In the United States there are many retailers that have promotional in-store-only credit cards. People apply and use these to get interest-free periods (usually 90 days) so they don’t have to pay cash up front for whatever it is they’re buying.
First I will say these cards are not scams. I’ve used many in my day and they all work the same way. You apply for the card, get it, get your 90-day no-payment promotion, wait until 75 days passes after purchase, then pay the whole thing off so you don’t get walloped with that 21% to 26% interest. After that, cancel the card unless you plan on using it again.
Here are a few examples of businesses that offer in-store cards (in the USA):
All of these places and many more offer in-store-only credit cards.
Almost every retailer uses one of two banks to offer these cards, GE Money Bank or HSBC. Yes, the cards themselves have the store logo on it, but that’s where the association ends, because after that it’s banking as usual.
HSBC cards have an “HRSxxxx” with the xxxx being a number on the back of the card at top left usually and above the stripe. This is not the account number but rather just something with HRS that identifies it as an HSBC credit card.
GE Money Bank cards vary as to whether they identify themselves as such.
Not sure what you have? Call the toll-free number on the back of the card. The automated system should state what bank it is right as it answers, i.e. “Thank you for calling [this bank]…” If not, speak to a representative and ask the simple question, “What bank is this?” Trust me, it’s not rude to ask because you should know whom you’re doing business with. The rep will be happy to tell you what bank it is.
Your HSBC credit card account, should you have one, can be accessed online at http://www.hrsaccount.com. All you have to do is punch in your account number and billing ZIP code, answer a few questions and ta-da, you’ve got complete online access to the account.
Your GE Money Bank credit card account, should you have one, can be accessed at http://www.gemoney.com. Hit the link that says “REGISTER NOW” on that site. This does not mean you’re registering a new card. It means you’re registering your existing card, which is what you want. Answer a few questions, set your username and password and you’re good to go.
If the card is neither HSBC nor GE Money Bank, don’t worry because you should still be able to gain online access to the account easily. Just make sure to ask what web site you’re supposed to go to while on the phone with the rep.
Things you can do from gaining online access to your in-store account(s)
Go paperless or mostly paperless
Every time you sign up for one of these things in-store and buy something, you’ll obviously get paper statements in the mail. You can stop these by opting to go paperless in the online system.
Opt out of all promotional offers
For most accounts there are automatic opt-in promotions on signup. If there are, you can opt out of them easily via accessing the account online. It’s usually a series of checkboxes where you’re instructing the system, “Do not call me with any promotional offers; do not mail me any promotional offers; do not email me any promotional offers.”
If you still get them anyway, call and state very plainly the “no-no-no” (no promos on phone, postal mail or email) to the rep – and get a confirmation number on it.
If you’re saying, “But I didn’t elect to receive any promotional offers when I signed up for the account.” Yes, you did. It was probably in itty-bitty teeny-tiny print on the back of the form when you filled it out originally. That’s okay because by law if you asked to be opted out, the bank must comply. The trick is knowing how to opt out – and now you do.
Examine whether the interest rates have changed or not
In the span of 90 days interest rates can change. What was stated as a 21% interest rate may have changed to 24%. If you plan on trailing payments, this is important information to know.
Tip: If the rate did in fact go higher, call and ask politely for it to be lowered to what it was when you signed up originally. Most of the time this actually does work.
Confirm payments have been processed
Generally speaking, the online system for any credit account is more accurate than the phone system because it seems to be updated more often.
I usually suggest to confirm payments have been processed both via online and phone. If there is a discrepancy from either, call and clear it up because it can turn into a mess in short order if not rectified quickly.
Examine past statements
This is identical to your checking account and/or other “regular” credit card statements. It is technically a bank account, so it has statements just like it should.
If there is any charge you see that looks odd, once again, call and inquire about it.
Set up email alerts
It’s way too easy to sign up for one of these in-store cards and forget about it; it happens to the best of us. Many of us check our email with far more regularity compared to postal mail. With email alerts set up (and they all have this option), you’ll always be in-the-know.
And now the best reason of all:
Saves you from going thru a 10-minute automated system wait time just to find out what your remaining balance is
This above all is the best reason to get online with your in-store credit card accounts. Most of the time all you want to know is what the remaining balance is. With the online way you’ll have the answer in seconds. With a phone call it takes a bare minimum of at least 5 to 10 minutes of bouncing around a ridiculous automated system just to answer the very simple question of, “HOW MUCH DO I OWE RIGHT NOW?”
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