During checkout at their store, you’ve probably been asked at least once “Would you like to apply for Boscov’s credit card today?” Nowadays, shoppers are used to being asked this question almost everywhere they shop, so we’re usually quick to shoot down this suggestion without even taking a look at the credit card.
But I decided to take a look at the Boscov’s card to find out what it does and doesn’t offer...
The rewards may or may not be good...
Their credit cards have a tiered rewards structure, which give higher rewards for higher amounts of annual spending. The rewards can be redeemed for purchases at Boscov’s. Here’s how the program works:
[imga=Boscovs rewards chart"]http://creditcardforum.com/images/cards/misc/boscovs-credit-card-rewards-chart.gif[/imga]As you can see, the first few tiers are nothing impressive. The very last tier is good, but it requires that you spend a whopping $5,000 per year at their store. Most people don’t spend anywhere close to that and would probably be better off with a high cash back card instead.
Making sense of the APR...
This totally blew my mind! I went to the Boscovs credit card application on their site to try and find what APR this card carries. I’ve never seen another credit card arrange it this way...
The Boscov’s credit card application process consists of three parts: Apply > Review Terms > Decision. The first page, Apply, is your typical application. It asks you drivers license, social security number, employment, financial information, and the whole nine yards.
Now here’s the shocker… it appears you have to submit this information BEFORE you can review your interest rate! I could be wrong, but I saw no interest rates published anywhere I looked, not even in the fine print. Obviously rates can vary, but out of all the credit card reviews I’ve done, they normally post an APR range before you submit your information, not after!
I did turn to the net though to see what people were saying about the APR on their Boscovs card payment and balance, and purportedly it can be quite high.
What are the fees?
Fortunately, there is no annual fee on it. Nowadays, there aren’t really any department stores that charge an annual fee. Since they make money off your credit card account, it doesn’t make sense for stores to charge you just to have the card.
As far as late payment fees and others, I can't tell you what those are due to the predicament described above (of submitting your private info before viewing the terms).
First and foremost, I would never apply for Boscovs credit card due to their practice of asking for your personal and financial information before they disclose what your exact APR is. The very least they could do is post a broad range upfront... maybe they do but I sure couldn't find it and I looked all over.
The rewards structure on the card only really benefits the top tier spenders and leaves everyone else with relatively low rebates. Even if you buy $2,000 in clothes at their store per year, that's still only 2% which is nothing to write home about.
How to save 3% at select US department stores?
Did you know there is a credit card that gives 3% at select US department stores, including Boscovs? I'm talking about the Blue Cash Preferred from American Express. Go here to see my review of it.
[blue cash preferred]/[/blue cash preferred]
Company History: Boscov’s was started in 1911 in Reading, Pennsylvania… they’ve been around for over one hundred years! Today, they have a few dozen stores along much of the East Coast. Unlike most department stores, what makes them especially unique is that they are still independently family-owned and operated. In fact, according to their website, they are the biggest department store in the country that still operates that way!