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Amazon, Synchrony Bank team up on card for unbanked, those with weak credit

June 11, 2019

Amazon and Synchrony Bank are offering a new credit card called Amazon.com Store Card Credit Builder, which is similar to the retailer’s Store Card, but aimed at the unbanked and those with poor or weak credit.

The card provides the same benefits as Store Card but, as a secured card, it helps consumers control spend as it requires an upfront deposit of cash loaded onto the card, according to a Newsday report.

"Credit Builder enables those on a controlled budget to shop on Amazon.com while building credit with responsible use," Tom Quindlen, executive vice president and CEO of retail cards at Synchrony Financial, said in the report.

The Credit Builder card can be used  on Amazon.com, at certain brick-and-mortar Amazon stores, and at merchant partners offering a “Pay With Amazon” option.

There is no annual fee and the initial minimum card deposit is $100.