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The verdict: The Crate and Barrel credit card suffers from the same faults of the majority of department store credit cards: lack of a strong rewards program and a staggeringly high interest rate. Even if you’re a fan of Crate & Barrel you should investigate other non-store-affiliated credit cards.
Overview: Here’s what you need to know about this card: The only benefit it comes with is six months of no interest on purchases of at least $1,000. However, be warned: If you don’t pay off these purchases in full in six months, you will be charged interest from the date of your purchase. And that interest is high — 22.80 percent! And remember, you’ll be charged interest on the entire amount of your purchase, even if you’ve paid much of it off.
How this card works: The Crate and Barrel credit card works much like any other basic card. You’ll be charged interest if you don’t pay off your bill in full every month. Remember, too, there are no rewards with this card.
Travel and shopping benefits: Outside of the deferred-interest program, there are few benefits with this card. It’s possible to find non-store-affiliated credit cards that come with their own deferred-interest programs. These cards will also typically come with a lower purchase interest rate and some form of rewards program.
Fees: The one fee that should keep everyone away from this card is that purchase interest rate of 22.80 percent. If you don’t pay your bill in fulle very month, you run the very real risk of quickly building too much credit-card debt.
- Deferred-interest program on large purchases.
- High interest rate.
- No rewards program.
- Hidden dangers of deferred-interest program.