Jewelry retailer Ross-Simons, in partnership with Citibank, offers a credit card that allows you to finance large purchases at a 0% interest rate — but watch out! Our overview / review of the Ross-Simons credit card is below:
The first thing to know about the Ross-Simons credit card is that it is only accepted by Ross-Simons and not by any other retailers. Here at Credit Card Catalog we are not fans of credit cards with such limited acceptance — opening a new credit line can hurt your credit score, and opening new credit that can only be used occasionally may not be worth it, especially if you don’t have a great credit history.
However, we also understand why you would want a Ross-Simons credit card. The most likely time you would get one is when you are buying a big piece of jewelry and you are offered no-interest financing. Specifically, the Ross-Simons credit offers 0% financing for 6 months on purchases of $250 or more, provided you pay off the complete balance with that 6 months.
Yes, that sounds good, but be aware of exactly what it means: you pay no interest if every penny of your purchase is paid within 6 months. However, if ANY part of your purchase is not paid within the 6 months, you will get charged ALL the interest that would have accrued from the date you made the purchase — as if the 0% offer had never existed at all! And the interest rate you’ll pay? 29.24%!!! That is ridiculously high, so if you take the 0% financing offer, you need to be absolutely sure you can pay off your purchase on time.
There is no reason to apply for the Ross-Simons credit card until you are actually ready to make a big purchase there, but if you’d like more info, there is an online application here.