Review: HH Gregg Credit Card

hh-gregg-logoNOTE: This credit card has been discontinued. See “What’s the best credit card for me?” to help you choose a different credit card.

Appliance and electronics retailer HH Gregg, in partnership with Synchrony Bank (formerly known as GE Capital Retail Bank), offers a credit card that offers discounts and special financing on the larger purchases often made at their stores. Our overview / review of the card is below:

The first thing to understand about the HH Gregg credit card is that it can only be used at HH Gregg, and no other stores. You should ask yourself whether the card really offers you enough to make it worth opening another credit line or not.

That said, the HH Gregg has two main offerings:

  • Special financing (usually 0%) on large purchases — the length of the financing offer may vary, usually from 6 months to 24 months, with the longer 0% financing periods being given on larger purchases.
  • 5% off the price of purchases $497 and up.

Now there’s no disputing that 5% off a purchase of $500 or more is a nice perk. If you get the HH Gregg card to take advantage of that discount, and you know you’ll pay the card off immediately, go for it.

However, if you use this card to finance your purchases at a 0% rate (or other promotional rate) spread over 6 months or 12 months or 24 months, be sure you understand how these offers generally work. As an example. say you get a 12-month 0% financing offer. This means that you must pay off every penny of your purchase within that 12 month period or you will get charged interest on the complete purchase price from the day you made the purchase, as if the 0% offer had never existed!

And, what is the interest rate you will pay if that happen? 29.99%!!! That is a crazy high rate, and every year many people get trapped by offers like this because they don’t completely understand the dangers. Don’t be one of them!