Review: Iddeal Credit Card

The Iddeal jewelry credit card is offered by a number of jewelry stores and chains, allowing you to finance your jewelry at a 0% interest rate. Sounds great! But is there a downside? Our review / overview of the Iddeal credit card will tell you:

First off, the Iddeal credit card is only accepted at a limited number of jewelry stores, so this is not an everyday credit card by any means. In fact, most people would not know it exists until they try to buy jewelry at a store and are offered the card. This is not a big deal, but you should understand that opening a new credit card with such limited acceptance is going to cause a short-term hit to your credit score. If your credit is good, no problem. If it’s shaky, think twice about this card.

That said, you are probably considering the card because it gives you zero percent financing on a larger jewelry purchase, allowing you to pay over time without incurring interest charges. However, READ THE FINE PRINT! Many of the 0% offers made on the Iddeal credit card are “deferred interest” deals, which means you must pay off every penny of the purchase within the promotional timeframe. If you don’t, you’ll get charged ALL of the interest that would’ve accrued since the date of purchase, as if the 0% offer had never existed!

And what interest rate would you pay in that case? 29.74%! That’s crazy high! Don’t get sucked into a “deal” like this without understanding the potential downside, which could be huge.

The Iddeal jewelry credit card is issued by Comenity Capital Bank. There’s really no reason to apply for one until you’re actually ready to buy from a jewelry store offering the card, but you can get more details and an online application here.