A big "thanks!" to Arely who let us know the following about J.Crew's credit card:I received a nondescript letter in the mail recently from J.Crew Credit Card (WFNNB) informing me that starting January 28th, the bank would be increasing the interest rate of the card from 20.99 24.99%. The only opt-out option given was closing the account by Jan 28th.This may not impact those JCAs who pay off their statements in full, but it is still something to consider.
Lastly, many JCAs have recently commented that the Rewards Card will be mailed in the next week or two. So keep an eye out to see if you get your Rewards Card in the mailbox.
Did you receive the letter from WFNNB? Were you aware of the interest rate increase?
to second Heidi, the sale section update, too! Pewter paisley perfect shirt in sizes 6, 8, 12 whoever needs it!
ReplyDeleteYAY! Sale and free shipping. Please add more markdowns!
ReplyDeleteThere are a couple of hidden pop backs - stardust pencil skirt in size 6 (gun metal), printed kelsey top in size 2 and 10 & trentino cabin cardi in size small (camel).
ReplyDeleteThis is crazy, a 5% int rate hike. If you carry a balance this could really hurt.
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ReplyDeleteOUCH!
ReplyDeleteAs high as "retail" credit card interests are famous for climbing, I don't remember one going this high? I don't have any retail cards beyond my J. Crew Card, so perhaps I'm out of the loop. Is this typical of other cards?
Seriously, more than ever, if one carries a balance, the "rewards" are hardly worth it.
A sign of the times.
This is an across-the-board interest rate increase for ALL of WFNNB's store cards - I got about 5 of these notices in the mail, all for different cards, and they all said the same thing. So it's not specific to J.Crew.
ReplyDeleteI'm hoping someone with a greater understanding of the rewards system can help me figure out whether to expect a rewards card in the mail...
ReplyDeleteAs of last week, as per the J.Crew card site, I had 973 points in my Winter rewards. Today it says I only have 473 Winter rewards points and the remaining 500 points appear to have been rolled over to my Spring rewards. If the points were rolled over I guess I won't be getting a rewards card, but why wouldn't I when I had so many Winter rewards to begin with? I'm too confused.
Ok, scrap that, new question: If you are being issued a rewards card, would the points no longer show in your balance? I'm now thinking my 500 points may have been deducted and it's the 473 remaining points that carried over to Spring...
ReplyDeleteSorry for all these questions! I'm crewless ;)
Dara - Yes, you are seeing a 500 decline because those are the 500 points used for your Winter Rewards. Same thing happened on my account.
ReplyDeleteThanks, Jenny! :)
ReplyDeleteThanks for the info on the card. Another reason for me to get rid of it. Truth be told, that means less impulse purchases for me.
ReplyDeleteI agree with you, Gigi.
ReplyDeleteI wanted to take advantage of 20% sale this morning and after reading this post I decided not to.
I should definitely cancel my cc card.
Considering how much we all love our sales and promos, if you don't pay off your cc balance every month look at it as a "reverse" sale/promo--all that interest you're getting charged. It's only worth it to have a store cc if you pay in full every month--otherwise you're getting completely ripped off!
ReplyDeleteDo you think having a store card increases impulse buys because you don't think of it being added on to your "regular" (i.e. Amex/Visa) monthly cc bill?
Yes Cass, I believe it's a lot easier. I carry a high balance on my JC card, and now I'm wondering if they'd agree to freeze the interest while I pay it off if I cancel it. :(
ReplyDeleteJ, I think that is what the contract says; you can avoid the interest increase and pay off your balance at the current rate if you cancel the card now.
ReplyDeleteJ (and anyone else who carries a balance on your J. Crew card or any other retail card): transfer your balance immediately.
ReplyDelete'Regular' credit cards (Discover/Chase/etc) do not charge %20 interest rates (provided your FICO score isn't absolute shit). Many cards also offer promos where they charge 0% interest on transferred balances for the first year or so. There is NO reason to be carrying any balance on a retail card EVER (I repeat EVER EVER EVER.)
Time to pay off my balance. 25% interest is ridiculous!
ReplyDeleteI totally agree with all of you, and I think I will transfer the balance to my visa!
ReplyDeleteEven though I don't carry a balance I am cancelling mine. Have been thinking about it for a long while. Pay it off; use the rewards, pay that little bit off and be done with it. Pretty useless card...
ReplyDeleteI never carry a balance either but it just pisses me off. I have this, VS card, Limited card (which I don't use), they are all the same. Terrible customer service, too.
ReplyDelete