Discontinued: Tiger Direct Credit Card

tiger-direct-credit-cardTigerDirect has discontinued its TigerPay credit card as of May 2015. The card, issued in partnership with Comenity Capital Bank, allowed you to pay off your purchases over time at a ridiculously high interest rate, so you should be glad it is gone.  Below is the overview / review that shows you why we did not recommend this card…

The first thing to know about the “Tiger Pay” credit card is that you can only use it at TigerDirect; it can not be used at any other stores. This is the first strike against it — we think it’s rarely wise to open new credit lines to make purchases at a single chain, unless there is a big payoff in doing so, such as a great rewards program. Tiger Direct has no rewards program at all.

And then there is the interest rate — 29.99%!!!! This is one of the highest interest rates on any credit card we’ve seen. It is a terrible idea to be paying roughly 30% interest on anything.

Usually when we see interest rates so sky high the retailer also has some sort of short-term 0% interest rate offer, and you only pay the 20%+ interest rate if you don’t pay off your purchase in time. Not so with Tiger Direct. There is no incentive to get this card other than to buy their products and stretch out your payments while paying them an extra 29%+ on top of the price.

When you offer a credit card with this high of an interest rate, you generally push it pretty hard to customers that are hard up to make a big purchase, and TigerDirect does. Put an item in your cart and check out online and you’ll have the option to apply for credit immediately to help you make the purchase.

We would advise that you ignore them both.