Kay Jewelers is one of the most popular jewelry stores in the United States. It owes its popularity to the fact that it stocks jewelry for people with all kinds of budget. Similar to most retailers in the country, Kay Jewelers offers its customers a credit card by means of which customers can receive credit immediately and make purchases they might not have been able to make otherwise.
In this article, we’ll cover the pros and cons of signing up for the Kay Jewelers Credit Card. We’ll also determine if opening up an account with them is wise or not.
Kay Jewelers Credit Card: Qualifying
Qualifying for the Kay Jewelers Credit Card is really easy. Most customers say that they received their credit cards along with a high credit limit even though they didn’t qualify for any other credit card.
If you have a poor credit history or do not qualify for other credit cards, then the Kay Jewelers Credit Card just might be your second chance to build a good credit score.
Kay Jewelers Credit Card: Benefits
Anyone who has considered signing up for the Kay Jewelers Credit Card knows that the card doesn’t have a lot to offer as compared to other store card. Kay Jewelers doesn’t promote special benefits, perks and discounts to try and get you to sign up for it.
Moreover, if you visit the Kay Jewelers website, you’ll find that the store offers all of their customers various sorts of coupons and discounts regardless of whether they’ve signed up for the Kay Jewelers Credit Card or not.
Kay Jewelers Credit Card: APR and Fees
The Kay Jewelers Credit Card is subject to an APR ranging from 17% to 24.99%. Granted that it isn’t the lowest interest rate found on store cards but it is definitely on the lower end of the scale. The interest rate that will be applicable to your purchase depends on the dollar value i.e. if you spend more at Kay Jewelers your interest rate will be lower.
The Kay Jewelers Credit Card does not charge customers an annual fee to keep their account open. Other fees such as late payments and return charges are the same as most other retailers in the country.
Kay Jewelers Credit Card: Special Financing
Kay Jewelers offers customers special financing options from time to time. The offer includes paying back the money in 6, 12 or 24 months with 0% interest rate. If, however, the cardholder does not pay off the entire balance in the promotional period, they will be charged interest on all purchases made from the day they opened their account i.e. they will be charged interest retroactively.
Too good to be true? Yes, indeed. This special financing option is only available on purchases greater than $500 and the customer is also required to make a 20% down payment. This means that if you make the minimum $500 purchase, you will have to give a $100 down payment immediately.
Kay Jewelers does not offer a rewards program or similar perks for credit card holders.