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09-13-2012, 12:28 PM #1
Belk Store Credit Card - A Poor Choice?
Belk stores offer great quality clothing, housewares, and more to its patrons. Belk also offers its patrons a way to finance their purchases at Belk using the Belk Credit Card. There are three different credit cards offered by Belk, which are all backed by GE Capital Retail Bank. Belk offers a rewards program on its credit cards as well, but read this first to understand the pros and cons of owning a Belk Credit Card.
Belk Rewards Card
Belk offers three types of credit cards, which can only be used for Belk store and website purchases. The Belk Rewards Card is the initial credit card that you receive when you apply for a Belk Credit Card. You do receive 15% off your initial purchase with the credit card as well as access to special double point events and 35 exclusive savings days per calendar year. This card offers a rewards program where you receive 1 point for every $1 purchased on the card. Once you have accrued 400 points, you can receive $10 in Belk Reward Dollars. This reward basically gives you a 2.5% rebate from spending $400 in the store. The rewards are not significant based on these percentages. In addition, your interest rate for the new Belk Rewards Card will be 24.99%, which is an extremely high interest rate for a card that can only be used in one store.
Belk Premier Card
If you decide to pursue the Belk Rewards Card, and you spend at least $600 per calendar year, then you will receive the Belk Premier Card. This card has all the perks of the Belk Rewards Card, but also allows you the option of choosing special financing with Belk Rewards Flex Pay. This payment plan basically states that your minimum payment will be 1/3 of the total balance due or $75, whichever is greater. If you choose this payment plan with the Belk Premier, you will not
have to pay interest, but will have a very high minimum payment. This Premier Card also offers free alterations and gift-wrap as long as you are not purchasing a clearance item at 50% or more. Even with the flex payment option, the Premier card does not seem to be much of a step up from the basic Belk Rewards, since it also carries the same hefty interest rate of 24.99%. In addition, it offers no type of increase in the amount of reward points that you can accumulate.
Belk Elite Card
The Belk Elite Card is the third card or credit card level offered by Belk. In order to reach Elite status, you must spend a minimum of $1500 per calendar year at Belk. In addition to receiving all the benefits of Belk Rewards, the Belk Elite Card also offers the cardholder access to triple point events, and the cardholder can pick their own sale days each quarter. You also receive 20%off one day of shopping during your birthday month and free shipping coupons. Although these
benefits may sound good, Belk does not reveal how many days are triple point events and how many sale days you get to pick each quarter. So, without knowing how much extra you will be able to accumulate in rewards, it’s very difficult to see any benefit in having the Elite card. Again, this card also has the same interest rate of 24.99%, and all the terms are the same as the Basic Rewards Card. Having to spend more money to get just a few extra benefits hardly seems worth
applying for this card.
Even though cardholders are given an opportunity to receive rewards with the Belk Credit Card, the 2.5% rebate reward is not worthy of taking the credit hit for a card with a 24.99% rate that can only be used at one store. In addition, even with the upgrades to Elite and Premier status, there is no real advantage to spending more money on the card. Instead, choose a card that offers a better cashback rebate and lower interest rate for all your purchases, including those at Belk.
Does anyone have any of these cards? Please share experiences below.