LensCrafters offers a credit card that allows you to defer payments for 6 months on your purchases. But watch the fine print. Our complete overview / review of the Lenscrafters credit card is below.
The first thing to know about the LensCrafters credit card is that it can only be used at LensCrafters, nowhere else. This is a strike against it; opening up a new credit line for a single retailer you don’t visit often can hurt your credit score, especially if your past credit history isn’t so good.
We understand that the allure of the LensCrafters credit card is the 0% financing offer. And, yes, it sounds good to put off paying for your glasses purchase for 6 months. However, the LensCrafters credit card pulls an old credit card trick that you need to be very careful of. Check out this statement:
“Interest will be charged to your account from the purchase date if the promotional purchase is not paid in full within the promotional period.”
In case you didn’t understand that, it means you must pay off your complete purchase within the 6-month period or you will be charged interest going back to the very day you made the purchase, as if the 0% offer had never existed! So, while you may have pushed your payments off into the future, the interest charges will have accumulated (at a mind-boggling 29.99% interest rate) during the whole 6-month period and your debt will have grown substantially.
So, if you want to pay off your LensCrafters purchase a little at a time instead of all at once, it’s fine to get the LensCrafters credit card. But be sure to COMPLETELY pay off your purchases BEFORE the 6-month period runs out.
The LensCrafters credit card is issued by Synchrony Bank (formerly known as GE Capital Retail Bank). There’s really no reason to apply for the card until you actually make a LensCrafters purchase, but if you can’t wait, there is an online application here.