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If you like to shop at TJ Maxx, Marshalls, and HomeGoods, you might be pleased to know that there is a rewards card out there for all of them. With the TJX Rewards Credit Card, you can shop at any one of these stores and rack up points to use towards a future purchase. You can get access to special discounts that no other customers have, and you won't have to worry about carrying a ton of cards around. This one handles all three stores with ease.
Before you get your hopes up about saving money, we thought we would investigate how great this rewards program really is. We took a closer look at this card to see if it is in fact something worth applying for. Check out our TJX Rewards Credit Card review to learn more.
TJX Rewards Credit Card Features
Here are some important features of the TJX rewards card:
- 10% off your first purchase with the card
- 5 points per $1 spent at TJ Maxx, Marshalls, and HomeGoods
- No point limit
- $10 rewards certificates for every 1,000 points
- No annual fee
- 26.99% APR
- 0% fraud liability
- $10,000 of optional security available
- Online account management
- Special discount offers
What We Love
We love the fact that the TJX Rewards Credit Card can be used at HomeGoods, TJ Maxx, and Marshalls. As a frequent shopper off all three stores, I admit that having a rewards program like this would come in handy. It's sort of like getting the opportunity to use Target points at Walmart and Kmart. Who wouldn't want to do that?
The lacking annual fee is also a huge perk. Most store credit cards like this charge some sort of fee to get their money back. This one does no such thing. The built-in fraud liability is a great bonus too because that means you're not responsible for any unauthorized charges on your account. Add to this the fact that there is no point limit, and it seems like a pretty good deal. Just apply, get the card, and save 10% the first time you use it!
What We're Not Crazy About
Of course, there has to be a down side to the TJX card. For one, the interest rate on the card is through the roof. I appreciate the fact that these stores have to make some sort of money, but an APR of nearly 27% is absurd. You can avoid this by making payments before they are due, which I would recommend if you get this card. Otherwise, you can fall into debt very quickly.
Another problem with this card is the vagueness of its fees. While it does explicitly say no annual fee, it does not tell what its ATM fees, cash advance fees, or balance transfer fees will be in the initial application. You have to dig into the credit terms page to find that out. There you learn that balance transfers and cash advance fees both come in at 4% and foreign transaction fees start at 3%. These are all costs you have to keep in mind.
Yet another problem with this card is that it only offers points for purchases at one of the three TJX stores. If you shop anywhere else with the card, you're not going to get anything but a big interest rate to avoid.
An Alternative – TJX Rewards Platinum MasterCard
There is a better version of this card available, and that is the TJX Platinum Rewards MasterCard. This card does in fact offer points outside of TJX stores, offering users the chance to earn 1 point per $1 they spend where MasterCards are accepted. The Platinum card provides for free ATM use at any MasterCard ATM and a lower (but still high) 23.74% APR. You will need to have pretty good credit to apply for this card, but in that case, you'll be able to get a lot more out of the money you spend at TJ Maxx and other stores.
The Bottom Line
At the end of the day, the TJX Rewards Credit Card is neither good nor bad. It may be great for people who shop at TJ Maxx, HomeGoods, and Marshalls regularly, but it is impractical for anyone else. If you can't find yourself getting away from those stores, apply for your card and see what you can save. Otherwise, opt for the TJX Platinum card or search for other rewards credit cards that can help you shop successfully.
*Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.