*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
This article was last updated Mar 05, 2014, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.
The month of March is a popular time of the year to buy new spring clothing and luggage for all the college students going on vacation for Spring Break. Stein Mart is a freestanding department store that carries merchandise for men and women and also items for the home. Men and women can expect to find name brand clothing and items to decorate any room in the home.
If you’ve been eying a nice luggage set, you may have considered financing the purchase, especially if you’re buying name brand luggage, like Dolce & Gabbana. Lucky for you, Stein Mart offers two credit cards for your convenience, offered by GE Capital Retail Bank; the Stein Mart Style Credit Card and the Stein Mart Style Platinum MasterCard. The only difference between the two cards is the Stein Mart Style Platinum MasterCard offers a rewards program, MasterCard benefits, the option to perform a balance transfer, take out a cash advance, and the freedom to use the card everywhere MasterCard is accepted.
Let’s take a look at what the Stein Mart Style Platinum MasterCard offers the customer and if it’s a wise decision to open an account.
Stein Mart Style Platinum MasterCard Features:
- 1 point per $1 spent in net purchases
- 1,000 points earns you a $10 reward certificate
- $100 cap on reward certificates per billing period
- Exclusive Savings
- Advance email notifications on sales
- All the benefits that comes with a Platinum MasterCard
What We Like
We are always pleased when a store credit card offers a rewards program. The Stein Mart rewards program that’s offered with the Stein Mart Style Platinum MasterCard is pretty standard in that most store cards offer 1 point per dollar spent on all purchases; however, the best store cards should offer additional points for purchases in their store or at their online store. There’s no annual fee with this card and approved card holders get all the benefits that come with carrying platinum MasterCard like purchase protection, travel assistance, and zero liability if the card is lost or stolen. For a full list of platinum MasterCard benefits, visit the official website.
Card holders of both cards will save 10% off their store purchases at least 10 times a year and get advance email notification of upcoming sales.
What We Don’t Like
I’m not a fan of store cards that don’t allow you to specifically apply for one card or the other. The terms and conditions of these card offers state; “By applying you agree, that if approved, GGE Capital Retail Bank may provide you with a Stein Mart Style Credit Card or a Stein Mart Style Platinum MasterCard.” Only one card comes with rewards, so there’s really no value to have your credit pulled and take a ding on your credit report if you can’t at least earn rewards.
This card also doesn’t offer an introductory 0% interest period, so all purchases, unless paid in full by the due date, is a large 25.99% variable. Yikes! If you plan to transfer a balance to the card or take out a cash advance, you’ll pay $10 or 4% of the amount, whichever is greater. That’s 1% higher than most credit cards charge. But hey, at least you get a special birthday discount, right?
The Stein Mart Style Platinum MasterCard has a rather unappealing rewards program, no introductory APR –but I guess that means you don’t have to worry about deferred interest– and a really high on-going APR. I would not bother applying for this credit card because you can find many more, non-store brand credit cards that earn you rewards on net purchases anywhere you shop. If you are interested in applying for a Stein Mart Credit Card, apply here.
*Editorial Note: This content is not provided by American Express. 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 American Express
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.