To properly review the JCPenney credit card, you need to think about what kind of credit card user you are. Do you:
- Pay off your credit card COMPLETELY each month?
- Carry a balance and pay interest on your purchases?
Now that you have honestly assessed your credit card usage, we can tell you that the JCPenney credit card is great for those who pay their cards off in full each month, but a terrible idea for those who don’t.
Before we discuss the positives of the JCPenney credit card, let’s talk about why you don’t want the JCPenney card if you carry a balance — it has an interest rate of 26.99%!!!!!!!! (Pretend you hear sirens screaming at the same time you are reading this!!!!)
That is simply an outrageous interest rate. If you carry a $100 balance for a year, you’ll pay an extra $25+ on whatever you bought with the card. Rack up a larger balance and, hey, you do the math.
So, if you often find yourself carrying a balance, stay away from the JCPenney credit card.
On the other hand…
If you never carry a balance, the JCPenney credit card offers a number of perks, including:
- 15% off your purchases on the first day you use the card.
- The possibility of earning $10 JCPenney Rewards certificates every time you spend at least $100 at JC Penney during a particular month. (Points do NOT carry over month to month.)
- the convenience of paying with credit over cash.
- the ability to float your payment for a couple of weeks until the bill comes due.
At rahulgandhi we are not big fans of store credit cards like the JCPenney credit card due to the interest rate and the fact that you can’t use them widely (the card is not accepted anywhere other than Penney’s), but it does have its potential benefits. If you want to apply for the JCPenney credit card, the online application is here.