Modells Credit Card: More Than Just A Gift Card?

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The GE Capital Retail Bank Modells Credit Card with Sporting Goods MVP Rewards offers sports fans, athletes, coaches and fitness buffs an opportunity to be rewarded for their Modells loyalty. Like most of the co-branded retail store credit cards, this one has high APRs – and not an incredible amount of benefits for anyone who isn’t a Modell’s fanatic. To be fair though, cardholders are entitled to free gifts, rewards points, special discounts and other incentives. It just so happens that it’s very difficult to find any details about them.

Of course, the Modells Credit Card can be used online or in-store to rack up those rewards points. There are more than 120 Modell’s stores in the northeastern United States. MVP rewards points are awarded at the rate of 1 per $1 you spend at Modell’s. Then, when you accumulate 400 MVP points, you receive a $20 gift card (for Modell’s of course). So let’s see, $20 per $400 spent is a 5% cash-back gift. Not bad.

There’s a Platinum MasterCard version of the Modells Credit Card too. Of course, it has much more enticing rates and benefits than the MVP credit card – but you also have to have a lot better credit score (700+) to get one. Even if you do get the Platinum, the rewards points are still allotted at the same rate of 1 per $1 spent on Modell’s merchandise.

APRs and Fees for the GE Capital Retail Bank Modells Credit Card

You’ll definitely need to follow the Credit Card 101 basic rules of only charging what you can pay for, in full, each month. The Modells Credit Card APR for purchases and balance transfers is a soaring 23.74 above the current prime rate. If you take a cash advance, then the APR will be 26.74% above prime. As you might well expect, if you incur any penalty APR charges, they will be set at 29.99%, the most allowed by law. GECRB guarantees all cardholders a minimum of 23 days from the previous billing cycle closing date to pay their bills. Take advantage of that and make your payments in timely fashion. To not do so invites financial turmoil and disgust.

There’s a fairly common fee schedule that comes along with the GE Capital Retail Bank Modells Credit Card. Cash advance fees are the most between $10 and 4% of the transaction’s amount. For balance transfers, you will pay the greater of $10 or 4% of the US-dollar amount of the transaction. You get a small break with foreign transaction fees at 3% or $10. And like almost every other credit card in existence, there will be a fee of $35 processed for every instance of late payments or returned payments.

Also like most other credit cards, the GE Capital Retail Bank Modells Credit Card uses the Average Daily Balance method for computing your minimum monthly payments. It’s so important to consistently keep in mind that if you make timely payments in full, then you will never have to worry about extra-high penalty APR charges or any penalty fees. Note that, if any interest is due on your account for a given billing cycle, the smallest amount that will be assessed is $2.

In researching the details of the GE Capital Retail Bank Modell’s Sporting Goods MVP Credit Card, I found a serious lack of valuable resources. Just now, I got off the phone for the third time. I called customer service and was met by a not-happy, not-mean lady. She proceeded (twice) to transfer me to an extension that would not allow me to connect. It required that I enter my Modell’s account number or my GE Capital Retail Bank Modells Credit Card number. I had neither.

I called back and told the receptionist that I am searching for information about the passive benefits of the GE Capital Retail Bank Credit Card – not the Platinum MasterCard. I explained to her (again) that I was putting together an unbiased review of the card and was looking for an informative, accurate resource. She assured me that she knew they offered 2 different cards. Then she transferred me to the same extension that required me enter my account number.

So here’s my bottom line concerning the GE Capital Retail Bank Modells Credit Card. Yes, you will get a 5% Modell’s-only incentive to make Modell’s purchases. Spend $400 and get $20. Whoopee. Yes, you will also receive “MVP Members-Only” specials via your email. Other than that, as far as I can learn, there are no other pluses involved. Now come on! Who need to save 5% at Modell’s so badly that they would need a specially branded credit card for it? And really, who needs a credit card that has such high APRs?

You’re not going to earn any points for gasoline, entertainment or other purchases by using the GE Capital Retail Bank Modell’s Sporting Goods MVP Credit Card. I’m not even sure you can use this card anywhere except at Modell’s or Modell’s website. If I am uniformed, I apologize, but there’s apparently no real way to learn the juicy details about this card. To me, it seems like a gift card, nothing more. I can only suggest you check out the website for yourself.

I don’t recommend the GE Capital Retail Bank Modells Credit Card. Rather, I think it’s another sad joke being played on the average American consumer who probably just wants to be able to show an arsenal of credit cards in attempts to fit into society a little better. I’m an avid athlete and love sports. I have no interest in owning the GE Capital Retail Bank Modell’s Sporting Goods MVP Credit Card though; none at all.

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