WARNING: Boscovs credit card application has a very unethical part to it that I’ve never seen on any other credit card! Great store, but this is unbelievable!

Company History
Boscov’s started out in 1911 in Reading, Pennsylvania… they’ve been around for a 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 that operates that way!

Boscov’s Credit Card Review
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. So I decided to take a look at the Boscov’s card to find out what it does and doesn’t offer:

Annual Fee
Fortunately, there is no annual fee on the Boscovs credit card. 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.

Interest Rate
Now what you are about to read is truly shocking! I went to the Boscovs credit card application on their site to try and find what APR this card carries. Now I don’t know if how they have it set up is illegal or not, but I do know 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… you have to submit this information BEFORE you can review terms! Yes, that’s right, there’s no way to click to review the terms! No interest rates are published anywhere, not even in the fine print. Obviously rates can vary, but out of all the credit card reviews I’ve done, they always clearly post this APR range before you submit your information for a credit check.

This is truly unbelievable and unfair they do it this way. I did turn to the net though to see what people were saying about the APR on their Boscovs card payment and balance, and reportedly it’s extremely high… I guess that explains why they don’t disclose it upfront!

Rewards
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:



As you can see, the first few tiers are nothing impressive. The very last tier isn’t bad, but it requires that you spend a whopping $5,000 per year at their store. Most people don’t spend anywhere close to that, even if you do, a 4% rebate is good but not great.

Conclusion
First and foremost, I would never apply for Boscovs credit card due to their totally unfair practice of requiring you to submit your personal and financial information before they disclose what your possible APR is. The very least they could do is post a broad range upfront. Not doing so is highly unethical. The rewards structure on the card only really benefits the top tier spenders and leaves everyone else with sub-par rebates.

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