Setting up a reward system for their loyal customers are not new in today’s biggest companies and are always working to further enhance the rewards that they handing out to their consumers.
Amazon, one of the biggest technology companies and an e-commerce industry leader has recently created a new program for their shoppers in giving them power to purchase in the platform without thinking about any credit debt. The program is called as “Amazon Credit Builder”.
This new credit system aims not only to give their underbanked buyers the power to continue the shopping spree in the site but also to teach them to be responsible with their expenses.
The principle behind its new ‘Credit Builder’ is – customers need to pay an certain amount between the range of $100 to $1,000 as a deposit before enjoying the full perks of 5% cash back on purchases, $10 Amazon gift card, and no annual fee which can be enjoyed in other Amazon services.
Synchrony Bank will again power this project by Amazon and are ready to open and serve the newest segment in their market. Speaking through a telephone interview with CNBC, Synchrony Executive Vice President and CEO of the Bank’s retail card operation Tom Quindlen acknowledged this new emerging portion of purchasers and is ready to test the waters for this pioneer venture.
There’s always going to be people that we can’t give credit to – this is a large population that we weren’t able to reach, it’s a new segment of the market
Tom Quindlen’s statement in this new project with Amazon
Users can avail the “Credit Card Builder” service through Amazon’s website.