How to get a lower JB Robinson credit card payment?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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kambur8
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How to get a lower JB Robinson credit card payment?

Postby kambur8 » Sat Sep 28, 2013 1:37 pm

I read an article about how this was a good site to come ask questions about obscure cards that are less common. Mine is the JB Robinson Jewelers credit card. I signed up for it at the Grand Junction location to buy a diamond tennis bracelet for approximately $2300. This was over a year ago and I am still paying it off.

The strange thing is they charge you a different rate depending on what state you live in.

  • AL: 18% to 21%
  • AR: 5%
  • CO, GA, IN, MS, OK, TN, TX, VT, WY: 21%
  • DC, MD: 24%
  • HI, MA, MN, NC: 18%
  • NE: 21% to 18%
  • All other states 24.99%
It doesn't seem very fair that if I lived 15 miles over across the border my APR would be almost 4% less, 21% versus 24.99%. And why if I lived in Arkansas would I only pay 5%?

This seems unfair for you to have a lower or higher payment based on the state you live in. Why is that allowed to do because I have never seen a bank credit card do that. Next time I buy jewelery I won't be using this unless I move to Arkansas!


kambur8
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Postby kambur8 » Sat Sep 28, 2013 5:43 pm

I called JB Robinson's customer service and they said the reason for having different rates by state is because different laws have rules on how much interest can be charged there.

Then why don't other banks like Chase or Citi have to do the same with their credit cards?

Midori
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Postby Midori » Sun Sep 29, 2013 2:11 pm

Who issues the JB Robinson's card? For example, Lowes and Home Depot have credit cards that are issued by GECRB, not Lowes or Home Depot. But from what I see, it looks like JB Robinson might actually issue their own card themselves?

This is just a guess, but wouldn't a credit card issued by a bank with a federal charter (like Chase or Citi), with the classification of "National Bank", operate with federal rules, but maybe a credit card issued by, say, a state bank, would operate with more attention to state laws? Because federal law trumps state law. I know when I pay my Chase card, I pay it to Chase, N.A., and I pay my Citi card to Citibank, N.A., rather than Chase, TX and Citibank, TX. But when I pay my health insurance, I pay it to Blue Cross Blue Shield of TX, which operates under different rules than BCBS of NH, or BCBS of IL.

So, depending on who backs the jewelry store credit card-- or if they issue and manage it in-house--- it would have an affect on what rules it operates under. Interestingly enough, their Terms actually addresses this issue: if you moved 15 miles away to a different state, or moved to Arkansas, and updated your mailing address, new purchases would have interest charged at the new state's rate, but your preexisting purchases would continue to be charged at the rate of the state you lived in when the contract was entered into, until paid off.

kambur8
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Postby kambur8 » Sun Sep 29, 2013 6:45 pm

That might be it because I am 99% sure that JB Robinson doesn't use an outside bank like a lot of stores do. This might have something to do with South Dakota and not operating out of there because the big banks do that and that's how they get away with usury.

That is peculiar that even if I were to move to Arkansas I would still owe the rate from the state I lived at time of purchase, don't you think? It's too bad I don't have a relative there because I would use their house, with permission, to have my bill sent to them to qualify for the 5% on future purchases.

takeshi
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Postby takeshi » Mon Sep 30, 2013 9:39 am

kambur8 wrote:It doesn't seem very fair that if I lived 15 miles over across the border my APR would be almost 4% less, 21% versus 24.99%.

A border is a border. Fair is sticking to the border and not making exceptions. You seem to be confusing "fair" with "beneficial to me".

Did you not read and understand the terms before signing? It's definitely too late at this point.

kambur8 wrote:Why is that allowed to do because I have never seen a bank credit card do that.

Federal banks are largely exempted from (and/or take advantage of loopholes around) state usury laws from my quick Googling. If you want to talk unfair....

kambur8 wrote:That might be it because I am 99% sure that JB Robinson doesn't use an outside bank like a lot of stores do.

It's clearly stated in the terms on their site. If they used a bank to service their card then they would be mentioned in the terms.
http://www.jbrobinson.com/webapp/wcs/stores/servlet/CreditTermsConditionsView?storeId=10510&catalogId=10001&langId=-1
In this J.B. Robinson Jewelers Retail Installment Credit Agreement ("Agreement"), the words "you" and "your" refer to any person who signs the Application for this Account or this Agreement, or has requested and is issued a J.B. Robinson Jewelers credit card. "We" "us" and "our" refer to Sterling Jewelers Inc., d/b/a J.B. Robinson Jewelers, P.O. Box 3680, Akron, OH 44309-3680, its subsidiaries and affiliates, and any person to whom this Agreement, your Account, and/or any amount due on your Account may be assigned.


kambur8 wrote:That is peculiar that even if I were to move to Arkansas I would still owe the rate from the state I lived at time of purchase, don't you think?

Not at all. Terms are established when you sign up. Unless the contract states otherwise terms don't change.



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