MSN Money has posted an interesting article about department store rewards cards, written by a lady from Bankrate.com. It goes through in detail how much in purchases would be required to earn a free gift certificate from one of several department stores by using their credit cards, and it also talks about their interest rates.
Discussed are Gap, Linens ‘n Things, Nordstrom, Bloomingdales, and Banana Republic customer rewards programs. It also talks about some of the co-branded cards like the TJX Capital One card, the BJ’s First USA Mastercard, and the Nordstrom Platinum Visa.
Words of wisdom: keep the interest rate in mind, don’t buy things you really don’t need just to rack up points, and take advantage of special sales including double-points events.
{ 1 comment… read it below or add one }
Awesome find Becky! You know how I feel about rewards credit cards that offer tiny (“feeble”) rewards in exchange for off the charts interest rates.
Most times, the second the cardholder carries a balance any “rewards” are sucked away by crippling interest rates. You’d think a dept. store would be happy enough to just entice shoppers with a good program and low interest rates…why gouge them at every turn? How much is enough?
Most telling is BJ’s: “If you carry a balance on your BJ’s card, you earn 1% rewards on any outside purchases you make. If you pay your balance in full each month, you earn a measly 0.5% rewards…”. Are they defying us to do the math? They’re all but telling you that you’re being had!
Kudos to you for researching and posting this very relevant information!