HHGregg Credit Card Review: Should You Apply or Not?
The HHGregg credit card application is peddled as way to save money, but will it really do that?
For starters, I would just like to say I’m a huge fan of HHGregg. There are now 139 HHGregg stores with many more to follow… I think over the next decade we will definitely see them give Best Buy a run for their money (and they need some healthy competition now that Circuit City is gone!).
Here’s what you need to know about the HHGregg card:
Can you apply online?
At this time you cannot apply for a HHGregg card online. You have to go to their retail store to get an application.
Who issues this credit card?
This is not a major credit card (like a Visa, Discover, etc). It can only be used for purchases at HHGregg locations and on their website.
Is there a rewards program?
Unfortunately it doesn’t offer any points, cash back, etc. for your purchases. When I saw this I was bummed, because electronics are not cheap so when I buy a new computer, TV, or appliance, I expect to get some sort of rewards for doing so!
What is the interest rate?
I called up their customer service to find out what the APR is. I could barely understand the rep I was talking to (had to ask her to repeat the answer multiple times) but I finally got it out of her…
The interest rate on this card is absolutely outrageous – it depends on your credit but 26.99% is the lowest and 29.99 percent is the highest, as of January 2011. I’ve written a lot of credit card reviews and trust me, this is one of if not the worst I have ever seen. I mean for crying out loud, the lowest APR is almost 27 percent? That’s insanity!
Are the finance promotions any good?
Okay, so we have already established the HHGregg card has no rewards and an insanely high interest rate… so that leaves us with the financing offers. Are they worth it or not? Well take a closer look…
- The card offers deferred interest promotions
- The duration of the promotion can vary depending on what you’re buying and where you’re buying it at. For example, some purchases may be eligible for 6 months, others for 12 months, etc.
- I only found one page on the site that talks about the credit card and it says “90 Days Same-as-Cash on any purchase” is one of the benefits, but I’m not sure if that page is up-to-date because there was also info about the interest rate which was clearly outdated.
Here’s my beef with these promotions, you need to be warned:
All of their financing promotions are 0% deferred financing. So if you don’t pay off every single penny of the purchase before the promotion is up, then interest will be charged to your HHGregg credit card account on the full purchase price, going back all the way to the date of purchase.
On the other hand, regular (major) credit cards don’t do this. If they advertise 0% for 12 months, then you won’t get slapped with back interest if it takes you longer than 12 months to pay off the purchase.
Verdict?
I personally would never apply for this card, because it’s so risky. Even if you think you will be able to pay off the purchase in full before the promotion is up, you never know what life has in store for you. If you lost your job or had unexpected expenses come up, suddenly you may no longer be able to pay it off in time… and that would mean getting hit with the deferred interest on the full purchase at an insanely high rate.
A Better Alternative?
If you have bad credit, the financing from HHGregg unfortunately may be your only option. However if you have good credit, then I would definitely recommend using this sponsored promotion below to pay for your big ticket electronics at HHGregg:
When buying a PC from HH Gregg whith my HH gregg card i was told that i did not have “the right hh gregg card to get there 0% promo!!! so i said fine charge it and i will just pay it off ” but before i paid it off i called ge money bank and asked why? ” i almost have an 800 credit score” they told me that they only issue 1 hh gregg card and if you have it, you get the 0% finance offer!!!!! so i went back to the store (a little mad at staff for lying) and asked them to call ge money bank to explain to me why i did not get the promo 0%!!!
the first person at the bank told him that i could get it!!!! the second person told him that i could get it!!!!! and finally the third person told him that i could get 0% financing!!!! (i was sitting at his desk on speaker phone listing!!!) he walked up to the front desk and i followed! he made one last phone call. then told me that i did not have the right card!!! so i told him that i will pay it off and not be back!!! he said i’m sorry you feel that way GOODBYE!!
So the statement came and i included my cut up card with my payment!! best buy has always given me 0% for years!!! i will not buy another thing from the people at hh gregg!!!!!
Does anyone know what credit bureau HHGregg uses to determine your creditworthiness?
Hey guys – and girls. If you are credit worthy you have no problems. So what if HH Gregg store card has high interest?
If you apply for, and receive a credit card to shop there…. you already know that the interest rate is the same as Kohls, Lowes, etc. You make a purchase – 12 months zero interest – you are set. You pay the bill, ON TIME, every time, before the 12 months is up and HELLO!!!!!!!!!!!!!!!! Why are you guys complaining????? This is stupid. El stupido!!!! Maybe Craigslist for you? HaHa.
Hi! Does anyone know if I will be charged the full interest from HHGregg if I am one day late on my payment? I’m not usually late, but this was the first payment and with Christmas coming I put it on the back burner. Thanks!
As soon as I got my bill I cancelled it, due to the high interest rate. I have been trying to get them to take off the ins. that I was talked into, as I live in a state half the time where there is not a HH Gregg, and they will not send me the papers. They rip people off and I would not recommend this store to anyone. And they will not put Best Buy out of business, as I wish I had gone to Best Buy instead of HH Gregg.
Buyer beware of this people. As I asked if there was a HH Gregg store in the NJ NY area and there is not, I asked about interest rate before buying anything there and they told me not to worry about it, it would not be high, they never told me what it was but gave me instant credit. I was over charged, and I think they don’t have a store in the NJ, NY area as they would be run out of here.
Best Buy store card is just as bad and does the same things as HHgregg. I have a card with them too.
Do they charge early payoff fee?
No they do not.
How hard is it to get a line of credit through them? Thanks
I just purshased an awesome Panasonic Plazma TV (50 inch) for under $700. The 5-year warrenty was only $199. The 0% interest rate for 24 months is great for me and I have no complaints about my purchase. Go HHGregg!
Oh Sue, you are SO busted.
Update: Sue, I did some digging around and it appears you are a “Marketing Leader” for GE Money Bank (who is the issuer of this card). If that is true, it was wrong for you to not disclose that in your comment. Using a different last name is not appropriate, given the circumstances. I did a Google search for your email and can clearly see the last name associated with it, which is not “Scareth” and hence what led me to discover your apparent association with GEMB.
Is GE Money Bank really so hard up for business that it has to send its minions out to troll consumer assistance websites?
Hi Sue, thanks for your comment. I think you’re missing the biggest problem with the credit card from HH Gregg, which is their DEFERRED interest. They do not offer true “no strings attached” 0% interest promotions. What they offer is 0% deferred, as discussed above. This, along with their 26.99% to 29.99%, makes them clearly inferior to most “regular” cards. I challenge you to name one aspect of the HH Gregg card that is superior. Other than possibly being easier to qualify for, there is not a single quality that is desirable when compared to other cards.
The sponsored promotion (which I identified as such) highlighted above is the best on the market right now that I know of, it is far from being the most profitable for me to advertise. So if it were only about money there are other cards I could recommend that would be much more lucrative.
Yes, rates of 27-29% are high but these interest rates are typical of in-store financing. also, in spite of your disclaimer, it is obvious that you are promoting a competing credit card so your trashing of the hh Gregg card loses credibility. i don’t believe that your opinion is truly independent.