Are you looking for financing for your company? With so many options to choose from, it can be difficult to know which one is right for you. For businesses that shop frequently on Amazon, the retailer offers several credit cards and lines of credit to help you simplify your buying process and earn rewards.
We’ve rounded up the best Amazon business loan products so you can find the right one for your business.
Amazon Business Prime American Express Card
Best for business incentives
The Amazon Business Prime American Express Card is one of the most popular business credit cards on the market.
With Amazon Business Cards, you also get extensive management tools. First, you can designate an account manager who will be responsible for making payments, verifying transactions, and adding and removing employee cards. Account managers can monitor everyone’s spending, flag purchases in QuickBooks, and set up account alerts for specific spending activity.
It’s important to note that you must have an Amazon Business Prime membership to use this card. Also, if you cancel your Prime account or pay late with your credit card, you may lose your accumulated rewards.
- No annual fee
- Competitive Rewards
- Powerful Manager Controls
- Requires Amazon Prime membership
- If you cancel your Amazon Prime membership, you will lose points
- If you pay late, you will lose your points.
Amazon Business Line of Credit
Best business line of credit
Amazon business lines of credit allow businesses to make purchases and pay later. Managed by Synchrony Bank, these lines of credit have a generous 55-day payment term. Since you must pay in full, there are no interest or annual fees (see Duties and Fees).
To get started with an Amazon Business line of credit, apply through Synchrony Bank. Once your application is approved, you will be assigned a dedicated account management team to help you set up, adjust and manage your credit limit. You can create separate accounts for different departments or locations in your organization.
As you shop, you’ll receive easy-to-read monthly statements with a list of item-level transactions and details. Then you simply pay your purchase in full by the due date.
- No annual fee or interest
- 55 day payment term
- Dedicated account management team
- Not available for all Amazon products
- it’s only available on amazon
- No cash back or other rewards.
Amazon Business Account Payment
Best for Amazon Business Prime customers
Similar to Amazon’s business line of credit, Amazon Invoice Pay allows you to make purchases and pay later. This feature is available to customers with an Amazon Business Prime membership. The standard payment term is 30 days, but can be extended to 45 or 60 days for additional premium accounts (see duties and fees).
In addition to the flexibility to pay later, Amazon Pay by Invoice makes it easy to reconcile your purchases by sending you a digital invoice with itemized purchases. You can set up multiple buyers for your business and track everyone’s purchases.
After your order ships, you will receive payment terms and due dates. You can pay your bill by Automated Clearing House (ACH), wire transfer, or check.
- Increase payment flexibility and control
- 45-60 days extended payment period
- For Small and Medium Business Accounts
- Requires Amazon Business Prime membership
- Longer payment terms require more expensive memberships
- No cash back or other rewards.
Amazon Prime Rewards Visa Signature Card
Best Personal Loan Options
While business credit cards and lines of credit are great for some businesses, they’re not for everyone. For example, it is difficult for a sole proprietorship without an employee or business credit history to obtain a business credit card or line of credit. Instead, they can apply for a personal credit card for business purchases only.
Rewards can be used for future Amazon purchases. You can also redeem them for cash, other gift cards, travel credits, and more. The card has no annual fee or foreign transaction fees. However, you must have an Amazon Prime membership to use this card, and it costs $139 per year.
- Excellent cash back rewards
- No annual fee or foreign transaction fee
- Redeem for cash back, gift cards, Amazon credit cards or travel.
- Requires Amazon Prime membership
- Reduce cash back on sites other than Amazon
- Cashback or Promotional APR must be selected at the time of purchase.
How did we choose these credit card and loan options?
When choosing an Amazon credit option, we make sure to find products that work for businesses of all sizes. While no product on our list will work for all businesses, most businesses should be able to find one that works for them.
Factors we considered when selecting these products included:
- how easy it is to apply
- interest and fees
- payment terms.
How do you decide which option is right for you?
Wondering which Amazon credit option is right for you? With so many options to choose from, it can be hard to choose the best one. The truth is, no one is better than the other. Each has different features, advantages and disadvantages.
Here are some questions you need to ask yourself when choosing the best loan option for your business:
Do you run a sole proprietorship?
As a sole proprietor, there’s a good chance your business doesn’t have a reputation. In this case, the Amazon Prime Visa Card may be the best option for you. Eligibility is based on your personal credit, not your business credit. If you don’t have a large team, you don’t have to worry about giving others access to the map.
Want cash back rewards?
Amazon’s line of credit does not offer cash back or other incentives. If you want special perks for using your balance, the Amazon Business Prime Card might be best for you.
Are you an Amazon Business Prime member?
Amazon Pay by Invoice functionality is standard on Small, Medium, and Enterprise plans. Instead of paying at the time of purchase, you can pay on a 45- to 60-day schedule.
Are you spending more than $100,000 a year on Amazon?
Customers who spend more than $100,000 per year can take advantage of the Amazon business line of credit, including your own account specialist.
Are there alternatives worth considering?
Amazon’s credit option allows businesses to buy items and pay later, often with rewards. However, you may want to consider some alternatives to Amazon credit products:
Business credit card
Amazon’s credit card offers some great deals for businesses looking to get cash back on their purchases and spend big on Amazon. But there are plenty of business credit cards out there; we’d be remiss if we didn’t mention some of the other options available.
If you choose a business credit card other than Amazon, you can get the same benefits, and sometimes even better ones. The difference is that Amazon only allows you to use cash back on Amazon purchases, while other business cards allow you to use your perks for many other purposes.
For example, the Capital One Spark Cash business credit card gives you 2% cash back on all your purchases. You can use rewards to fund or cash out your balance.
Business line of credit
Instead of Amazon’s line of credit, you can choose a line of credit from another financial institution. First, other lines of credit let you spend as much money as you want, whereas Amazon’s line of credit only allows you to spend money on Amazon. Another benefit of external lines of credit is that you usually have a longer time to repay them, whereas Amazon’s lines of credit take 30 to 60 days to repay.
For example, BlueVine offers business credit lines ranging from $5,000 to $250,000. You can pay off the balance in weekly or monthly payments over 6-12 months. Unlike Amazon, there’s no limit to where you can spend your money.
Which Amazon Credit Option Is Best for Businesses?
There isn’t necessarily one Amazon credit option that’s best for all businesses. It depends on your financial situation and how you want to use the loan.
While credit lines and account purchases are free and interest-free, the cash-back bonuses that come with credit cards can be attractive.
What credit do you need to get an Amazon Business Credit Card?
Amazon requires at least fair credit to qualify for a credit card, but you can increase your chances of being approved by having good or excellent credit, which means a minimum of 680 points.
What is the easiest form of Amazon credit?
When it comes to getting Amazon credit, it depends on your current situation. Individuals with sole proprietorships and no business credit may be the easiest to qualify for the Amazon Prime Visa Card, while businesses with existing Amazon Business Prime accounts can already pay by invoice.
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