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Amazon is launching a new credit card as it battles Walmart for low-income customers (AMZN)

Amazon is launching a new credit card as it battles Walmart for low-income customers (AMZN)
AP/Elaine Thompson



Amazon has launched a new credit card for people who are trying to rebuild credit.




It's a secured card that requires a security deposit, has harsh penalties if users don't pay their full bill every month, and is mostly only usable at Amazon.com.




It does come with a perk for Prime members: 5% cash back on all purchases.




It's another initiative to capture low-income shoppers who may not be able to own a traditional credit card, and often shop at brick and mortar locations like Walmart.




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Amazon is trying to chase another group of shoppers.
The company unveiled on Monday, in partnership with Synchrony bank, a new store credit card. It's called the Amazon Store Card Credit Builder, and as the name implies, is targeted at customers trying to improve their credit score.
It's a secured credit card, which means customers will need to give a refundable security deposit for how much they would like to borrow against. In as little as seven months of good financial behavior, the card can be upgraded to the regular Amazon Store card, which does not require the deposit and can be used as a regular store credit card.
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