Department stores around the country have gotten onto the bandwagon offering credit cards to customers who frequent their stores, and the same goes for the partnership between GE Capital Retail bank and Lord and Taylor department store. The GE Capital Retail Bank Lord and Taylor credit card is a popular online credit service that makes it easy for consumers to take care of their shopping at one of the country’s most popular department stores. Does owning and using the Lord and Taylor credit card offer adequate benefits? We’ll check it out.
Lord and Taylor Credit Card Benefits
The Lord and Taylor credit card offers a variety of benefits and supposed values for cardholders. For avid Lord and Taylor department store shoppers, the opportunity to be invited to eight to 10 exclusive cardholder events every year, with discounts of 10% off purchases made with the card, can certainly seem attractive. Additional perks associated with the card include a 15% off statement savings pass, special birthday savings during the month of your birthday, and advance notice of sales and store events.
Upon approval of acceptance of the Lord and Taylor credit card, your 15% discount can be applied in physical stores, or online on the first day you use your account, but this discount does not apply to gift cards or any additional store services.
In addition, Lord and Taylor card holders also have the perk of being able to return any item made with your Lord and Taylor card without a receipt, and the ability to make payments online or in the store, depending on your preferences and convenience. Like many department store credit cards, the Lord and Taylor card allows you access to 24/7 online account management and mobile account management for wired devices. Set up text alerts to keep you up-to-date on your balances, payment due dates, or other alerts from the store. Still, these types of perks are available with just about every other credit card out there, including other department store credit cards.
Last but not least, Lord and Taylor credit card users enjoy zero dollar fraud liability for unauthorized use of your card or on your account, but you must notify GE Capital Retail bank as soon as possible when you notice any unauthorized purchases on your account statement.
The Lord and Taylor credit card does not charge an annual fee, but let’s take a deeper look into the terms and conditions and the multitude of footnotes that have been attached to the above benefits from their documentation.
Terms and Conditions
On the surface, the GE Capital Retail bank Lord and Taylor credit card looks good. When you open your account, you’ll be able to start saving right away, using a 15% discount given to new cardholders.
The Lord and Taylor credit card comes with a 25.49% APR, which is quite high, but is average with many other department store revolving account offerings. Because it’s a revolving card, you have the choice of paying off the full balance on your card or spreading your purchase payments out for months, or longer, depending on the stipulations you find in the fine print documents associated with the card.
The terms for this card are pretty simple and include the APR rate, as well as notification that if you make a late payment, you can pay up to $35 in penalty fees. A $25 late fee payment will be accrued if you’ve made six consecutive on-time minimum payments, and a $35 late fee is applied if you have not made six consecutive minimum payments by the due date.
The Lord and Taylor credit card specifies two types of charges associated with your account: regular charges or club charges. Interest rates are calculated by the account balance on a daily basis and interest charges will accrue from the day you make the purchase until the purchases have been paid in full.
As always, be aware that credit card vendors, including Lord and Taylor and GE Capital Retail, may make changes to the terms and agreements regarding card usage, interest rates, fees, and other charges at their discretion without prior notification to the cardholder.
The terms and conditions of the GE Capital Retail bank Lord and Taylor credit card are lengthy, and also involve certain notices as well as information based on your state of residence. Take the time to read through all the fine print before signing on the dotted line.
It’s easy to apply for the Lord and Taylor credit card through the Lord and Taylor website, but you will be asked for personal information, your annual net income, your Social Security number, your driver’s license number, and other personal questions. Visit the website for both GE Capital Retail bank and Lord and Taylor. Make sure that you have read and understand the rates and fees applicable to the Lord and Taylor credit card account to avoid unpleasant surprised.
The Lord and Taylor credit card is not a rewards card per se, but offers a variety of department store perks and benefits to cardholders. Your card can be used on everything found in the department store, from jewelry to fragrances to apparel, to home furnishings and gifts. Refer to the website for additional information regarding card usage, limitations, exclusions, and benefits.
As department store credit cards go, the GE Capital Retail bank Lord and Taylor credit card is average. If you’re a frequent or avid Lord and Taylor department store shopper, the card may offer you convenience and benefits. With no annual fee, it’s a good department store credit card with a limited balance line that offers versatility and options. The Lord and Taylor credit card offers loyal shoppers a few extra perks that are not available to other consumers, but only if you take advantage of the exclusive cardholder events, the special birthday savings, and the advance notice of sales and events. Otherwise, this is just another department store credit card without all the bells and whistles. As always, make sure all your questions and concerns regarding the card and card usage are answered before you sign on the dotted line.