JCPenney Credit Card

• Synchrony Bank, the issuer of JCPenney Credit Cards, also issues an estimated 120 credit cards from other store brands. Applicants for JCPenney Credit Card receive JCPenney Master Card and are allowed to accept Master Card. Applicants can find the card they can receive after applying for JCPenney credit card.

• JCPenney Credit Card is a closed-loop card, which means that the cardholder can only use it to purchase at the JCPenney store or through the official website of JCPenney. JCPenney credit cards also tend to impose lower restrictions than open-loop ones. Credit cards, with comments pointing out that the average limit is between $300 and $1000. In addition, the interest rate of JCPenney credit card is relatively high, charging 26.99% of the APR fee when purchasing.

• When the cardholder is eligible to buy from the card, there will be a bonus, like rewards points. If you buy with another payment method, there is still an export earning point for every 2 spent. There is no annual fee. No matter how much you spend, the maximum is 2000 cents. The cardholder receives a $10 JCPenney award certificate for every 100 points, worth $0.05 per point.

• You can earn one point per dollar with a JCPenney credit card when you shop. Other common JCPenney incentive schemes, such as gift cards, are different from JCPenney credit cards. So try using credit cards, which can help you double. You can earn rewards for every 200 points you earn. With this exchange structure, the card received a reward rate of 0.5% when JCPenney purchased it. Because this is a memory card, it cannot be used outside of JCPenney or JCP.com.

All in all, JCPenney credit cards are best suited for those who often shop in JCPenney, especially those who spend $500 or more a year, plus additional benefits from gold and platinum schemes. While the card's high-interest rate and low tolerance for late payments mean cardholders should always pay their full balance on time each month to avoid fees or reduced credit limits.

Like most store cards, if you're not a regular customer of JCPenney, it's not good to carry this card. If you tend to drag the balance from one month to the next, you end up paying more than you get in return at crazy high-interest rates.

But JCPenney fans can enjoy a lot of bargains and 5% year-round discounts. Card applications can be done in stores or online applications.

Want the best of both worlds? Put your JCPenney on your JCPenney credit card for 5% and pay off the balance in full on time to avoid high-interest costs.

The only difference between store credit cards and regular credit cards is that store credit cards are branded and associated with a specific retailer and its rewards program. Store credit cards offer in-store discounts, allow cardholders to earn and redeem points when making purchases.

There are two basic types of retail store credit card:

• Open-loop cards: These cards with a Visa, MasterCard or American Express logo in the bottom-right, can be used anywhere.

• Closed-loop cards: These cards without a Visa, MasterCard or American Express logo only can be used at their co-branded stores, online stores or affiliates.

For example, there are three types of Best buy credit cards, My Best Buy Credit Card, My Best Buy Visa Platinum Credit Card and My Best Buy Visa Card. My Best Buy Credit Card is a closed-loop card, so you can only use it at Best Buy. My Best Buy Visa Platinum Credit Card and My Best Buy Visa Card are open-loop cards, you can use them anywhere that Visa is accepted.

Easy to get and can help you to build credit

Because of store credit cards’ high interest rates and low credit limits, they are easy to get with fair or poor credit. If you can use it responsibly, this is an opportunity to build up your score.

A reasonable annual fee

Many great store rewards cards don’t have an annual fee.

Save money at your favorite stores

Store rewards cards have different rewards programs which are great ways to save money, especially you are a frequent customer of that shop. For example, My Best Buy Credit Card offers as much as 5% cash back.

Additional sign-up bonuses and benefits

Many store reward cards attract new customers with a sign-up bonus. What’s more, some store reward cards offer extra benefits, such as discounts, free shipping, a birthday gift and extended return policies.

Open-loop cards can be used anywhere as normal credit cards.

Low credit limits

This means that you have the risk of going over your credit limits.

High interest rates

Most store credit cards’ interest rates are higher than the industry average (17%).

Closed-loop cards are limited to single store

Many store credit cards can only be used at their store or online shop. But some store credit cards can be used anywhere like normal credit cards, such as Amazon Prime Rewards Visa Signature Credit Card.

Customer service problems

Some store credit cards are not issued by major cards issuers, so the quality of customer service is difficult to guarantee.

Some store credit cards can’t be used for balance transfers

Credit score

Banks approve much lower credit scores for store cards. Therefore, applying a store card is an ideal way for someone with a fair or poor credit score to rebuild his or her credit.

Credit card application

You can apply for a store credit card online, in-store or by email depending on the card. And you just need to fill in your personal information and submit your application. The credit card issuer will consider your credit reports and several different factors when reviewing your application to get an idea of your creditworthiness.