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The HH GREGG Credit Card – Is There a Catch?

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GE Capital Retail Bank has joined hands with the electronics and appliance retailer HH Gregg, in providing consumers with the convenience of GE Capital Retail Bank HH Gregg Credit Card. The credit card aims to offer discounts and special financing on large purchases made only from the HH Gregg store. The HH GREGG Credit Card has no annual fee and does not necessarily require a good to excellent credit score to qualify for approval. The HH GREGG Credit Card is best for those who are loyal customers of the electronics giant HH Gregg.

There are 139 HH Gregg stores worldwide and many more to follow. There is wide range of home appliance and electronics products that the store offers like washing machines, refrigerators, dryers etc. it also offers gaming consoles like Xbox 360 and PlayStation. So if you are a huge fan of HH Gregg and frequently purchase appliance items from there you should read on:

Benefits Offered by the GE Capital Retail Bank HH GREGG Credit Card

The card has two main offerings:

  • Large purchases get a special financing of 0%. For purchases over $197: 6 months, on purchases up to $1000: 12 months and for purchases over $1000: 24 months.
  • For purchases of price $497 and above: 5% off.

What’s more?

Some more advantages to the customers who own a GE Capital Retail Bank HH Gregg credit card are that they can acquire special discounts and financing which is available in store. Customers can pay their bills online, have credit lines available for meeting their purchase requirements and avail online deals and special in store offers which let them save big bucks.

HH Gregg offers its card carrying members a special birthday offer on their big day. Each new customer who signs up for a HH Gregg credit card receives an introductory 10% discount which can be availed in stores or through making a purchase on their website. For any new offers or discounts HH GREGG Credit Card holders will be the first to know about it and receive notifications on their account as a reminder.

How does it Work?

You must understand clearly how the GE Capital Retail Bank HH Gregg credit card works before you think of applying. Firstly, the card offers no cash back of points which can be redeemed for anything else unlike most other cards. If you avail the special financing offer to make purchases at the HH Gregg store at 0% rate, spread over either 6, 12 or 24 months period, be very careful. You must pay off every penny say, for example if you avail a 12 months 0% financing offer, within that 12 month period. If you are unable to do so, interest will be charged from the date of the purchase on the full purchase price. This may come off as a huge burden when you realize that the credit card charges an outrageous interest rate of 29.99%.

Payment of Interest and Minimum Charge

The due date to pay interest is at least 23 days after a billing cycle is closed. No interest will be charged if the entire balance is paid within the due date each month on promotional purchases. Interest on promotional purchases is charged from the date of purchase. The charge will not be less than $2 if interest is charged.

Fees

A late payment and returned payment fee of $35 applies.

An Alternate Card to Consider

If you want to make big buck purchases from the HH Gregg store you can go with the GE Capital Retail Bank HH Gregg Credit card. But be very sure that you can make the payment on the special financing that you avail with 0% interest rate within the specified time. Because, if you don’t, the purchase can cost you double the original amount with an interest rate as high as 29.99%. Most other cards do not have this high an interest rate. Also, the card does not offer any other rewards or cash back. It is very specific to your HH Gregg store purchases. So, unless you have big purchases planned from there and are confident you can pay them off within the specified period you might as well go ahead with it.

Otherwise, you can consider getting a card (and there are many) which rewards you on making purchases with cash back or points. You can later redeem these for gift cards or travel. There is no limit on making points and none of the cards charges an outrageously high interest rate. One such card that you consider applying for is the Capital One Quick Silver Cash Rewards Credit Card. It requires a good credit score to qualify but offers many rewards and cash back on purchases that you make, with no annual fee and an interest charge of 12.9%-20.9% after December 2014.

This card is a Visa card type issued by Capital One which means that it is acceptable worldwide. It offers 1.5% cash back on every purchase that you make. Once you spend $500 on purchases within first three months of becoming a card member, you will receive a onetime bonus of $100. There is no APR until December, 2014 and even after that the APR is not much as compared to the GE Capital Retail Bank HH Gregg Credit Card. You can redeem your cash back any time for any amount and there are no rotating categories, so you can never miss out on something you wanted to purchase. Your cash back does not expire and it can be redeemed for a check, gift card or as account credit whenever you want.

In the End

If you want to apply for the HH Gregg credit card, weigh your options seriously and closely. Consider that deferred interest promotions are the only catch in this card. You will get varying durations of the promotion for different items, depending on what you buy and which store you buy it from. So for example, if you make a big purchase which is available for the promotional offer for 6 months and for some reason you cannot make the payment within the period, just imagine the interest rate and that it will apply right from the start of the purchase date.

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