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1. There's more than one version of the store card
When you apply, the card you get - and the perks you can access - depends on whether or not you have a Prime membership. Prime members will get the Amazon Prime Store Card. If you're not a Prime member, you'll get the standard version of the card, which offers no cash-back rewards.
As long as you're signed into your Amazon Prime account, you'll get 5% back on all purchases made with your associated Amazon Store Card. Without a Prime membership, you won't earn any cash-back rewards. The 5% back will be especially valuable for Prime shoppers who purchase a majority of their household goods on the website, or who buy big-ticket items like televisions and video game consoles.
Shoppers looking for a card to help offset the cost of a major purchase might be better off choosing a store card with an introductory discount on their first purchase. Take the Lowe's Advantage Card, for instance: When you sign up, you'll get a one-time 20% discount on your purchase, up to $100 off. If you're shopping for a new appliance or other large item, you'll have the potential to earn a much bigger introductory bonus with a card like this.
5. Financing options are available, but proceed with caution
This seems like a good deal, but it can be a little risky if you're not completely sure you'll be able to pay off the purchase before the 0% interest period runs out. That's because this offer comes with deferred interest. Interest will still accrue in the background, even though you won't have to pay it during the promotional period. If you pay off the purchase before the special financing period has ended, you won't have to pay this interest. But if you still have a balance at the end of the period, you'll be charged the full amount of interest on the entire purchase - not just what's left over.
This could leave you on the hook for much more interest than you were expecting, especially considering the stated APR was a whopping 25.99%, as of September 2021. So If you choose special financing for a purchase, be absolutely sure you can pay it off in time.
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