You may like Masseys department stores. Maybe you flock there every season to stock up on new clothes, accessories and shoes.
Should you, then, consider signing up for Masseys credit?
The short answer? Probably not. You’d do better, in fact, to sign up for a standard credit card or a stronger card with a rewards program if your credit is solid. Most credit cards today offer better rates, and certainly more flexibility, than does Masseys credit.
How it works: Masseys credit allows you to spread out your payments on Masseys merchandise over several months. This means that you can purchase items today and finishing paying for them six months in the future, if you’d like.
What you pay each month: How much you pay each month on your Massey’s line of credit is up to you. But you will have to make a minimum payment that changes according to your balance. For instance, you’ll have to make a minimum payment of $20 every month if the balance on your Massey’s credit is $200 or lower. If your balance is $300, you’ll have to pay at least $30 a month.
Masseys requires you to pay at least $40 if your balance is $500. And if your balance is higher than $500, you’ll have make a minimum monthly payment that is equal to 10 percent o fyour balance.
How much it’ll cost you: This service doesn’t come free. Depending on where your live, Masseys credit comes with an interest rate ranging from about 12 percent to 23.99 percent. Credit holders in most states will have an interest rate of at least 21 percent.
Why credit cards are a better option: Credit cards are better options than Massey’s credit for several reason. The main one? If your credit is at least solid, you’ll be able to find a mainstream credit card that comes with a lower interest rate. Many cards today also come with temporary offers that allow you to make purchases with no interest for a set period of time, usually six to nine months.
If your credit is solid, you’ll also be able to find credit cards that not only come with lower interest rates, but come with rewards programs, too. With these programs, you’ll earn rewards points with every purchase you make. You can eventually turn these points into airfare, free gasoline, merchandise, restaurant gift certificates or cash-back bonuses.
Finally, you can use a mainstream credit card anywhere. Masseys credit is good only at Massey’s department stores.
The final verdict: Don’t waste your time applying for Masseys credit. Apply instead for a mainstream credit card that you can simply use at your local Masseys. You might even earn a few rewards points for that new pair of shoes and purse.