Hobby Lobby Credit Card

Most reviewers have hailed it as a good card. Though it is easy to apply, it may be hard to get approved. You can find an online application form at U.S. Bank website, and also at a Hobby Lobby store. You need to have a good credit score (usually more than 650) to avoid an annual fee. Also, it is a good habit to pay balances every month on a store credit card as the interest rate is much higher.

However, with Hobby Lobby Credit Card you can be certain that your card is accepted almost in all shops.

 The customer can enjoy the $25 rewards with the 2500 points by utilizing Hobby Lobby Credit Card. You will get a $25 Hobby Lobby rewards gift card for every 2,500 points you earn on the credit card. So basically every $500 you spend at Hobby Lobby you will get a $25 gift card, which is the equivalent to a 5% savings.

 As you get 5 points by spending. $1 on Hobby Lobby stores.

 The customer is also Rewarded by 1,000 bonus points on your first contrivance by the card.

 This card work on every place where Visa is accepted.

Normal APR rate is 13.24 – 24.24. Its Cash advance APR rate is 24.24. Its cash advance fee is either 3% of the amount of each advance or $10 minimum whichever is greater and Annual Fee of $0 or $29, based on your creditworthiness when you open your account.

This credit card suits those who shop a lot using plastic money. The card offers no value if you plan to use it at any other place or if you are not a big shopper. It is a little difficult to get qualified for this card. Although they do not mention any minimum credit score, but it is assumed that customers who have a credit rating more than 600 will be accepted.

This simply means you are offered $5 cash back on every purchase you make at a Hobby Lobby store. Moreover, the card offers 1,000 bonus points after you make your first purchase at the store.

Please be warned that the card may carry an annual fee if your credit score is not within the acceptable limit. Though it is not clear how much credit score you need to qualify for a $0 annual fee, it can safely be assumed that anything over 650 will do. The APR may also vary from 12.99% to 23.99% depending on your credit score.

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.