Pro Tip: Click here to get started and make your deposit for the Amazon Credit Builder account. The minimum accepted amount is between $100 - $1000. You're eligible for the benefits if you've got a clear credit score.
Once you're approved for the Amazon Credit Builder, you're required to make a deposit within 60 days. This deposit is the same as your credit limit and it is 100% refundable. This card is like the Amazon.com's Store Card you receive a limit on your credit. The account helps you to build, or rebuild, your credit score if you make your monthly payments.
Your Amazon Credit Builder account is a feature provided to you by Synchrony Bank. If you've got a clear credit score, you're eligible to apply for this option. Your account works the same as a typical credit card, so you're required to make monthly payments. Unlike a traditional credit card, you're required to make a refundable deposit. This deposit is due within 60 days after your account has gets approved.
The deposit amount is the same as your credit limit. This deposit allows you and the bank to peace of mind if you need to cancel your account.
Synchrony Bank reports to major credit bureaus about consistent monthly installments. On-time payment history builds your credit and shows you're responsibly using your benefits.
You're only required to make your minimum payments in order to start building your credit.
However, this account is not advised if you struggle to make consistent payments. Negative reports are made if you miss installments that damage your credit score.