts
    • 2,194 Thanks
    Candyapple
    Sorry thought some keyboard expert was saying the other day that the amount is seen by other creditors but not the issuer.~?
    Originally posted by Samsung_Note2
    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.com
    • shortcrust
    • By shortcrust 8th May 18, 3:37 PM
    • 1,906 Posts
    • 2,801 Thanks
    shortcrust
    Never mind trying to quantify the 'damage' to your credit file. You've more chance of telling me the length of my piece of string. Instead, ask yourself whether it matters. Is there a chance you'll need to apply for important credit in the next six months or so? If so then it's not worth the risk for 20 quid.
    • msallen
    • By msallen 8th May 18, 4:03 PM
    • 810 Posts
    • 891 Thanks
    msallen
    Sorry thought some keyboard expert was saying the other day that the amount is seen by other creditors but not the issuer.~?
    Originally posted by Samsung_Note2
    Whoever said that was correct, but what does that have to do with this thread?
    • Heidiho
    • By Heidiho 9th May 18, 1:24 PM
    • 5 Posts
    • 1 Thanks
    Heidiho
    the scaremongering in this thread is a bit over the top.

    i open (and close) several credit card accounts each year precisely for bonuses like this. never had any issues as a result (although i do keep an eye on my noddle report to see if my score goes up or down). i moved home recently and had no problems with my mortgage application/drawdown, which was with First Direct who can be a right picky bunch.
    • zx81
    • By zx81 9th May 18, 1:26 PM
    • 16,853 Posts
    • 17,865 Thanks
    zx81
    although i do keep an eye on my noddle report to see if my score goes up or down
    Originally posted by Heidiho
    That's rather like looking out the window to see if there are more unicorns than usual.
    • Heidiho
    • By Heidiho 9th May 18, 1:28 PM
    • 5 Posts
    • 1 Thanks
    Heidiho
    i dont disagree with you there! but as its there and its free i always take a look each month. it may one day prove to be worth it
    • adindas
    • By adindas 9th May 18, 1:55 PM
    • 3,530 Posts
    • 2,193 Thanks
    adindas
    Just weigh up whether the impact on your credit file is worth 20.
    Originally posted by zx81
    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.
    Originally posted by Candyapple
    If you have many other credit cards with much higher limit,
    I am not quite sure whether there will be a noticeable impact on credit worthiness when people apply for other credit cards. At least I could tell from my personal experience.

    I used to have an Aqua Card with low limits of 500. When I applied for 0% on BT card while I was still having this Aqua card, I still got a 0% BT card with good credit limit.

    Similarly, I have Asda Credit Card with much lower limit of 200 for 1% cashback on ASDA purchase. I applied BT 0% on BT card a few moths ago yet I still got it with very reasonable credit limits.

    I am very well aware about the argument of trust from other lenders but I wonder about other people personal experience, If you already have many credit cards with higher limits, is there any noticeable impact between having one credit card with low limit on your creditworthiness ??

    What I could say is that at the underwriter could at least see the limits of your other cards on your credit file and could draw a sensible conclusion.
    Last edited by adindas; 09-05-2018 at 3:24 PM.
    • Gary_Dexter
    • By Gary_Dexter 9th May 18, 2:10 PM
    • 1,156 Posts
    • 648 Thanks
    Gary_Dexter
    i dont disagree with you there! but as its there and its free i always take a look each month. it may one day prove to be worth it
    Originally posted by Heidiho
    It won't - since no one sees or cares about the made up scores.

    Do you check your REPORT with the other CRA's as well?
    • Heidiho
    • By Heidiho 9th May 18, 6:45 PM
    • 5 Posts
    • 1 Thanks
    Heidiho
    actually, to say no one sees or cares about credit scores is wrong.

    a few years ago i was a lending underwriter for one of the big banks here in the uk. one of the many reasons an application would fail the banks internal scoring system would be because of a low credit score number at the CRA that we used. there was even a special code for it and applications were declined for that reason alone.
    • zx81
    • By zx81 9th May 18, 6:57 PM
    • 16,853 Posts
    • 17,865 Thanks
    zx81
    Those aren't the scores customers see. They're provided based on lender criteria.
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