If you live in the United States, the chances are that Kohl’s stores have been located somewhere around your house. Kohl’s, an American chain of retail department stores, is popular among many Americans, and it shouldn’t be surprising that this company took a decision to issue credit cards to its customers. This Kohl’s Credit Card page will help you find out more about this credit card, learn about its advantages and drawbacks, get to know how to use the Kohl’s credit card properly. Enjoy the read!
What Is Known About Kohl’s?
Kohl’s is an American chain of retail department stores, which was founded back in 1962. The company appears to be headquartered in Menomonee Falls, Wisconsin. As of the present time, there are more than 1,155 stores scattered across the United States, and this company is present in every American State (except Hawaii). You can locate the closest Kohl’s store by making use of this Kohl’s Near Me page.
The key product lines of this company include housewares, electronics, beauty products, jewelry, furniture, bedding, footwear, and clothing. In 2016, the revenues of this company equaled to a little bit more than $18.5 billion. In the same year, the company received $556 million of income. The number of employees who work for this company exceeds 138,000.
Introduction to the Kohl’s Credit Card
The chain of Kohl’s stores is known in the first place for its generous deals and coupons – that is the thing that keeps the customers of this chain coming back. Yet, many people lament that the Kohl’s credit card is far worse than what the other stores offer. Moreover, the card seems to be not that much beneficial, when compared to the coupons stacking up. But we will dive deep into that in this page below.
So, there is only one Kohl’s credit card, which is called as Kohl’s Charge Credit Card. Actually, it is a typical store card (like the Home Depot Credit Card, for example), which cannot be used elsewhere except of Kohl’s stores. Actually, the Kohl’s credit card appears to be a good choice for active shoppers of this chain, who want to take advantage of the reward structure and reasonable interest rates.
All in all, if you truly want to get the full potential out of this credit card, you will need to spend $600 a year. As it was said, this card is perfect for active shoppers. And now let’s look at what perks this card offers in detail.
Perks of the Kohl’s Credit Card
Before we will proceed further, it is worth to uncover the main perks and disadvantages of the Kohl’s credit card. Even though it was said earlier that the Kohl’s Charge Credit Card doesn’t offer as many perks as the cards of the company’s competitors, there are still reasons to apply for this card. And the following advantages give ground for applying for this card:
- Sign-up bonus. Right after your application for the card has been approved, you (as a new card holder) will receive a 15% discount off one shopping trip’s worth of purchases.
- “Most Valued” program. If you spend more than $600 a year, you become eligible to get a status of one of the Most Valued Customer. This status of the Most Valued Customer gives you many additional benefits and opportunity to save your money, as well as you will be able to enjoy extra offers and coupons.
- Coupons. All holders of the Kohl’s Charge Credit Cards receive exclusive coupons 12 times per year. The customers that do not tend to be the card holders don’t have access to these coupons. Typically, the discounts are in a range from 15% up to 30%.
Drawbacks of the Kohl’s Credit Card
Indeed, you shouldn’t rush for the Kohl’s credit card, but, instead, you should reasonably assess its perks and drawbacks. At this point of our article, we will uncover the disadvantages of this credit card, and it is something that the holders of these credit cards lament about. So, the drawbacks of the Kohl’s credit card are the following ones:
- Interest rate. When it comes to the matter of the interest rates, they always tend to be higher for store-only credit cards (as these cards are viewed by the banks as subprime cards). However, the Kohl’s card’s APR reaches the staggering number of 23.9%. But, even if you miss a payment (even for one day) just once, your APR will grow from 23.9% up to 26.9%. In order to give you a sense of reality, the majority of credit cards charge APR in a range from 13% to 18%.
- Limited use of the card. Considering that the Kohl’s Charge Credit Card is a store card, this credit card, unfortunately, doesn’t have much use outside of the Kohl’s stores. Since those cards are not connected to larger networks like Mastercard or Visa, they cannot be used elsewhere except Kohl’s.
- Lack of rewards. One of the most impudent disadvantages of this card card is a lack of rewards. For instance, all holders of the Kohl’s credit cards receive just 12 coupons per year, and this number doesn’t depend on how much and how often they spend. And even though you can become the MVC member and get extra bonuses after you spend more than $600 in a year, there is, unfortunately, no way of accumulating your shopping rewards in a form of cash back or points.
A Bit More About How the Bonuses Work
So, the first thing to mention is the Kohl’s coupons. Those are special coupons that are not available for other customers of Kohl’s, but only to the card holders. The card holders receive scratch-off coupons one per month via mail, and they typically feature such discount rates like 15%, 20% and 30%. Even though the company claims that the discount rates are chosen randomly, many customers claim that the more you shop at Kohl’s, the better discounts you get.
Another thing to mention here is the Kohl’s cash. Oftentimes, the company runs promotion campaigns, during which everyone who spends $50 in Kohl’s stores receive $10 coupons for that. Though, it must be pointed out that usually those coupons cannot be redeemed immediately in the shop. That was done with an aim to make the customer come back to the Kohl’s once again within a couple of days.
Recently, Kohl’s also launched the Yes2You Rewards program. Whenever you make purchases at the Kohl’s stores or online on the Kohl’s website, you receive points that can be later exchanged for coupons. Those coupons, in turn, you can use in the Kohl’s stores. Though, this program is not exclusive to the holders of the Kohl’s Charge Credit Cards – any customer of this company can participate in this program.
Is Getting a Kohl’s Credit Card Worthwhile For You?
Indeed, having the Kohl’s credit card makes your shopping in the stores of this chain far easier. So, even if it happened for you to forget both money and the credit card at home, your ID and account information will be checked, and you will be able to shop even like this. This makes the process of shopping at Kohl’s, indeed, quite smooth.
Another reason to apply for the Kohl’s credit cards are the discounts. And even though this credit card doesn’t offer much of what the credit cards from other stores may offer, the benefits are still quite obvious. If it happens to you to get a good coupon, you may buy a clothing item that costs just a fraction of the initial price.
Even though many things may seem smooth if you are a responsible shopper who doesn’t carry a balance, everything may get a bit complicated. Let’s suppose that you have got a worthy coupon with a 20% discount. Besides, you have also got an in-store $5 coupon that expires in two days, as well as you have a $10 Kohl’s Cash coupons to use. So, how much a particular product would cost at checkout? That’s quite a math you have to dedicate time to.
There is one more thing we warn you against, if you decide to apply for this Kohl’s credit card. We urge you to pay your credit off as soon as possible and be conscious about how you spend the funds from your credit line. Considering how high is the APR of the Kohl’s credit card, you shouldn’t fall on using it a way too much. Moreover, you should keep in mind that it if you get at least one your payment late, your APR will immediately grow. So, watch out!
Also, you can make use of our Credit Card Checker Tool.