Best Catalog Credit Cards For Everyday Spending
- Credit limit up to $1000 (some accept $1200)
- 0% interest if paid on time
- Grace period – 25 to 30 days
- 29.9% on missed payments
- Monthly membership fee starting from $14
- No credit checks and bad credit accepted
How To Apply For A Catalog Credit Card
At Capital Bean, we help you compare catalog credit cards and recommend ones that we feel are most effective. Our entire list includes: Horizon Outlet, Vast Platinum, Edge Elite, FingerHut, Group One Platinum, Unique Card Services, Freedom Gold Card, Perpay Credit, Net First Platinum Card and Electro Finance.
What is a Catalog Credit Card?
A catalog credit card is also known as a merchandise card or store card and it gives you up to $1000 (or sometimes $1200) to spend in participating stores and retailers.
You essentially sign up for a $14 per month membership and then you get to use the $1,000 credit limit as you wish. And it is completely 0% and interest free provided that you pay off the loan within the grace period which is usually every 25 to 30 days.
Whether you want to buy furniture from Sears, fill up your gas or buy gifts on Amazon, you can get approved for a catalog credit card on the same day of applying.
As financial products go, it is probably one of the easiest to get and has the highest rate of guaranteed approval. You can apply for a card online and just have to show some proof of income and an active checking or savings account to be eligible.
A Word From Richard
“Catalog credit cards are pretty much the easiest financial product to be approved for. They certainly have their place if you need to buy something large like a TV, laptop or new sofa, because they come with 0% finance.. There is a monthly membership fee that you have to pay, so just make sure that this doesn’t keep rolling and you cancel the card if you are not using it. And make sure that you can repay your card bill on time each month or you are charged late fees.”
Richard Allan
Capital Bean, Founder and CEO
Where Can I Use Catalog Store Credit Cards?
Capital Bean works with catalog card providers that allow you to use their cards in a number of participating stores across the US. However, these are only just a few places where you can use your cards and this can be both in-store and online.
Amazon, Best Buy, JCPenney, Kohl’s, Pharmacies, Gas stations, Target, Walmart, Sak’s Fifth Avenue, T.J. MAXX, Marshalls, Homegoods, Sierra, Homesense
What Can I Use a Catalog Credit Card For?
Electronics – TVs, computers, tablets, games consoles
Home goods – Furniture, flooring, carpets, curtains, garden equipment, refrigerators, washing machines
Clothes – Clothes for school, for vacation, everyday clothes
School – Books, stationery, backpacks, lunchboxes
Work – Work expenses such as office equipment, chairs, desks, tables
Why Should I Use a Catalog Credit Card?
Good alternative if you have been turned down – This type of card can be useful if you have been turned down by traditional banks and lenders due to having bad credit or no credit, because catalog credit cards do not take credit scores into consideration.
Good for specific purchases in stores – In addition, if you are trying to borrow money for a specific purchase like buying electronics, white goods, house stuff or gasoline, you can use the store catalog card especially for this and at 0%, it may work out cheaper than using a credit card or personal loan.
Fast approval – If you are time sensitive, catalog cards can be approved on the same day and sent to you in the mail the next day – and this can also be faster than other products on the market.
What is The Eligibility Criteria?
- Have a regular income
- US resident with a SSN
- Have a live checking account
- Can afford the monthly membership of $14
- Can afford to repay up to $1,000 in credit each month
Are Catalog Credit Cards Too Good To Be True?
Whilst catalog cards might seem easy to be approved and free money if they are giving you up to $1000 with no interest, it is just essential that you stay on top of payments.
You have a grace period of 25 to 30 days, depending on the card provider, where you will need to pay the monthly payment off. This is a similar time frame to a credit card.
But if you are behind on your payments, it will incur a late charge at 29.9%, which is also similar to a credit card with fair credit.
It is just essential that you do not take on too many catalog cards at once and get used to paying it off on time.
Are All Catalog Credit Cards Guaranteed Approval?
Whilst Approval is not always guaranteed, but the approval rate is certainly very high. You will need to have a live checking account and have a regular income to make the monthly membership fee and make repayments.
Is It True That Store Catalog Cards Come With No Credit Checks?
Yes, it is true, there are no credit checks, which might be make it convenient for someone with bad credit or who has been turned down for other things like personal loans. However, you will still need to be able to pay the monthly credit card bill which is the amount that you spent on the card that month.
FAQs
Can I Use a Catalog Credit Card To Build My Credit Score?
Yes, making payments on time each month will be reported back to a credit reference bureau and this will cause your credit score to improve. Similarly, if you fall behind on monthly payments, it will lower and negatively impact your credit score.
How Many Cards Can I Have Open?
There is no limit to the number of cards that you can have open, but it is not recommended to take on too many cards, since this could make you financially stretched. It will also look less favorably on your credit score because it appears that you have access to a lot of credit which often lenders are very wary of.
Are Catalog Store Cards Safe To Use?
Yes, very much so, they are an established financial product and are run by legitimate and regulated companies. The danger of store cards if is you take on too much credit and fall behind on payments, because this can generate added fees, penalties, interest and damage your credit score.
Can I Get a Catalog Credit Card With No Deposit?
Yes, there is no deposit necessary. Once approved, you can start using and spending the card at shops and stores.
Are There Any Other Hidden Fees?
No, the only fees to be made aware of are the monthly membership fee, which usually starts at $14 per month and also the interest charged for late repayment at 29.9%. Otherwise the interest charged is 0% assuming that you pay on time.
How Quick Is The Approval?
Approval is pretty much instant, you can find out if you have been approved almost straight after applying. Once successful, the card can be shipped to your address the next day.
Where Do Repayments Come Out Of?
The monthly repayments to pay back your credit card bills will come out of your checking account. You just need to make sure that you have money in this account on the set repayment date to avoid going into arrears.
What Happens if I Do Not Repay My Catalog Card Repayments?
If you do not make your monthly payments on time, you will be charged interest at 29.9% APR for the duration that your loan is in arrears. It will also be noted on your credit score and this could lower your credit rating and make it harder to access financial products and other credit cards in the future.
