2013 Review: Overstock Mastercard credit card really worth it?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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2013 Review: Overstock Mastercard credit card really worth it?

Postby 1topolo » Mon Sep 30, 2013 12:50 pm

I read the article that mentioned CreditCardForum.com about how retail store accounts are rarely worth it for those who have a good credit score. It didn't say that was always the case though. Do you think the Overstock.com Mastercard is a yes or no?

Being that I am in escrow on a new condo that needs to be furnished, it's probable I will be ordering online a fair amount of home furnishings. The O rewards program that seems really good.

Earn up to 8% in Club O Dollars on Overstock.com purchases and 1% in Club O Dollars everywhere else

Then I read the bottom of the application and it only says the credit card is earning 5% at their website.

5% Club O Dollars: You accrue the benefits described herein for all purchases made through Overstock.com, except international orders, cellular telephone service plans and Club O Memberships. In addition, transactions generated within the Cars, Auctions, Real Estate, Community, Vacations and any Tab other than the Shopping Tab are excluded.

Then where does the other 3% cash back come from?

The signup promo/new account offer is only a $20 statement credit which means the reason I would apply for the Mastercard from Overstock would solely be for the ongoing rewards.

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Postby Midori » Mon Sep 30, 2013 1:35 pm

You accrue Club O Rewards Dollars from two sources:

--You'll earn Club O Rewards Dollars from the Club O Rewards Program provided by Overstock.com. This allows you to earn 5% in Club O Rewards Dollars on certain eligible purchases made through Overstock.com. Overstock.com will even waive the normal Club O membership fee for Overstock.com cardmembers (if you're already a Club O member, that waiver will start the next time the fee comes due). See the Club O Rewards Program Terms and Conditions at http://www.overstock.com for full details.

--You'll also earn Club O Rewards Dollars from the Credit Card Reward Program provided by First National Bank of Omaha. This allows you to earn an additional 3% in Club O Rewards Dollars on Qualifying Overstock Transactions (purchases with your Overstock.com Credit Card at http://www.overstock.com and at participating Overstock locations) and 1% in Club O Rewards Dollars on other Qualifying Credit Card Transactions (other purchases with your Overstock.com Credit Card). See the summary below for more details about how the Credit Card Reward Program works.

--Regardless of which program they're earned under, all Club O Rewards Dollars are redeemable through the Club O Rewards Program. All Club O Rewards Dollars earned from the Credit Card Reward Program are automatically transferred on a monthly basis into (and redeemable only from) your Club O Rewards Bank.

So, getting their credit card will comp you the annual fee for your Club O membership. ($19.95 first year, $14.95 each year to renew.) It's the Club O membership that also gives you free shipping, so that's a perk.

So, you're getting a flat 5% from being a Club O member, and a potential extra 3% on Qualifying Overstock Transactions. The credit card itself just seems to waive the annual fee for membership and give you 0% for the first six billing cycles. So the question becomes whether you like Overstock enough to want your rewards to come in their Club O Dollars, or if you have another rewards program that is more valuable to you.

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