Is the Sears MasterCard application a bad decision?

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emily0101
 
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Location: new york

Is the Sears MasterCard application a bad decision?

Postby emily0101 » Wed Oct 16, 2013 7:22 am

Okay, to start I'm a newbie with the whole credit card thing so I am still learning do's and don'ts and what not.

So, within the next few months I will be moving to a new house. This house needs some TLC and a couple other things as well. After looking into a few ways to pay for my renovations I've really started to consider a couple store cards with special financing would be the best way to go.

I need appliances and I was considering oping a Sears MasterCard, with hopes that when I go to purchase there is at least a 12 (or 18) month financing offer (since I know its very common for there to be) I know I could pay off the total in the 12 months.

My second option is to use lowes 84 month special financing at 5.99%. I would use this to buy all appliances PLUS the building supplies needed for the rest of the TLC the house needs (the minimum purchase is 3500). I am 100% positive I could handle much more than the minimum payments that would come with this offer, so I'm not worried about not paying it off in 84 months, although I didn't see anywhere if it was "allowed" to pay off early? Anyone know?

I have also considered both cards- Sears for appliances, get them paid off in a year then lowes for the rest (will still be over 3500) and pay off asap but definitely before the 84 months. Hm.

Also- how much higher than what I'm planning to spend should my credit limit be? I would need work on getting it up there before these purchases need to be made

So I guess some experience or advice would be awesome for me, as I really just need reassurance that I'm not going to totally screw myself in the end.

phew, hope I'm not sounding like an idiot and that all made sense! :)


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Terry
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Location: Texas

Postby Terry » Wed Oct 16, 2013 7:16 pm

You will find that the Sears MasterCard is an excellent card for those who purchase big ticket items with the expectation of free financing. That is my card of choice when making those types of purchases at the store. Keep in mind that the interest of 24% is retroactive if the balance is not paid in full; for me that is not a problem. Other new cards will offer an intro but the Sears Card will always offer the no interest option for select purchases over $299.99. For example, I recently purchased a refrigerator from my local store and I received both interest free and also $70.00 in rewards towards the next purchase. If you plan on making regular purchases at Sears, you might consider their card which is owned by Citi, otherwise, look at a card such as Chase Freedom or Capital One QuickSilver.
AMEX Green Card - NPSL [Member Since 1995] ;)
AMEX Everyday Card ($25,000) 6/14 Backdated to 1995 - For 20% Extra Points Benefit
Chase Freedom Visa Signature ($17,000) - For 5% rotating categories
Citi ThankYou Preferred Visa Signature ($16,000) - 2% dining
Discover IT Humane Society Design ($16,500) - For 5% rotating categories
Firestone ($2,600) - For 0% financing
Home Depot ($10,000) - For 0% financing
JCPenney Credit Card ($7,000) - For special discounts
Sam's Club MasterCard - ($20,000) - 5% off gas at any fuel pump
Wells Fargo Personal Line of Credit - ($15,000)

FICO's - 767 EX, 778 EQ, 790 TU [02/2015]

Vandalized2
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Postby Vandalized2 » Thu Oct 17, 2013 2:56 pm

I love the flexibilty with their special rate offers and extended financing. I dont use the card a ton, but when I do I have piece of mind and it is easy to use, no AF, and its a mastercard, so its a changup from VISA for me.

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Terry
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Posts: 119
Joined: Fri Sep 28, 2012 9:22 pm
Location: Texas

Postby Terry » Thu Oct 17, 2013 5:02 pm

Vandalized2 wrote:I love the flexibilty with their special rate offers and extended financing. I dont use the card a ton, but when I do I have piece of mind and it is easy to use, no AF, and its a mastercard, so its a changup from VISA for me.



Yep! :)
AMEX Green Card - NPSL [Member Since 1995] ;)
AMEX Everyday Card ($25,000) 6/14 Backdated to 1995 - For 20% Extra Points Benefit
Chase Freedom Visa Signature ($17,000) - For 5% rotating categories
Citi ThankYou Preferred Visa Signature ($16,000) - 2% dining
Discover IT Humane Society Design ($16,500) - For 5% rotating categories
Firestone ($2,600) - For 0% financing
Home Depot ($10,000) - For 0% financing
JCPenney Credit Card ($7,000) - For special discounts
Sam's Club MasterCard - ($20,000) - 5% off gas at any fuel pump
Wells Fargo Personal Line of Credit - ($15,000)

FICO's - 767 EX, 778 EQ, 790 TU [02/2015]



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