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GE Capital Retail Bank TJX Rewards Platinum MasterCard – Something Special or merely Ho-Hum?

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GE Capital Retail Bank has joined with TJX to offer the TJX Rewards Platinum MasterCard. Discerning shoppers want to know whether the card is something special or just another retail card. The fact that this card offers rewards may offer more incentive for consumers to love, but before you make a decision, it’s also important to read through the fine print, meaning the terms and conditions, to determine whether this GE and TJX blend is worth the trouble.

TJX Rewards Platinum MasterCard Basics

Most consumers are aware of the TJX brand when it comes to discount shopping, and the TJX Rewards Platinum MasterCard is available for store only or traditional MasterCard credit card options.  Some of the perks associated with this card include round-the-clock convenience, paperless statements, easy payment options, the ability to set up account alerts, and more.  So far, of the card sounds ho-hum. In fact, the GE Capital TJX splash page for this card doesn’t offer the type of valuable information that most consumers are interested in, including rates and fees, terms and conditions, or how the rewards program works. For this one, you need to dig a little deeper to find the pertinent information.  Not off to a very good start.

When it comes right down to it, the TJX rewards credit card homepage itself only offers a telephone number for consumers to ask questions regarding their TJX Rewards Platinum MasterCard, and you have to click deeper into the site to find the information you’re looking for.

Benefits associated with the TJX Rewards Platinum MasterCard include 10% off of your first purchase inside the store after your account opens. You won’t pay an annual fee, and the card also comes with a variety of additional benefits that include but are not limited to 0% fraud liability, acceptance around the world, and your ability to access cash at an ATM or MasterCard logos are accepted. You’re also offered identity theft resolution and price protection and extended warranty coverage. Again, these perks and benefits are associated with many credit cards.

TJX Rewards Platinum MasterCard Program

Earning rewards with your TJX Rewards Platinum MasterCard is a relatively simple.  Basically, you’ll earn 5 points for every $1 you spend at TJ Maxx, Home Goods, and Marshall’s stores, so basically you have three well-known department and/or retail store options when it comes to shopping and earning your points.  You’ll earn one point for every dollar you spend anywhere else that MasterCard is accepted, meaning for food, groceries, restaurants, entertainment, and so forth.

In addition, cardholders can receive a $10 reward certificate for every thousand points earned, with no limitation to the number of points you can accrue.

If you in any way default the terms or conditions associated with the rewards program or the credit card in general, you may not be able to earn any points, and you may lose points you’ve already received. If your account is closed for any reason, your program membership is terminated and you’ll lose all your points.

Membership in the program doesn’t cost anything, and is automatically renewed on an annual basis as long as your account is in good standing. Points earned on your TJX Rewards Platinum MasterCard do not have any cash value and are not redeemed for cash, but are rewarded in gift certificates. Your reward certificates expire two years after their issue date. As mentioned earlier, card members will receive a $10 rewards certificate for every 1,000 points earned and those certificates are issued in $10 or $20 denominations.

Terms and Conditions

Unfortunately, the link to the terms and conditions as well as specifications regarding the point reward program was not working from the TJX rewards site, and you actually have to click on the “Apply Now” link in order to access information regarding the program as well as interest rates and interest charges associated with the TJX Rewards Platinum MasterCard.

The TJX Rewards Platinum MasterCard is issued at a 26.99% APR. It doesn’t matter what your credit history or perceived credit worthiness is, this is where it starts out, which is pretty high. The APR attached to balance transfers is also 26.99%. If you decide you want to take a cash advance, be prepared to pay a 29.99% APR.

A number of fees are also attached to the TJX Rewards Platinum MasterCard, including balance transfer, cash advance, and foreign transaction fees. When it comes to balance transfers, you’ll pay $10 or 4% of transfer amount, whichever is larger. For cash advances, expect the same. A 3% transaction fee is applied to all foreign transactions. If you make a late payment, you can expect to pay up to $35.

Interest is attached to all balance transfer and cash advances from the date of transaction until payment in full has been received. In addition, fees and may be applied to balances for late payment fees, which are treated like a new purchase, debt cancellation fees, added to each balance, and cash advance fees, added to the cash advance balance.

You can also expect to pay a cash advance fee at any ATM, on top of fees that the ATM vendor charges. The foreign transaction fee is applied to any cash advances or purchases that are made in other currencies than US dollars, and if you’re outside of the United States, the foreign transaction fees still apply even if the transaction was made in a foreign currency.

If you don’t pay your minimum balance due by the due date, you’ll be charged $25 late payment fee if you’ve made six previous minimum payments, and if not, you’ll be charged $35. Visit the website for more information regarding the fine details of the card terms.

Be sure to read the terms and conditions as well as the account agreement for your TJX Rewards Platinum MasterCard before signing on the dotted line. Fortunately, you can access these conditions before filling out the application.

Card members will be given a credit limit as well as a cash advance limit based on your credit history and perceived credit worthiness. Do be advised that this credit limit can go up or down depending on your history of payments, usage, and timeliness of payments.

 

 

 

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