Review: JCPenney Credit Card

Department store chain JCPenney, in partnership with Synchrony Bank, offers a credit card that allows you to earn rewards as well as get various discounts and financing offers. Is it worth adding to your credit card portfolio. Our overview / review of the card will help you decide…

The first thing to understand about the JCPenney credit card is that it is only accepted at JCPenney, nowhere else. Getting a new credit card with such limited usage may not be a good idea, because every new credit card you obtain hurts your credit score just a bit. If your credit history is great, no big deal. But if it’s more shaky, you should think twice before getting a new credit card that you can only use at a single retailer.

That said, frequent JCPenney shoppers will find some value here. In terms of rewards, you’ll get 1 point per dollar charged to the card, and when you reach 200 points, you’ll get a $10 reward toward a future JCPenney purchase. So, you essentially get a $10 reward on $200 worth of purchases, or 5%, which is a nice reward.

As a one-time bonus, if you apply today and get an instant approval, you’ll get 15% off purchases you make with the card today (5% in some departments like major appliances and bridal jewelry).

JCPenney also promises 100+ discount days throughout the year for cardholders, and cardholders also get special financing on certain large purchases. (Though make sure to read the fine print on any long-term financing; it can be a bad deal if you fail to pay off every penny within the terms of the agreement.)

The JCPenney credit card has a ridiculously bad interest rate of 27.99%, so don’t get it if you ever carry a balance on your credit cards. It can get you into debt fast, and interest you pay will end up being much more than any rewards you receive.

If you want to apply for the JCPenney credit card, you’ll find an online application here.