The T.J. Maxx co-branded credit card actually goes by the name TJX Rewards card. TJX Companies is the parent company of T.J. Maxx and also owns Marshalls, HomeGoods and Sierra Trading Post.
So, if the cashier asks you if you want to apply for it while you’re shopping at T.J. Maxx, should you say yes?
This review will help you make an informed decision.
T.J. Maxx has two different versions – a store-only version and a general use MasterCard which can be used at merchant locations anywhere world wide that accepts MasterCard. Both are issued by Synchrony Bank.
When you complete an application you aren’t given the option of which one you want. The one you receive (if approved) will depend on your credit history.
So you risk ending up with a private label store-only version (which can’t be used everywhere like the version with a MasterCard logo). You’ll still receive the hard pull on your credit, however, which will temporarily lower your credit score.
The store-only version isn’t all bad — and can act as a credit-building card if you use it well.
You’ll get 10 percent off on your first online or in-store purchase made with the card. If you apply online, you have to use your 10 percent off coupon toward an online purchase. If you apply on a mobile device, you’ll get a 10 percent off coupon sent to your phone, which can be used in-store.
You’ll need to use the 10 percent off coupon within 30 days and must make the purchase with your TJX Rewards card.
Both versions of the card have the same rewards-earning scheme.
At T.J. Maxx, Home Goods, Marshalls and Sierra Trading Post, you earn 5 points per dollar for all purchases. For every 1,000 points you earn, you’ll receive a $10 rewards certificate. That translates to a 5% rebate at these stores on your in-store purchases.
Rewards certificates are issued in $10 and $20 denominations.
If you have the MasterCard version, you’ll also earn 1 point per dollar wherever MasterCard is accepted.
Using your rewards
Rewards certificates can be redeemed in-store at all TJX’s affiliated brands. Or, they can be redeemed online at TJXMaxx.com or Sierratradingpost.com. You cannot redeem for gift cards.
Neither version of the card has an annual fee.
Annual Fee none
Interest rates are always subject to change, but as of Dec. 2016, the APR for both cards is 27.24 percent. That’s above-average for store cards, but not exorbitant in the field.
For shopping at TJX-branded stores the rewards are quite respectable. However, the interest rate is insanely high. The takeaway should be to pay your balance in full each month with this card.
Also, remember you are earning rewards specifically to use at TJX. So think about how frequently you shop there. If you think your rewards will languish, consider getting a more general-purpose rewards card that earns rewards everywhere — and allows you to redeem for straight-up cash back.
Now let’s talk about store cards in general…
When it comes to credit cards issued by department stores and other retailers, be hesitant. You’ll likely get a low credit limit and may even end up with a version you can’t use outside the store. Plus, Synchrony (prolific issuer of store cards) is not known for great customer service.
Why we gave it 2 out of 5 stars
This card was rated based on our standards for store credit cards.
The TJX Rewards card has a comparatively good rewards program. But it doesn’t have much appeal for those who don’t frequently shop at TJX brands – nor does it have any incentives to make you want to shop there more.
|Offers introductory interest-free financing: The card offers no special financing.|
|Offers ongoing rewards/discounts: This card offers bonus rewards on TJX purchases for the life of the card, and the MasterCard version offers rewards anywhere MasterCard is accepted.|
|Fair interest terms: This card’s APR is above the average store card APR (according to CreditCards.com's latest retail card survey).|
|Consumer-friendly incentives: This card doesn’t offer any extras for loyal shoppers that aren’t already offered by TJX’s free loyalty program.|
|Can be used anywhere: The MasterCard version of the card can be used outside TJX stores.|
This post was written or last updated December 2016