Amazon has announced a new store card, Amazon Credit Card For Financially Disadvantaged; that will work similarly to other popular security cards, which banks typically offer young customers or first-time credit card holders.
To receive a credit limit, customers will be required to put down the exact monetary amount (between $100 to $1,000) as a deposit.
This puts credit in the hands of people in a way that makes managing their money more responsible. This also allows underbanked, or (people that have poor access to mainstream financial services normally offered by retail banks), access to the credit builder. This offers customers higher levels of credit cards, depending on their credit standing earned from using the Amazon card.
During Amazon’s busy time of new product releases, the company unveiled its soon to be released Prime Air Shipping, which is one of many sustainability initiatives aimed at achieving Shipment Zero; a vision for net zero carbon shipments. Amazon’s vision is to make all Amazon shipments net zero carbon, with 50% of all shipments net zero by 2030.
Amazon plans use for deliveries of packages under five pounds and in less than 30 minutes. It’s also in the process of offering one-day Prime delivery in the coming months, an initiative it announced earlier this year.
The “Amazon Credit Builder” program is currently available to apply for at Amazon’s website.
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