The e-commerce giant has partnered up with the publicly traded Synchrony Financial to launch “Amazon Credit Builder” — a program that lends to shoppers with no credit history or bad credit, otherwise exempt from Amazon’s loyalty cards.
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Amazon launches a credit card for the ‘underbanked’ with bad credit
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“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,” Tom Quindlen, Synchrony executive vice president and CEO of the bank’s retail card operation, told CNBC in a phone interview. “It’s a new segment of the market.” The program is said to aid users with financial literacy tools and tips to learn about building credit. For instance, it might include a tutorial on why someone should pay a minimum, Quindlen said. Once borrowers demonstrate they can pay back loans, they can gradually “graduate” to an unsecured Amazon credit card.
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