(Bloomberg) -- Synchrony Financial expanded its relationship with Amazon.com Inc., unveiling a new secured store credit card that targets consumers with low credit scores.
Amazon's new Credit Builder card requires customers to deposit a minimum of $100, which serves as a credit limit, according to the company's website. The card has many of the same perks as Synchrony's existing Amazon card, which offers Amazon Prime users 5% cash back on all purchases made at the e-commerce giant.
Customers with Credit Builder accounts can qualify for upgrade to Synchrony's unsecured Amazon store card after seven months of usage, according to the website. The new secured card will also come with free credit-score monitoring and access to a complimentary score-simulator tool.
The new card was reported earlier Monday by CNBC.
To contact the reporter on this story: Jenny Surane in New York at jsurane4@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub, Alan Mirabella
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