With about 280 stores and a website that offers free shipping, applying for the credit card from Cache may seem like a good idea. But is it really worth it?
It’s different than most store cards…
Unlike most store credit cards which just let you earn points, the Cache rewards program is different; it earns you points and gives you a discount on your purchases.
- 5% discount: With the card you are automatically enrolled in the Caché Accents, which automatically gives you a 5% discount anytime you shop at their stores or website.
- 5x points: In addition to the discount, you also earn points on your spending. For purchases from Cache you get 5 points per dollar spent (for everywhere else Visa is accepted you only earn 1 point per dollar).
So how much are those points worth? Every 2,500 of them will get you a $25 Cache gift card. That breaks down to a value of 1 penny per point. That means you are earning the equivalent of a 5% rebate at their stores and 1% elsewhere.
It’s not as good as it seems…
Getting a 5% discount AND earning 5x points? Is that too good to be true?
It’s true that you get both, but what the Cache credit card application doesn’t do a good job explaining is that ANYONE can get the 5% discount (even without their credit card).
How? It’s simple. Here’s what their website says about it:
Conclusion? Anyone who spends $300+ at their store can take advantage of the Accents 5% discount. You don’t need their credit card to get it.
So what it boils down to…
The biggest draw of the Cache Visa card is the 5x reward points. Aside from that, they aren’t really offering much aside from the standard benefits from Visa Signature and that’s only if you have a good enough credit score to qualify for that tier. If not, you get a lower level Visa with even less benefits.
If you carry a balance on it, the APR is fairly good for a store-branded card. When I last checked the application it was giving:
Signature version = 11.24% to 23.24%
Regular version = 13.24% to 23.24%
(the rate you get is based on your credit)
If you come in at the lower end of those ranges, that’s a reasonable rate. But if you get the 23.24% it’s too high IMO.
Rewards or ripoff?
The Cache credit card is not a ripoff. In fact, it’s one of the better store cards on the market. Even though the benefits are sparse, the 5x points at their store is worthwhile if you do enough shopping there.
Other good options for high cash back in 2013 are:
- Freedom from Chase – 5% on categories
- Discover It – 5% on categories
- Blue Cash Preferred from AmEx – 3% at department stores
Written or last updated Jan 2013