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Interesting fact; Lord and Taylor is the oldest luxury department store in the country. Its original store sits on the same avenue in New York City as the famous Macy's Department Store, Saks Fifth Avenue, and Bergdorf Goodman. Some say it is an American institution of shopping. While not as high end as Saks and not as trendy as Barney's, Lord and Taylor has made its name through highlighting American designers and offering good value. But does that value extend to the Lord and Taylor Credit Card?
Lord and Taylor Credit Card
The Lord and Taylor Credit Card, backed by GE Money comes in two versions - a basic, regular card and a premier version. Like most store cards, the difference between the two comes from the total amount you spend on the card and can only be used in-store. To become a premier cardholder, you must spend $1,500 annually. Your account is automatically upgraded to this level once you hit the threshold and to remain a premier cardholder, you must continue to spend $1,500 per year. As a regular cardholder, you get the following benefits...
- Exclusive Cardholder Events - As a Lord and Taylor Credit Card holder, you are entitled to experience 8 to 10 exclusive shopping events per year. You'll be able to get up to 10% off discounts during these events.
- 15% off Statement Coupons - If your credit score qualifies, you could receive occasional 15% off your entire credit card statement offers. This could be a big money saver. If you made purchases already discounted, adding another 15% makes for good savings.
- 20% Birthday Coupon - Shop at Lord and Taylor during your birthday month and you'll get 20% off.
- 25.49% Variable APR - There is no annual fee to use the Lord and Taylor Credit Card, but like most store credit cards, there is a very high interest rate charged to the card, due to the more lax credit score needed. At up to 25.49%, the Lord and Taylor Credit Card should be paid off monthly to maximize the benefits of the card, otherwise, this card becomes a money loser.
Also as a regular cardholder, you'll be privy to receipt free purchases (making returns easier), 0% fraud liability, and in-store/online payment options.
Lord and Taylor Premier Credit Card
Now, as a Lord and Taylor Premier Card holder, you are eligible for a few more perks. The most convenient and used perk is the ability to not have to bring any of the coupons or savings passes to the store to receive the discount. Your payment will already include any of the discounts or savings that are being offered that month. Also included is an alternative customer service number and offers that are not available to regular cardholders.
Sadly, the Lord and Taylor Credit Card offers no rewards or cash back program that most in-store cards feature. Because of this, it makes the card's value that much less. Its high annual interest rate and lack of perks or flexibility give this card a thumbs down.
That being said, if you're a regular Lord and Taylor shopper, maintain good money management, and make your payments every month, the discounts are a bit enticing. Like all in-store cards if you pay your balance monthly, you can find some value to the Lord and Taylor Credit Card.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.