Review: Kay Jewelers Credit Card

kay-jewelers-credit-cardKay Jewelers offers a credit card that allows you to stretch out payments on your jewelry purchases, often at a 0% interest rate. But you’ll want to be careful and read the fine print. Our overview / review of the Kay credit card is below:

The first thing to know about the Kay Jewelers credit card is that it can only be used for purchases at Kay; it is not accepted at any other stores. So, you’ll want to ask yourself whether it makes sense to open a credit line for a card with such limited acceptance. Would you be better off just using a credit card already in your wallet?

The main reason most people choose to get the Kay credit card is that they have been offered some sort of promotional financing, such as No Interest for 12 Months, or something along those lines. This can be a good deal, but only if you always make your card payments on time and completely pay off the purchase before the promotional period ends. If you slip up, not only do you lose the 0% deal, but you actually get charged all of the interest you would’ve been charged from the day the purchase was made — as if the No Interest offer had never existed. And the interest you’ll pay will be calculated at a rate of at least 20% in most cases, which is ridiculously high!! (See the card’s terms & conditions for exact rate information.)

You can apply for the Kay Jewelers credit card online, but we suggest you instead fill out an application only if you make a purchase at a Kay store and are offered some sort of promotional financing. Otherwise, getting this card doesn’t make a lot of sense.