Amazon or Newegg Store Card?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
5 posts
liberate
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Location: Iowa

Amazon or Newegg Store Card?

Postby liberate » Wed Oct 15, 2014 10:51 am

Hi all,

First, for the life of me I couldn't find how to make a signature. Maybe it's after a certain number of posts. Anyway, I'm a grad student and my current cards are:

Discover FICO Score: 750
Discover It: $7.5k
AmEx TrueEarnings Costco: $9.2k
Best Buy Store Card: $3.0k
Kohl's Store Card: $0.8k
Care Credit: $4.5k (used for LASIK financing, paid off and will likely never use again)

I'm probably going to purchase computer components sometime next year, just ball parking it will be around $2k. I'll purchase them from Amazon or Newegg, and I'll probably finance with the store card of whichever vendor I choose. I'm looking for opinions on and experiences with the Amazon and Newegg store cards to help with my choice. This will of course supplement my own research into each card.

I'd like to note that I do pay off everything at the end of each month. I recognize store cards can be hurtful if used incorrectly and I already have a couple. The best buy card is the only one I ever let revolve and that's because I've made a large purchase with 12 month financing and I've budgeted to pay it off over time but well before any interest would accrue. The situation would be the same for the Amazon or Newegg store card, and I would only have one card with a revolving balance at a time.

I guess the second, more general, concern I want to verify is that store cards don't hurt your credit score if used correctly.

Thanks for any information.
It: $19.5k
TrueEarnings: $12k
Sallie Mae: $5k
Freedom: $2.5k

Best Buy: $8k
Kohl's: $0.8k

Discover TU FICO: 754 (6/2015)
Building credit while completeing grad school. Three long years to go...


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Vattené
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Location: US

Postby Vattené » Wed Oct 15, 2014 11:49 am

No experience with either card so I can't address your primary concern, but you are are correct that store cards should not hurt your credit. There are a ton of factors going into your score, so one can only speak in general rules of thumb but they should help you. Of course, this assumes you use them responsibly: don't get too many, always PIF or pay down balances as you're budgeting to, yadda yadda yadda.
-Vattené
FICO-8:
EX - 827 (4/17) | TU - 812 (4/17)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

popamode72
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Location: Atlanta, GA

Postby popamode72 » Wed Oct 15, 2014 1:28 pm

I have both right now and I just got the Newegg Preferred Account today because it doesn't report to credit bureaus and it wouldn't affect my utilization but Amazon Store card is also pretty good for financing too as well as being a utilization buffer. Newegg was also not too difficult to get either. I'm planning on financing a drawing tablet soon, probably in the 300 dollar range. As long as you PIF on the store cards and pay in a timely manner when it comes to the financing deals, APR shouldn't be much of a concern. And Synchrony tend to give good CLIs on their cards as well.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

Berk
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Location: NE Florida

Postby Berk » Wed Oct 15, 2014 3:16 pm

I also have both. My Amazon card is the Store Card as opposed to the Visa card. Most of my online purchases are through Amazon. Just about all things computer and networking are purchased through NewEgg Preferred. If you want to build your credit and can only get one get Amazon. If not and you think that you will use both sites then I would get both accounts.

Amazon is very stingy with their CLs in my case. I haven't gotten an increase in years. I will ask occasionally and am always told that I don't qualify for one at this time. I never come close to maxing it out anyway and always PIF (unless I am financing) so it is never an issue with me.
Fico Scores 05/25/2015
Equifax 766
TransUnion 788
Experian 797

Over $140,000 in credit across 12 cards.

popamode72
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Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Wed Oct 15, 2014 6:36 pm

Berk wrote:I also have both. My Amazon card is the Store Card as opposed to the Visa card. Most of my online purchases are through Amazon. Just about all things computer and networking are purchased through NewEgg Preferred. If you want to build your credit and can only get one get Amazon. If not and you think that you will use both sites then I would get both accounts.

Amazon is very stingy with their CLs in my case. I haven't gotten an increase in years. I will ask occasionally and am always told that I don't qualify for one at this time. I never come close to maxing it out anyway and always PIF (unless I am financing) so it is never an issue with me.


I've never gotten increases through their CLI button but within just three months, they automatically increased my limit from a starting limit of 600 up to 1900.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)



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