The QCard application claims to have “easy-to-read, itemized monthly statements for all your QCard purchases” but there’s nothing easy about their payment rules.
You have to be careful when you’re buying from QVC. There are two reasons for this:
1. Sometimes the items cost more. You won’t always get the best deal when buying from QVC. For their non-exclusive products (those that can be purchased elsewhere) make sure you Google the item before ordering. Many items, especially electronics, can frequently be found for a cheaper price online or at a local retailer. Surprisingly, I have even seen numerous complaints on QVC.com’s forums about this!
2. Their credit card is among the worst. There is hardly one good reason to apply for a QVC credit card. Peruse the fine print at the bottom of the application and you will come across several unattractive things about it:
- Excessive Interest Rate. GE Capital Bank (formally known as GE Money Bank or GEMB for short) is well known for their excessive rates…
If you have a bad credit score, it would be understandable why you would get stuck with a high rate like that. However the problem with the QVC Q Card is that it gives this rate to everyone, even if you have excellent credit. Of course if your payment is for the full amount (and NOT the minimum payment) then you won’t get charged interest.
- 5 pm (ET) on due date. Yes, this is legal for them to do, but that doesn’t mean it’s ethical…
If your payment is received after 5 pm (that’s only 2 PM on the west coast!) on the due date, they won’t count it until the next day and hence, you will get hit with a late fee… which can be up to $35. Many banks don’t impose such an early time of day. For example as I write this, Bank of America counts payments made up to 11:59 pm ET as still being made on the due date. Obviously we all know it’s best to pay long before the due date, but if you forget, don’t forget that 5:00 pm ET/2:00 pm PT cutoff. Pay online because mail delays could cost you dearly.
- The benefits are BS. Normally the biggest reason to hassle with a retailer-branded credit card is to get rewards, discounts, and other benefits. Unfortunately what you get with the QVC card is a bunch of bologna…
Sounds like a lot of fluff, right? I would rather use a card that provides me with up to 5% cashback rewards or benefits like automatic extended warranty coverage on eligible purchases for no additional cost.
What it comes down to…
…is that there are really only two situations where you should consider getting the QVC credit card:
- If your credit is disastrous and you can’t qualify for a normal credit card. If that’s the case, the QVC Q Card may be worth using as a stepping stone to help rebuild your credit (in conjunction with a secured MasterCard or Visa).
- If you regularly use the easy pay plan. On many items they offer to split up the payments into 4 or 5 equal monthly installments. This doesn’t cost anything extra. If the product you are buying is the lowest price out there, this can be a useful feature for financing a payment over a few months. But guess what? You don’t need the credit card from QVC for this. You can use any major credit card for their easy pay plan. But if you have terrible credit, then I suppose using the plan in conjunction with a QVC card could be logical.
Written or last updated November 17, 2013