Verdict: The Stein Mart Platinum Rewards MasterCard credit card has two major strikes against it: It’s interest rates are far too high, even for cardholders with strong credit scores. And its rewards program is meager. There’s no real reason, then, for consumers to apply for this card.
Overview: The Stein Mart Platinum Rewards MasterCard suffers from the same flaw that most department store credit cards suffer: high interest rates. Even those cardholders with top credit scores will be saddled with an interest rate near 20 percent. Other department store cards at least boast better rewards programs to make up for these high rates. The Stein Mart card doesn’t.
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How This Card Works: Signing up for the Stein Mart card isn’t exactly convenient. As with many department store credit cards, you’ll have to sign up for the card with a store associate. This means that you can’t sign up online. Cardholders earn rewards points at a faster rate for purchases they charge at Stein Mart stores.
Travel and Shopping Benefits: Cardholders earn two rewards points for every dollar they charge at a Stein Mart store. They earn one rewards point for every dollar they charge anywhere else. Once consumers have earned 1,000 rewards points, they’ll receive a $10 rewards certificate that they can spend when buying merchandise at Stein Mart stores.
Consumers also earn one of these $10 certificates when they apply for the card. They’ll earn $10 off their first purchase with a new Stein Mart Platinum Rewards card, too.
Fees: The Stein Mart Web site does not list the fees associated with this card. In fact, the Web site provides precious little information about what the card will cost consumers. However, consumers will have to pay interest rates from 19.99 percent to 29.99 percent depending on their credit scores. These rates are awfully high.
Pros
- $10 off first purchase.
- $10 gift certificate for taking out card.
- Earn two rewards points for every Stein Mart purchase, one for every other purchase.
Cons
- High interest rates, even for consumers with strong credit scores.
- Underwhelming rewards program.
- Must apply for card in person.
