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GE Capital Retail Bank TJX Rewards® Credit Card | Are The Rewards Worth It?

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The standout feature of the GE Capital Retail Bank TJX Rewards® Credit Card is its awesomely high purchase APR of 26.99%. The fact is that even people with excellent credit ratings are stuck with this rate because there are no others for this card. There’s no hope of having your rate reduced because of continued stellar performance as a cardholder. There’s no chance to ever have that APR reduced.

But still, the GE Capital Retail Bank TJX Rewards® Credit Card holds on to life, year after year, and continues to build its base of loyal customer fans. Through research though, I have found that the love people have for TJMaxx and its family of retail outlets has crossed over to a false love for this card. In the vast majority of online customer reviews that I’ve researched, cardholders are going nuts because of rude customer service and plenty of accounting errors too.

Here are the overview rates and fees associated with the GE Capital Retail Bank TJX Rewards® Credit Card:

  • Purchase APR: 26.99%
  • Balance Transfer APR: 26.99%
  • Cash Advance APR: 29.99%

Balance transfers on the GE Capital Retail Bank TJX Rewards® Credit Card will have a fee attached of $10 or 4% of the amount transferred, whichever is greater. Likewise, cash advance fees are 4% or $10. If any interest charges are leveled against your account, the charges will never be less than $2. Foreign transaction fees are a straight 3% of the amount after it is converted to U.S. dollars. Late payments and returned payments will incur fees of $35 per incident.

In general, this card has higher APRs and fees than most other cards. So, what makes it worth it? There are only 2 ways for this card to make sense for anyone.

  1. Never allow balances to carry over. Pay the entire amount off every month. Do not charge what you cannot pay for, in full, each month.
  2. You gotta love the TJMaxx family of stores and be happy to prove your loyalty. You get good rewards (5% store credits) when shopping at these stores.

You will always be given at least 23 days after the end date of your monthly billing cycle to make your payments. Do this without failure! One customer review states that he was granted a $2000 card limit. He had excellent credit and never missed a single payment; never made a payment late. When his charges reached the $1000 mark, his limit was reduced, immediately and without warning, to $1400. Customer care informed him that this is a standard practice. This increases your percentage of usage and can cause a hit on your credit rating.

Concerning in-store rewards, the GE Capital Retail Bank TJX Rewards® Credit Card delivers a seemingly impressive 5%. On the surface, that’s enticing. If you spend a lot at TJMaxx stores, then you can certainly save some dough. However, for the casual shopper of Maxx stores, the rewards aren’t really that stellar. 5% means you get $10 for every $200 spent. And that $10 isn’t really $10 because it’s in-store credit.

The GE Capital Retail Bank TJX Rewards® Credit Card can be a decent card for people who relish shopping at Marshall’s, TJMaxx, Homegoods and other members of that store family. However, the overwhelming customer complaint seems to be rude, short and uncaring customer care standards. People live in this credit society and it controls their livelihoods to some degree. They need information about their credit. The fact is that some of the customers for this card are closing their accounts for reasons of “maintaining mental health”. So, with all this negativity from cardholders, are there any positive reasons to choose this card?

Facts about the GE Capital Retail Bank TJX Rewards® Credit Card

Retail store credit cards are notorious for having substandard customer service. But that’s not all. The store CC industry seems to be plagued with some deceitful practices in general. The reason is clear: these cards are normally set up to cater to people with credits ratings that aren’t the best. Now, you can get store credit cards with excellent credit – but why? If you have an excellent credit score, then you can get cards that offer better rewards schedules – and they have friendly, caring and helpful customer service.

The quality of the base of customers for store credit cards dictates that the credit limits will be set lower than other non-store cards. For people with excellent credit, this card will likely come with an initial limit of about $1400. And remember that even if your limit is set higher, there’s a good chance that, when you need it in a pinch, it won’t work because your limit has been mysteriously changed. Please note that I am not singling the GE Capital Retail Bank TJX Rewards® Credit Card out. Many store cards have these issues. It’s an industry thing.

The bottom line about the GE Capital Retail Bank TJX Rewards® Credit Card

This card used to be issued and serviced by Chase. It’s been around the block and it has a proven record. It also has the plus that it caters to lovers of the TJMaxx family of retail stores. When people see that they can earn 5% store credits on their purchases, they get excited. They apply for the card based on their love and loyalty to these stores. Once approved, they go out and spend it up, especially because they get 10% store credits for their first purchases with the card. Then, when they receive that first statement and see the reality of the situation, they often are disappointed, aggravated and angered. Check out all the details at the website before applying.

I have to call this one like I see it: this card is hated by its customers. Regardless of anything else, the people that have actually applied for, received and use this card do not care for it. The reviews are the same on multiple review sites. With high APRs, high fee rates, poor customer care, numerous accounting issues and a general lack of customer appreciation, I recommend choosing a different card. There are plenty cards besides the GE Capital Retail Bank TJX Rewards® Credit Card available that will provide a substantially more professional and respectful experience.

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