Becoming an adult means you adopt the responsibilities of one. This can be an intimidating thing to do with little to no proper education on how to protect yourself in the real world. It may be easy to attain experience working and taking care of yourself, but the world of finances is mysterious and foreign – a force field our parents most likely did their best to keep us out of. Now comes the time of research and learning what options out there are good for you and which ones are just trying to take advantage. Up for be scrutinized right now: Scheels credit card.
What is it?
The Scheels credit card is a Visa reward card designed to provide you with benefits for using it to purchase things. A variety of popular stores devise similar methods for their own version of a card. Some deals are better than other, depending on the rewards being offered. You essentially get granted a card by a company and receive rewards for purchases you make either at their store or out – meaning you can use the Scheels credit card anywhere Visa card purchases are accepted. It provides you with an extra line of credit, which means it is something to be used responsibly.
The system works on a level of points you aggregate from your purchases. The more points you receive on your Scheels credit card, the more rewards you get in return. For instance, if you purchase $600 worth of goods both in and out store, you will be granted the potential to get a $25 gift card in return for the points you gathered. This is the same concept led to the other popular cards.
In order to determine of adopting the Scheels credit card is in your best interest, first consider the type of rewards it offers. This is the main method of how the companies try to reel you in and if you are not careful, you could end up with many things that you did not originally think you were signing up for.
With the Scheels credit card, you will receive three points for each qualifying $1 purchased in store at Scheels. For each qualifying $1 purchase made out of Scheels, you will receive one point. Every single time you attain 2,500 eligible points, you will be sent a $25 gift card for you to use as you like. 2,500 points comes out to over $830 spent in store, $2,500 spent out of store, or a mixture in between the two. By spending $830-2,500, your reward may not seem as beneficial or worth it as others.
This is really where some credit card companies can end up doing badly by you. In hiking up interest rates, they earn more money while at the same time taking unwarranted amounts of money straight from your pocket. The Scheels credit card has an interest rate of 18.99%. This is an unusually high rate and you don’t even get to opt in for 0% interest when you sign up. Consider that an insult to injury, because you will be accruing nearly 19% interest on any purchases you make since the very first moment you use it.
With only a 1,500 point sign up value, the Scheels credit card is certainly pushing the boundaries on what is acceptable and what isn’t. If you are on the fence about this card, it may be in your best interests to look elsewhere. This is a good option if you frequently purchase Scheels products or are going to make a single large purchase. Otherwise, the benefits seen here are not worth the hassle of having another piece of plastic on hand.