Review: True Value Credit Card

true-value-credit-cardHardware store chain True Value, in partnership with Comenity Capital Bank, offers 2 credit cards that give you rewards on True Value purchases and (possibly) on purchases outside of True Value. See our overview / review below to see exactly what that means:

When you apply for a True Value credit card, you are agreeing to be approved for one of two different cards. You will first be evaluated for the True Value Discover Card, which offers greater rewards, a lower interest rate, and the ability to be accepted wherever Discover cards are accepted. If you’re getting a True Value credit card, this is the one you want. However, if your credit history is not so good, you could be approved for the True Value store-only credit card, which can only be used at True Value and has a higher interest rate.

Let’s look at what each card offers:

The True Value Discover Card offers you rewards on every purchase, in the form of vouchers that you can use toward future True Value purchases. You get:

  • 3% earnings on True Value purchases
  • 2% earnings on gas and grocery purchases
  • 1% earnings on everything else.
  • A one-time $10 discount when you use the card at True Value for the first time.

One thing we can not figure out is how much you need in earnings before you actually get a voucher that can be used toward future purchases. In most cases, these types of programs require you to earn at least $10 in rewards before you get a rewards certificate, but we can not be sure what the exact amount is for the True Value card.

In addition to the rewards, you can also use the card to get a 0% interest rate on large True Value purchases of $299 or more. You get 6 months to pay off those purchases with no interest charged. But be sure you pay off every penny within that 6 months, or you’ll be charged all of the interest that would’ve accrued from the date of your original purchases — as if the 0% offer had never existed!

The True Value Discover Card has three interest rate tiers, based on your past credit history. You could be approved at a rate of 13.99%, 19.99%, or 24.99%. The 13.99% rate is OK, but if your credit isn’t great and you tend to carry a balance on your cards, pass this one by — you don’t want to carrying balance at rates of 20% or more.

Now, earlier we said that if you don’t qualify for the True Value Discover Card, you could be approved for a True Value credit card that can only be used at True Value stores. This store-only credit card offers you the 3% reward on True Value purchases just like the True Value Discover Card, but, since you can only use it at True Value, you don’t have the opportunity to earn rewards anywhere else. In addition, this card has an interest rate of 25.99%, way too high to even consider keeping this in your wallet.

Bottom line, if you have decent credit and you keep your credit cards paid off, the True Value Discover Card could be worthwhile for you. But if your credit history isn’t great, there’s no reason to even consider this one.

You can apply for the True Value credit card via this online application or in a True Value store.

See also: Instant Approval Credit Cards, Which is the best credit card?, True Value Credit Card Payment, Login, and Customer Service Information