The Kohl’s Credit Card
Just about every major U.S. retailer offers a branded credit card that can be used to pay for store purchases. Kohl’s is one of these stores which provides shoppers an opportunity to save money and earn rewards by using their Kohl’s credit card for purchases. To get the most out of any department store credit card, consumers must understand the terms and conditions associated with the account. In nearly all instances, store credit cards are not the best credit card offers, even for die-hard customers. Here we weigh the benefits and drawbacks on the Kohl’s card
Member Savings and Rewards
When you apply for a Kohl’s credit card you can save 10% off your next purchase. Members receive exclusive discounts 12 times per year that can be used to save even more money. The extra 15%-30% discounts can be applied to all merchandise including sale and clearance items. Already known for affordable prices, Kohl’s makes it easy to save money when using the Kohl’s credit card.
Consumers who spend at least $600 or more every year get additional rewards. The Most Valued Customer program rewards frequent shoppers by adding six days of your choosing when you can receive bonus savings. Customers who attain Most Valued status also receive a quarterly newsletter with added benefits and discounts.
(in)Convenience
The Kohl’s credit card can only be used at Kohl’s. This is a major drawback, especially if you are in need of a general purpose credit card. Yes, there are tons of benefits, but the fact that this card can only be used at Kohl’s can be an issue for some.
Fee and Rate Information
While the Kohl’s credit card does offer a fair amount of perks to its cardholder’s, it is not without drawbacks. Only being able to use this card at Kohl’s is a major one. But for many, the extremely high variable 21.9% interest rate and penalty APR of 24.9% can wipe out any in-store savings. Missing one payment will trigger the penalty APR and additional fees of $35 for late payments and returned payments add to the cost of using this card. Most consumers, particularly those who don’t pay their bills in full every month, will find that a 0% APR credit card or a 0% balance transfer credit card can provide much greater benefits overall in the form of interest savings.
Like any other credit card available to consumers, the Kohl’s credit card can make shopping easier and more affordable when managed responsibly. However, if you choose to use the Kohl’s card, it is essential to pay your bill in full every month to avoid high interest rate charges and fees. Otherwise, any benefits you might gain will be wasted on interest payments that could be avoided with a regular credit card.
