AOC, Bernie Sanders skewer Amazon Prime's new credit card: We 'intend to outlaw it'

Fox Business ^ | June 13 2019 | Jennifer Earl

[knighthawk]

Sen. Bernie Sanders Opens a New Window. and Rep. Alexandria Ocasio-Cortez Opens a New Window. are apparently teaming up to take down Amazon's Opens a New Window. newest credit card for Prime members.

Amazon announced Monday Opens a New Window. it partnered with Synchrony Financial to create what it considers the "Amazon Credit Builder" Opens a New Window. for subscribers looking to build or rebuild their credit scores. Cardholders will get the same perks as the Amazon Store Card — such as 5 percent back for online purchases and no annual fee — but customers must be Prime members, paying Amazon's annual $119 membership fee.

Those who are accepted for the Amazon Credit Builder will have to make a security deposit within 60 days to receive a “welcome gift card.” The deposit will be refunded if someone closes their account or upgrades to the Amazon Store card. Those who are accepted but decide to opt out won’t have their credit file impacted by their decision.

[Jumper]

High interests rates are oftentimes offered to people who have lost their credit, or do not have cosigner to mitigate the risk to lenders.

Amazon is trying to allow people who at the moment are unable to shop at Amazon and by giving credit to people, they hope most will at least maintain their cards in good standing.

If these cards have a small credit limit of $500 or $2,000 initially it is a good gamble for the lenders and merchants.

This nation really needs public education on the USD. At present the USD is the only thing you can obtain in the USA without instructions for use printed on it. Everyone one wants your dollar. You have to save a penny to keep a penny every moment of the day, and every single day to keep a penny or any amount of money. People in the USA do not invest nor do they save because they do not understand the value of a single dollar.

[BatGuano]

Very clever card. Thank you for the laugh.
Now, where can I get this card?...

[DaxtonBrown]

“deadbats”. Thanks for reminding me of my literary incompetence :) I saw that just as I hit the submit button.

[GOPJ]

You’re right. No one’s being forced by Amazon to re-establish their credit... People with marginal credit can still go to payday loan sharks and pay over 200% interest...

Then again, like you say - Bernie and AOC can open a business and charge people 5% interest knowing half their customers will default... It’s how the two would run the country - into the ground.

[DoughtyOne]

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President Donald J. Trump and the Free Republic of the United States of America
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[JudgemAll]

He is. I meant to say west coast types billionaires.