When it comes to store credit cards, every store is trying to sell you the idea that their card is worth carrying in your wallet.
Sears (NASDAQ:SHLD) is one of those stores.
Today, we’ll take a look at some of the features of a Sears credit card, and see whether it’s the right type of card for you.
A Sears credit card is simply a store credit card that can be used at Sears, Kmart and Lands’ End (NASDAQ:LE) because those stores are all owned by the same parent company. You can use the card whether it is for clothing, household items and appliances, tools or even everyday supplies.
As a card holder, you will receive monthly coupons, special savings and special financing offers that will help you save money. The card, however, can’t be used at an ATM or as a regular credit card and other stores. It also doesn’t provide rewards or balance transfer opportunities.
The Sears credit card’s regular interest rate is variable, currently at 25.24%. Therefore, it is highly recommended that you pay off the balance each month to avoid high interest charges. If you can stick within your credit limit or want a card for emergency homeowner purchases, this can be a beneficial card. It also is beneficial to someone who has a low credit score and wants to prove they can handle a credit card because of its limited usability with stores.
If you want to look beyond the store-only Sears credit card, you do have another option. A Sears MasterCard (NYSE:MA) is also part of the Sears credit card family. It can be used at any place a MasterCard is accepted. It does provide additional promotions and coupons and interest-free financing.
Sears also provides financing options beyond credit cards. If you are a business owner, the Sears Commercial One Card is available for use at the Sears stores. A Sears Home Improvement account also is available to individuals who may want to charge higher price tag items during remodeling projects.
With any financial decision, evaluate whether a Sears credit card is worth it for you, your budget and your needs.
