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8 Amazon Financing Options, Plus Other Ways to Make Big Purchases

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You don’t have to leave Amazon’s website to finance expensive items, from laptops and cameras to designer watches and handbags. Still, Amazon financing — which includes store credit cards and payment plans — may or may not be the best option for your budget.

Click below to learn about Amazon financing, plus other ways to pay for your next Amazon purchase.

1. Amazon Prime Store Card

The Amazon Store Card is offered through Synchrony Bank and can be used exclusively for purchases on Amazon.com. Aside from the financing options, this card stands out in one notable way: 5% back on all Amazon purchases for Prime members when they upgrade to the Amazon Prime Store Card. If you’re familiar with rewards credit cards, you’ll know that’s a fairly high percentage.

Using an Amazon credit card for the cashback perks could help you recover the annual Prime membership cost of $119, if you’re a frequent Amazon shopper. You’d have to spend $2,400 on qualifying Amazon purchases through your Prime account to recover $120.

APR
  • 26.74% Variable
Annual fee
  • $0
Rewards
  • Prime cardholders can earn 5% back at Amazon.com
Other perks
  • You may be offered an Amazon gift card upon application approval.
  • You may qualify for Amazon’s special financing and/or equal monthly payments on eligible purchases.
Eligibility requirements
  • Be a U.S. resident at least 18 years of age.
  • Offer is subject to credit approval.
Card information accurate as of Sept. 21, 2021.

Exclusive financing options for Amazon Store Card customers

Amazon offers two financing options if you have its Amazon Store Card: equal monthly payments and special financing. Your eligibility for either option is subject to credit approval. Use the table below to compare these options.

Special financing Equal monthly payments
How is the purchase charged to your account? Upfront; you may need to make more than the minimum monthly payment to avoid paying interest. The purchase total is split into equal payments and is paid off within a certain time frame (6, 12 or 24 months).
How do you avoid interest and fees? Pay off the promotional balance in the time frame allotted. Payments do not have to be equal from month to month, though there will be a minimum payment required. Make your payments on time every month. If you miss a payment, you will be charged a late fee, which will be assessed interest until paid.
How long does it take to pay off your purchase? Your billing statement will include information about how long it would take to pay off the purchase if you make the minimum payment. As long as you make each payment on time, your purchase will be paid off at the end of the offer period.
What is the longest term offered? 24 months, for select purchases. 24 months, for select purchases.

How to get Amazon financing

With the two above options, your purchase will be charged to your Amazon Store Card. You’ll need to apply and be approved for the card to take advantage of either financing option. If you can’t qualify for this card, you should look at alternative financing options, such as personal loans or third-party financing options.

You don’t necessarily have to be a Prime member to take advantage of Amazon financing — but having a membership will get you 5% back on your purchase.

Applying for special financing when you’re ready to make a purchase is simple:

  1. Add the eligible item in your cart.
  2. Select “Amazon Store Card” as the payment method.
  3. Select the financing option that works best for you.

2. Amazon Prime Rewards Visa Card

If you have an eligible Prime membership, you may qualify for the Amazon Prime Rewards Visa Card, which offers 5% back on Amazon and Whole Foods Market purchases, compared to the Amazon Rewards Visa’s 3% back. Both cards are offered via Chase.

The Amazon Rewards Visa Card doesn’t qualify for the marketplace’s special financing options. However, the Amazon Prime Rewards Card is eligible for interest-free payment plans of six, 12 or 18 months.

Amazon financing payment plan for Prime Rewards Visa Card
Monthly payments Minimum purchase price
6 $50
12 $250
18 $500

The Amazon Visa card reward program offers more opportunities for you to earn, with more flexible cashback options. You’ll also find that the card has a range of APRs, depending on your credit — however, those with low or no credit may not be approved.

APR
  • 14.24% - 22.24% variable
Annual fee
  • $0
Rewards
  • 3% back at Amazon.com and Whole Foods Market (5% back with the Amazon Prime Rewards Visa Card).
  • 2% back at restaurants, gas stations and drugstores.
  • 1% back on all other purchases.
Other perks
  • You may be offered an Amazon gift card upon application approval.
  • No foreign transaction fee.
  • Balance transfers and cash advances are available.
  • Extended warranty protection.
Eligibility requirements
  • Be a U.S resident at least 18 years of age.
  • Offer is subject to credit approval (though Amazon offers prequalification using a soft credit inquiry).
Card information accurate as of Sept. 21, 2021.

3. Citi and other rewards credit cards

The Amazon Rewards Visa Card may be a solid option for disciplined card users who frequent Amazon (and Whole Foods) — but it’s not your only option for a rewards card.

You could also apply any points you’ve earned through your current credit card or other rewards programs.

Eligible rewards programs How this Amazon financing option works
  • American Express Member Rewards
  • Capital One
  • Chase Ultimate Rewards
  • Citi ThankYou Points
  • Discover
  • Hilton Honors
  • HSBC
Typically, using your credit card or other rewards programs is as simple as:

  • Linking your rewards program and Amazon accounts
  • Selecting your rewards program as your payment method

If you’re shopping for rewards programs beyond direct Amazon financing options, you could take advantage of another card that offers better perks for purchases you make elsewhere. For instance, if you travel often, a travel rewards card may be a better option.

Many rewards credit cards offer 0% promotional rates, so you could end up paying no interest as long as you pay off your purchase within the allotted time period within account opening.

For Amazon financing specifically, Citi card holders have the extra benefit of splitting their purchase price among equal, monthly payments.

Amazon financing payment plans for eligible Citi card holders
Monthly payments Minimum purchase price Promotional APR
3 $75 6.74%
6 $149 6.74%
12 $300 6.74%
18 or 24 $600 6.74%
36 or 48 $1,200 8.74%

Keep in mind that rewards credit cards are generally reserved for those with good to excellent credit.

5 more Amazon financing options

Amazon financing option Good for… Details
Amazon Secured Card Amazon shoppers who can’t qualify for its store and rewards cards The Secured Card was designed for borrowers with limited or poor credit histories and has no annual fee but does require a security deposit to get started.
Monthly payments Spreading out the cost of a big purchase without borrowing Amazon users with at least one year of account history could be eligible to divide the cost of a purchase into five installments: one initial payment, followed by four equal, monthly payments.
Amazon Reload Saving up and avoiding debt on Amazon purchases You can reload an Amazon gift card straight from your bank account, with no need to worry about fees or expiration dates.
Amazon Business Prime American Express Card Making business purchases on Amazon This no-annual fee card offers business owners the option of 5% cash back or 90-day repayment terms.
Amazon Corporate Line of Credit Simplifying purchasing for multiple departments within one organization Offered in partnership with Synchrony Bank, this line of credit offers 55-day repayment terms with no interest and no annual fee.

Don’t overlook these non-Amazon financing options

Personal loan

Shoppers with excellent credit may find an unsecured personal loan is a viable option. Borrowers with credit scores over 760 saw an average personal loan APR of 8.83%, according to LendingTree’s most recent data. That may be markedly lower than the rate you’d find on a credit card.

However, a personal loan may be an expensive financing option for those with less-than-stellar credit profiles. Additional LendingTree data from earlier this year reported that borrowers with credit scores below 560 saw an average APR of 156.11%. Before settling on a lender, make sure you consider all your financing options to minimize your costs of repayment.

Third-party financing services

If you do a lot of online shopping, you might be familiar with third-party financing services like Afterpay or Affirm. You’ll see these financing options in your retailer’s virtual shopping cart when you’re ready to check out.

Affirm announced in August 2021 that it would begin partnering with Amazon to offer customers pay-over-time financing options in the near future.

But if a third-party financing option sounds too good to be true, you might be right. Interest rates for Affirm, for example, can range from 10% to 30% — so if you get stuck on the higher end, you could be paying even more than you would with a high-interest credit card.

Purchasing through another retailer

Many retailers, such as Best Buy and Samsung, offer 0% promotional APR credit line financing similar to Amazon’s. For example, Best Buy offers 12 months of no-interest financing on purchases $299 or greater when you use a My Best Buy Credit Card. Not everyone will be approved through store credit accounts, though, so be mindful of your credit score before applying.

There’s not much of a difference if you wanted to go with store credit card financing or Amazon Store Card financing, so you might choose whichever retailer has the best deal on the equipment you want or where you shop the most generally. However, keep in mind that you’ll be charged interest on your purchase if you haven’t paid the balance within the allotted promotional time period. Interest rates and promotional financing will vary between stores and can be high, so do your research before you open an account.

Be sure you have a clear plan for repayment for any debt you pick up, and be mindful of any fees you might incur.

Tip: Be sure you can afford your purchase before you finance it
Financing can make an expensive item seem more attainable, but that doesn’t mean you should buy it anyway. See if there’s an alternative item that fits into your budget, like swapping out a professional-quality DSLR camera for a beginner’s digital camera, if you’re just taking your first foray into the world of photography. You could also adjust your budget so you can save up and buy what you want when you truly have the money.

The bottom line? If you can’t afford something, save up before you buy it.

 

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