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Amazon launches lending program for underbanked users

Tuesday 11 June 2019 | 12:14 PM CET

The ecommerce company Amazon has revealed a partnership with publicly traded bank Synchrony Financial to launch ‘Amazon Credit Builder.’

The company’s ‘Credit Builder’ is a program that lends to shoppers with no credit history or bad credit, who would be exempt from Amazon’s loyalty cards. The program prompts users with financial literacy tools, and tips to learn about building credit. Also, it might include a tutorial on why someone should pay a minimum.

The new Amazon card has 5% cash back on purchases, which come with the Amazon Store card that Synchrony also powers. These rewards cards incentivise shoppers to use Amazon instead of an alternative, and helps drive loyalty within its customer base. Moreover, the new card application sits directly next to the other Amazon cards. This means that if a customer doesn’t get approved for an Amazon credit card, they’ll be prompted for the new offering, and asked if they want to apply to ‘Amazon Credit Builder’ instead.

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