The Big Lots credit card, issued by Comenity Bank, presents a convenient payment solution for dedicated Big Lots shoppers. Despite the absence of an ongoing rewards program, the card does come with exclusive special financing offers and deferred interest options for eligible Big Lots purchases made online or in-store. However, it’s important to carefully consider the card’s high ongoing APR of 29.99% as of February 2023, which is significantly above the 2022 average interest rate of 20.40% for credit cards incurring interest. Read on to learn more about the Big Lots credit card and its various benefits, along with the risks associated with deferred interest opportunities.
Key Takeaways
- The Big Lots credit card is issued by Comenity Bank and exclusive to Big Lots purchases.
- Cardholders can benefit from special financing offers and deferred interest options for eligible purchases.
- The ongoing APR for the card is 29.99% as of February 2023 – considerably higher than the industry average.
- Deferred interest offers require careful navigation to avoid retroactive interest charges.
- No ongoing rewards program, but exclusive offers and promotions may be available to cardholders.
- The card is a closed-loop card, meaning it can only be used at Big Lots locations or online.
- Big Lots also offers a separate Big Rewards program that can provide additional savings without needing the credit card.
Understanding Big Lots Credit Card Perks
The Big Lots credit card is designed to provide cardholders added benefits they can exclusively use at Big Lots stores. While the card doesn’t come with an ongoing rewards program, there are other significant perks, such as special financing offers, welcome coupons, and access to exclusive offers, that make it an attractive option for customers who shop frequently at Big Lots.
As a store-specific card, the Big Lots credit card provides benefits exclusively for Big Lots purchases.
Below, we’ll dive deeper into the perks of the Big Lots account and the advantages of using this store card:
- Special Financing Offers: With deferred interest, cardholders can finance Big Lots purchases without incurring interest for a predetermined period. However, interest will be applied retroactively if the balance is not paid in full by the end of this period.
- Welcome Coupon: Upon approval and issuance of the Big Lots credit card, cardholders may receive a special welcome coupon, providing a discount on their first purchase.
- Exclusive Offers: Cardholders may enjoy access to exclusive, tailor-made deals only available for Big Lots credit card users. Unfortunately, the specifics of these offers are not clearly outlined and may vary.
It is essential to note that the card’s primary appeal is the special financing offers. Coupled with other cardholder advantages, the Big Lots credit card can be a valuable resource for frequent shoppers who wish to make significant purchases at Big Lots stores.
- Understanding the Perks: It is crucial to familiarize yourself with the card’s perks, terms, and conditions to take full advantage of your Big Lots account.
- Maximizing Benefits: Use the card strategically, focusing on large purchases that fall within the special financing offers range, to maximize potential savings.
- Stay Informed: Keep an eye out for any exclusive discounts and deals available only for Big Lots credit cardholders.
In conclusion, the Big Lots credit card perks may appeal to some shoppers who want an exclusive option for financing Big Lots purchases. However, potential cardholders need to consider the significant risks regarding deferred interest and stay informed about their account to get the most out of the Big Lots credit card.
Store-Specific Advantages of the Big Lots Credit Card
In this section, we will delve into the store-specific advantages of the Big Lots credit card, showcasing the unique value it offers to dedicated shoppers of Big Lots. We will discuss its usefulness as a closed-loop store card, the exclusive benefits it carries, and the special financing offers available.
Why Closed-Loop Store Cards Can Be Useful
Unlike general purpose credit cards that can be used at various retailers, closed-loop store cards like the Big Lots credit card can only be used at a specific store or a group of retailers. This limitation can actually be an advantage for customers who frequently shop at a particular Big Lots location or online, as it provides convenience and tailors the benefits specifically for their favorite store. Additionally, closed-loop store cards often have more lenient credit score requirements, making them more accessible for customers with a less-than-perfect credit history.
Exclusive Discounts for Cardholders
One of the primary appeals of the Big Lots credit card, despite not having an ongoing rewards program, is the exclusive benefits and offers available to cardholders. These perks often include a welcome coupon to be used on the first purchase with the card, as well as exclusive discounts and promotions throughout the year that might not be accessible to non-cardholders. This added value makes the card appealing for regular Big Lots customers, allowing them to save more on their purchases.
Special Financing Offers on Big Lots Purchases
Big Lots credit card comes with specific financing terms that can greatly benefit cardholders, especially when making large purchases. The card offers a 6-month deferred interest period for purchases totaling $250 or more, and a 12-month deferred interest period for purchases totaling $750 or more. This special financing offer provides cardholders the opportunity to make significant purchases without incurring immediate interest charges, as long as they pay off the balance in full within the promotional period.
| Purchase Amount | Deferred Interest Period |
|---|---|
| $250 or more | 6 months |
| $750 or more | 12 months |
Overall, the Big Lots credit card offers a range of store-specific advantages, making it an attractive option for loyal customers of the retailer. From its targeted financing options to exclusive discounts, the card presents a tailored solution for shoppers who regularly spend at Big Lots’s locations or online store.
Smart Shopping with Special Financing Terms
Big Lots frequently offers large-scale purchases such as furniture, appliances, and other high-ticket items. For shoppers looking to make a significant investment, the Big Lots Furniture Credit Card offers a smart shopping solution through its special financing terms. These terms enable customers to make significant purchases without immediate interest charges, provided that the balance is paid in full within the designated promotional period.
Planning Big Purchases with Deferred Interest
When planning a large purchase at Big Lots, taking advantage of the deferred interest financing terms can save money and lead to smarter shopping choices. By utilizing these financing options, customers can strategically manage their repayments and overall budget. Keep in mind the following steps for successful smart shopping with the help of Big Lots Furniture Credit Card financing terms:
- Evaluate the purchase: Determine if the item(s) you are considering are necessary and suit your budget.
- Consider the financing terms: Review the deferred interest terms offered for purchases of $250 or more (6 months) and $750 or more (12 months).
- Create a payment plan: Devise a payment plan to pay off the balance within the promotional period, avoiding retroactively applied interest charges.
- Track your progress: Regularly review your account status and ensure that timely payments are made during the promotional period.
- Complete payment within the promotional period: Pay off the balance in full within the designated timeframe to avoid retroactive interest charges.
By carefully considering your purchase and remaining diligent in paying off the balance, deferred interest financing terms can lead to smarter, more budget-conscious shopping experiences at Big Lots.
Navigating the Risks of Deferred Interest
Deferred interest offers, like those of the Big Lots credit card, require careful navigation due to the risks involved. While these financing terms might seem enticing, customers must be aware of the potential pitfalls that can lead to substantial additional charges. By understanding the risks surrounding deferred interest, credit card charges, and revolving credit balances, consumers can make informed decisions and avoid financial headaches.
One major risk associated with deferred interest offers is the possibility of retroactive interest charges. If the promotional balance is not paid in full within the allocated period, customers can face interest charges on the entire purchase amount, regardless of the amount remaining unpaid. This can lead to a significant increase in the overall cost of the purchase, turning an initially affordable proposition into a financial burden.
It’s essential to read the fine print and know the exact terms and conditions of deferred interest offers to prevent unexpected credit card charges.
Financial discipline is critical in navigating the risks of deferred interest offers. For instance, cardholders should establish a payment plan for the promotional period, ensuring timely payments that will clear the balance in full before the end of the deferred interest period. A well-defined budget can be invaluable in keeping track of these payments and avoiding the pitfalls of deferred interest offers.
- Create a payment plan that clears the promotional balance within the designated period.
- Stay disciplined and adhere to the established payment plan.
- Monitor progress and adjust the plan if necessary to meet the end goal.
In some cases, consumers might encounter emergencies or unforeseen circumstances that impact their ability to clear the promotional balance on time. In such events, it is crucial to communicate with the credit card issuer, seeking potential solutions or additional support.
In conclusion, while deferred interest offers on the Big Lots credit card can be beneficial for financing large purchases, they also come with inherent risks that warrant careful consideration. By understanding these risks and practicing financial discipline, cardholders can successfully navigate deferred interest offers and make the most of the promotional financing terms.
Comparing Big Lots Credit Card APR with Industry Averages
The Big Lots credit card has a high APR of 29.99%, significantly greater than the 2022 average interest rate of 20.40% for interest-accruing credit cards. This high APR can substantially increase the cost of carrying a balance, particularly outside of the special financing periods. In this section, we will help you understand the impact of high APR on balances and the costs to consider when carrying a monthly card balance.
Understanding the Impact of High APR on Balances
High APRs can lead to increased interest charges, making it more expensive for cardholders to maintain an outstanding balance on their credit cards. If you are unable to pay off your balance in full each month, you may end up paying significantly more in interest charges over time. To help illustrate the possible impact of the Big Lots credit card’s high APR as compared to the industry averages, let’s take a look at the following table showing the interest charges on a hypothetical $1,000 balance:
| APR | Interest Charges for 1 Month | Interest Charges for 12 Months |
|---|---|---|
| Big Lots Credit Card APR (29.99%) | $24.99 | $299.88 |
| Average Interest Rate (20.40%) | $17.00 | $204.00 |
As you can see, the high APR of the Big Lots credit card can lead to significantly higher interest charges over time compared to credit cards with industry-average interest rates.
Costs to Consider When Carrying a Monthly Card Balance
When carrying a balance on your credit card, especially one with a high APR, it’s crucial to be aware of the additional costs you might incur outside of the special financing periods. To minimize the impact of these costs, consider the following:
- Pay off your balance: Aim to pay off your balance in full each month or as soon as possible to avoid incurring high-interest charges.
- Utilize special financing offers: Take advantage of the special financing offers provided by the Big Lots credit card for eligible purchases to defer interest charges. However, ensure you pay off the balance within the promotional period to avoid retroactive interest.
- Monitor your spending: Keep track of your purchases and ensure you have a clear plan to pay off any balance, especially if you’re using the special financing options.
- Avoid carrying a balance on unnecessary expenses: If possible, refrain from using your credit card for non-essential purchases that will accrue interest, thus adding to your overall debt.
In conclusion, it is essential to be well-informed about the possible costs associated with carrying a balance on a credit card with a high APR like the Big Lots credit card. By carefully considering your spending habits, making timely payments, and utilizing the available special financing offers, you can better manage these expenses and minimize the impact of high-interest charges on your finances.
Leaning Into Big Rewards Without a Credit Card
For shoppers seeking to maximize their savings at Big Lots without using the store’s credit card, the Big Lots Big Rewards program offers significant value through a host of discounts and bonuses. This alternative rewards program encompasses a straightforward yet advantageous structure. Key benefits include:
- A 15% off joining bonus for new members
- A $5 reward after every three purchases
- A $10 bonus for every $200 spent on furniture
With these offers, Big Lots patrons can earn big lots savings while making the most of their regular shopping experiences. Best of all, you don’t need a Big Lots credit card to take advantage of these rewards. Instead, by participating in the Big Rewards program, shoppers can enjoy these valuable perks without the potential pitfalls associated with high APR or deferred interest rates on a credit card.
| Benefits | Description |
|---|---|
| 15% off joining bonus | New Big Rewards program members receive a one-time 15% discount on their first purchase after signing up. |
| $5 reward after every three purchases | As a Big Rewards member, for every three qualified purchases you make, you earn a $5 coupon to use on a future transaction. |
| $10 bonus for every $200 spent on furniture | Members are awarded a $10 bonus coupon for every $200 they spend on furniture at Big Lots, both in-store and online. |
For those who prefer rewards without credit card requirements, the Big Lots Big Rewards program serves as an attractive and convenient alternative. With its accessible membership, automatic rewards, and ongoing benefits, this program empowers Big Lots customers to shop smarter and benefit more from their spending habits.
Maximizing Savings with Big Lots Big Rewards Program
Big Lots Big Rewards program offers numerous opportunities for cardholders to maximize their savings. With joining bonuses, accumulative benefits, and special discounts for specific groups, customers can enjoy a heightened value on their spending. Let’s take a closer look at these advantages and how to make the most out of them.
Joining Bonuses and Accumulative Benefits
By signing up for the Big Rewards program, new members will receive several enticing benefits. First and foremost, they’ll get a one-time 15% off joining bonus, which can be applied to their first purchase. From then on, the savings opportunities continue:
- A $5 reward after every three purchases
- A $10 bonus for every $200 spent on furniture
- Exclusive offers and discounts tailored for active military and veterans
These accumulative benefits enable customers to save more in the long run. With each purchase, they can progressively increase their overall savings and receive greater value in return.
“Don’t miss the chance to save big with Big Lots Big Rewards program. Commit to smarter shopping and enjoy greater benefits.”
| Benefit | Details |
|---|---|
| 15% off joining bonus | Available for new members after signing up |
| $5 reward | Earned after every three purchases |
| $10 furniture bonus | Redeemable for every $200 spent on furniture items |
| Exclusive offers for military and veterans | Special discounts and promotions catered to active military personnel and veterans |
By taking advantage of the maximizing savings strategies offered through the Big Lots Big Rewards program, customers can harness the power of ongoing benefits. With the combination of joining bonuses and accumulative rewards, they’ll be able to enjoy an elevated shopping experience while making the most out of each purchase.
How Big Lots Rewards Amplify Your Purchases
The Big Lots Rewards program enhances your shopping experience by offering a range of impressive benefits tailored to reward your loyalty and frequent shopping habits. With every purchase at Big Lots, you’re getting closer to earning valuable rewards coupons and unlocking exclusive offers.
- $5 off after every three purchases: A consistent reward that encourages repeat shopping and allows you to save on your future purchases.
- $10 bonus for every $200 spent on furniture: Perfect for those looking to invest in new furniture or revamp their living spaces.
- Exclusive coupons: Being a rewards member grants you access to special discounts not available to regular customers.
- Free item weekends: Keep an eye out for special promotions offering free items with qualifying purchases on select weekends.
- Birthday bonuses: Celebrate your birthday with additional savings, courtesy of Big Lots Rewards.
- 10% everyday discount for military and veterans: Big Lots is committed to supporting those who serve, with discounts available year-round.
By offering a variety of ways to save, Big Lots is committed to providing you with an enhanced shopping experience centered around their Rewards program. The more you shop, the more you save, and considering these great benefits, it’s easy to see how Big Lots Rewards amplify your purchases and make your dollar stretch even further.
Application Process for the Big Lots Credit Card
Applying for the Big Lots credit card entails providing essential personal information and undergoing the credit check procedure. Understanding both aspects of the application process is crucial to ensure that you submit your application accurately and successfully.
Information You Need to Provide
When applying for the Big Lots credit card, you are required to provide personal details such as your name, address, income level, contact information, and Social Security number. It is vital that you provide accurate information during the application as it plays a significant role in the approval process. The table below outlines the necessary details for the application process:
| Personal Detail | Description |
|---|---|
| Name | Your full legal name |
| Address | Current residential address |
| Income Level | Your annual income from all sources |
| Contact Information | Phone number and email address |
| Social Security Number | Your unique nine-digit identification number |
Understanding the Credit Check Procedure
During the Big Lots credit card application process, Comenity Bank performs a credit check on applicants by reviewing their credit reports from major credit bureaus. This procedure is a standard part of the credit card application process. However, it’s important to note that the credit check can lead to a temporary dip in your credit score.
“Comenity Bank conducts a credit check on applicants for the Big Lots credit card by reviewing credit reports from major credit bureaus. This check can cause a temporary dip in the applicant’s credit score but is a routine part of the credit card application process.”
In conclusion, the application process for the Big Lots credit card involves providing accurate personal information and undergoing a credit check conducted by Comenity Bank. Ensure that you understand the requirements and credit check procedure to facilitate a smooth application process and increase your chances of approval.
Customer Service and Support for Cardholders
Big Lots credit cardholders can expect top-notch customer service support to help them manage and navigate their credit card accounts. One key aspect of this support is the secure message center available through the card issuer’s website, providing a safe and reliable communication channel between cardholders and customer care representatives.
- Request information about their account, such as balances and payment due dates
- Ask for clarifications on fees, charges, and terms associated with the card
- Submit a request to update their personal information, such as address or other contact details
- Contact the Big Lots credit card customer service team for assistance with any issues or concerns
Effective customer support is essential for a positive cardholder experience, and Big Lots credit cardholders can take advantage of the secure message center to ensure their needs are met efficiently and securely.
In addition to the secure message center, cardholders can find helpful resources and support by:
- Visiting the Big Lots credit card issuer’s website for comprehensive FAQs and resources
- Calling the dedicated customer service hotline for immediate assistance
- Stocking up on helpful information when visiting their local Big Lots store or by speaking with in-store representatives about the credit card
Whether utilizing the secure message center or exploring other channels for assistance, Big Lots credit cardholders can expect responsive and efficient customer service support dedicated to ensuring a convenient and hassle-free experience.
Big Lots Credit Card vs. Other Retail Cards
In the world of retail credit cards, there is no shortage of options for shoppers seeking to maximize savings and benefits. Consumers should understand the differences and advantages between the Big Lots credit card and other retail cards to determine if the card suits their shopping preferences.
Comparing these cards will allow potential cardholders to assess if the unique financing options provided by the Big Lots credit card outweigh the high APR and store-specific limitations.
Let’s delve into a credit card comparison:
| Card Features | Big Lots Credit Card | Other Retail Cards |
|---|---|---|
| Financing Options | Deferred interest for specific purchase thresholds | Varied financing options, such as 0% intro APR offers or periodic sales events |
| APR | 29.99% | Usually lower, averaging around 20.40% |
| Usability | Only valid at Big Lots online and in-store | May be used at multiple retail locations or brands |
| Rewards | No ongoing rewards program; exclusive offers for cardholders | Typically offer points, cash back, or miles for purchases inside and outside the store |
| Sign-up Bonuses | Welcome coupon | Usually offer discounts, cashback bonuses, or temporary low-APR offers |
As depicted in the table, the Big Lots credit card provides unique financing options through deferred interest plans for eligible purchases. However, its high APR and specific usage limits hinder it from being comprehensive in its appeal. Many other retail cards may offer more flexibility and rewards, making them potentially more advantageous for shoppers who frequent multiple stores.
- Store Card Advantages: The Big Lots credit card is one of many retail cards boasting store-specific advantages. This card caters to Big Lots shoppers with deferred interest financing plans, while other store cards may cater to a broader audience by offering more widespread rewards, lower APRs, and multi-store use.
- Credit Card Comparison: By actively engaging in credit card comparison exercises, consumers can select the retail card that best aligns with their shopping habits, financial goals, and preferences. Understanding the distinctions between the Big Lots credit card and other retail cards is integral to making informed decisions.
In conclusion, it’s vital for interested cardholders to weigh the store card advantages provided by the Big Lots credit card against those of other retail cards. Shoppers must consider the high APR, limited usability, and financing options to determine if the Big Lots card is a suitable match for their retail shopping patterns.
Conclusion
In summary, the Big Lots credit card offers unique financing options with deferred interest for frequent Big Lots shoppers, although it lacks a traditional rewards program and comes with a high APR. For those who can make the most of the card’s special financing terms and are already dedicated Big Lots customers, the card may provide some value. However, potential cardholders should weigh the card’s limited use and high interest rates when evaluating its true worth.
Maximizing savings at Big Lots can be achieved by combining the Big Lots Big Rewards program with a general-purpose cash back credit card. This strategy allows for a greater degree of flexibility and rewards while still enjoying the exclusive benefits of the rewards program, such as discounts and bonuses specific to Big Lots.
Ultimately, always practice responsible credit card use by carefully examining interest rates, fees, and terms associated with any credit card. Keep in mind your personal financial goals and spending habits when determining if the Big Lots credit card is the right fit for you.
Also Refer : Best Credit Card Machine For Small Business – Top Picks & Guide
FAQs
Q: What are the primary benefits of the Big Lots credit card?
A: The Big Lots credit card, issued by Comenity Bank, offers special financing terms with deferred interest for qualifying purchases, availability of exclusive discounts for cardholders, and a welcome coupon. However, there is no ongoing rewards program associated with the card.
Q: How do the special financing offers on the Big Lots credit card work?
A: The special financing offers include 6 months deferred interest for purchases of $250 or more, and 12 months deferred interest for purchases of $750 or more. Cardholders can avoid interest charges by paying off their promotional balance in full within the specified time frame. If the balance is not paid off within the promotional period, interest will be charged retroactively on the entire purchase amount.
Q: What is the APR for the Big Lots credit card?
A: The Big Lots credit card has a variable APR of 29.99% as of February 2023, which is considerably higher than the 2022 average interest rate of 20.40% for credit cards that incur interest.
Q: Can I earn rewards from the Big Lots Big Rewards program without the credit card?
A: Yes, the Big Rewards program offers various benefits, such as a 15% off joining bonus, a $5 reward for every three purchases, and a $10 bonus for every $200 spent on furniture. These rewards can be redeemed at Big Lots without holding a Big Lots credit card.
Q: What is the application process for the Big Lots credit card?
A: When applying for the Big Lots credit card, you need to provide your personal details such as your name, address, income level, contact information, and Social Security number. Comenity Bank will review your credit report obtained from major credit bureaus as part of the application process.
Q: How does the Big Lots credit card compare to other retail cards?
A: The Big Lots credit card offers unique financing options and deferred interest on specific purchase amounts. However, it has a high APR and is limited to use only at Big Lots stores and online, so potential cardholders need to consider whether this card has enough advantages compared to other retail cards that might offer broader use and rewards.
Q: What are the benefits of having a Big Lots credit card?
A: Having a Big Lots credit card comes with benefits such as special financing options, rewards points for purchases, and exclusive offers for cardholders.
Q: How can I make a payment on my Big Lots credit card?
A: You can make a payment on your Big Lots credit card online through the Big Lots website, via mail, or in-store at a Big Lots location.
Q: Is it safe to use my Big Lots credit card for online purchases?
A: Yes, using your Big Lots credit card for online purchases is secure, as the website uses encryption technology to protect your personal and financial information.
Q: What bank issues the Big Lots credit card?
A: The Big Lots credit card is issued by Comenity Bank.
Q: Will using a Big Lots credit card impact my credit score?
A: Applying for and using a Big Lots credit card may result in a hard inquiry on your credit report, which could temporarily impact your credit score.
Q: How can I check my Big Lots credit card balance?
A: You can check your Big Lots credit card balance by logging into your account on the Big Lots website or by contacting customer service.
Q: What is the APR for the Big Lots credit card?
A: The APR for the Big Lots credit card is 29.99%.
Q: Can I earn rewards with my Big Lots credit card?
A: Yes, using your Big Lots credit card for purchases allows you to earn points that can be redeemed for rewards such as discounts and special offers.
Q: What do I do if I lose my Big Lots credit card?
A: If you lose your Big Lots credit card, you should contact customer service immediately to report the loss and request a replacement card.
Q: Are there any specific requirements to apply for a Big Lots credit card?
A: To apply for a Big Lots credit card, you need to be a U.S. resident topic, provide your social security number, and meet the credit requirements set by Comenity Bank.
