The Amazon Store Card is a store-branded credit card issued by Synchrony Bank, and is primarily used to make purchases on Amazon. This card offers specific payment options based on the type of purchase you make.
Special Financing:
If you are purchasing certain items (often high-priced items or qualifying promotions), the Amazon Store Card may offer special financing options. These options may include paying the item over time without interest if the balance is paid by the end of the promotional period (e.g., 6 months, 12 months, etc.).
For example, if you purchase an item worth $600, you may be offered a 6-month financing plan. If you make monthly payments and pay off the balance by the end of 6 months, no interest will be charged.
Equal Payment Option:
Equal Payment is a feature available with the Amazon Store Card, where you can split the payment for qualifying purchases into equal monthly installments.
For example, if you buy a $300 item and choose the Equal Payments option for 12 months, your monthly payment will be $25. This is usually offered on purchases of $150 or more. The main point with Equal Payments is that the interest rate will apply after the promotional period ends or if you miss a payment. Be sure to check the exact terms when choosing this option. Amazon Credit Card (Amazon Rewards Visa Card) The Amazon Credit Card is a standard Visa credit card that can be used anywhere Visa is accepted, not just at Amazon. However, it also offers some benefits when shopping at Amazon. Pay in installments through “Equal Payments”: Some purchases made with the Amazon Credit Card are eligible for Equal Payments options. This allows you to split the total cost into fixed monthly payments over a period (usually 6, 12 or 24 months). The exact period available may depend on the size of the purchase and the promotion in place at the time. For example, if you purchase a $500 item and choose the same payment option for 12 months, your monthly payment would be $41.67. The same basic concept applies: you pay a fixed amount each month, and if paid within the promotional period, you avoid interest charges. If payment is not complete by the end of the period, interest will usually begin to accrue on the remaining balance. Credit card rewards: In addition to installment options, the Amazon credit card offers reward points for purchases made on Amazon. You can earn 3% back on Amazon purchases (for Prime members) and 2% back at restaurants, gas stations and drugstores, and 1% back on all other purchases. How to use Equal Payment on an Amazon Store Card or Amazon Credit Card: When you checkout on Amazon, if your purchase is eligible for Equal Payment or special financing, you will be given the option to choose between "Pay in Full" or "Pay in Monthly Installments" (the length of the term will vary). You can choose the installment option and see how much you will pay each month. The system will also tell you if the item is eligible for a 0% APR promotional period (if any), or if there are any interest charges associated with the installment plan.
Gift Cards and Credit Cards
Using Gift Cards and Credit Cards on Amazon
1. Gift Cards
Amazon gift cards are prepaid cards that can have a balance loaded onto them, which you can use to make purchases on Amazon. You can use gift cards as part of your payment method at checkout, and this is how it works:
Redeeming a gift card:
When you have an Amazon gift card, you can redeem it by entering the card's unique code on the Amazon website. After you redeem it, the balance is applied to your Amazon account.
Once the gift card balance is added to your account, it will automatically be used to pay for your next Amazon purchase (if the balance is enough to cover the full cost).
Partial payments using gift cards:
If the gift card balance doesn't cover the total cost of a purchase, you can use additional payment methods (such as a credit card or debit card) to cover the balance.
For example, if you have a $50 gift card and you make a $100 purchase, Amazon will first use $50 from your gift card, and then you can pay the remaining $50 using a credit card, debit card, or other available payment options.
Multiple Gift Cards:
You can apply multiple gift cards to a single order. If you have more than one gift card, you simply need to enter the code for each card during checkout, and the remaining balance will be applied sequentially to your order total. This allows you to spread the payment across multiple gift cards.
2. Using a Credit Card for Payment
Credit cards are the most common method of payment on Amazon. When you buy an item, you can use a credit card to pay for it in full, or combine it with a gift card for partial payment. Here's how credit cards work:
Primary payment method:
Credit cards are often the primary payment method if the gift card balance doesn't cover the full cost of your order. When you get to the checkout page, you can choose a credit card to cover the remaining balance after the gift card is applied.
Amazon allows you to store multiple credit or debit cards in your account, and you can choose which one to use at checkout. You can also use Amazon's store credit card or a Visa, MasterCard, American Express, or Discover card.
Combining a credit card with a gift card:
If your order exceeds the value of your gift card balance, you can use a credit card to pay the difference. For example, if your gift card balance is $50 and your order is $120, you could pay $50 with the gift card and the remaining $70 with your credit card.
The checkout process on Amazon automatically adjusts to split payments between gift cards and credit cards.
Amazon Store Card or Amazon Credit Card:
If you have an Amazon Store Card (issued by Synchrony Bank) or an Amazon Rewards Visa credit card, you can use these cards to shop on Amazon. As I mentioned earlier, Amazon store cards are more likely to have special financing options and Amazon credit cards often offer rewards like cashback on purchases.
Multiple Credit Cards:
While you can use multiple gift cards in a single transaction, Amazon typically only allows you to apply one credit card to an order. This means if your purchase is large, you may have to split the order into multiple transactions to use different credit cards.
3. Payment flow with multiple methods
The payment process works like this when using both gift cards and credit cards:
Step 1: Add gift card to Amazon account
You first redeem your Amazon gift card by entering the code on your Amazon account or during checkout.
Step 2: Choose your purchase
Add the items to your Amazon shopping cart and proceed to checkout.
Step 3: Apply gift card balance
Amazon will automatically apply your gift card balance to the order (if you redeemed it). If the gift card balance is enough to cover the full cost of your order, no further payment is required.
Step 4: Pay balance with credit card
If the gift card doesn't cover the full cost, Amazon will prompt you to choose an additional payment method (such as a credit card) to pay the balance. You can choose a credit card from your saved payment methods, or add a new one.
Step 5: Complete the checkout
Once you have applied both the gift card balance and the credit card balance, you can complete the checkout process. Your order will be processed, and the gift card balance will be used first, while the credit card will cover the remaining balance.
4. Other payment methods
While gift cards and credit cards are the most common, Amazon also accepts other payment methods, including:
Debit cards: Can be used like a credit card for the balance.
Amazon Pay: If you have PayPal or another account linked to Amazon Pay, you can pay using PayPal
.Installment plans for eligible products on Amazon
Amazon offers the option to split the cost of certain products into monthly installment payments. This allows you to pay for a product over time, rather than paying the full price upfront. However, this option is only available for eligible products and depends on certain criteria.
Here's how installment plans work:
1. Eligibility for installments
Eligible products:
Not all products on Amazon are eligible for installment payments. Generally, high-value items like electronics, appliances, or certain household items may be eligible for installment options. When browsing products, you may see specific messages or offers indicating that installment plans are available for a particular item.
For example, a high-end laptop or a major appliance may be eligible for an installment payment option, but smaller everyday items like books, clothing, or low-cost gadgets usually are not.
Payment amount:
Generally, installment payment options are available for products with a minimum purchase amount. Often, the minimum amount is $150 or more, although this can vary depending on the promotion or product.
2. How installment payments work
Once you've chosen an eligible product, you can choose the installment option during checkout. Here's how it works:
Payment details:
Installment term: When choosing an installment payment option, you can choose the payment term that best suits you. The most common terms available are 3, 6, 12, or 24 months, depending on the total cost of the item.
For example:
If you buy a $600 item and choose a 12-month installment plan, you'll pay $50 per month for 12 months.
If you buy a $240 item and choose a 6-month plan, you'll pay $40 per month for 6 months.
Interest and Fees:
Amazon offers 0% interest for some installment plans if the balance is repaid within the agreed period (usually during the promotional period). If you repay the full balance within the installment period, you will not incur any interest charges.
However, interest charges may apply if the payment is not completed within the installment period, or if you miss a payment. Interest rates can be quite high (for example, 25-29% APR), so it is important to understand the terms before committing to an installment plan.
Credit Approval:
In many cases, Amazon may require credit approval to qualify for installment payments. This means that your ability to use the installment option depends on your creditworthiness. If your credit score is too low, you may not be eligible for the option, or you may be offered a shorter installment period with higher interest.
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