I just got a notice in the mail that since I haven't used my Penney's card for a while, it is being converted to a J C Penney MasterCard and that the card will be sent shortly. This is to give my account "more flexibility." I assume this is a new card. I haven't heard of it before. I haven't used my Penney's card for a while, and had even thought of canceling it. I didn't see any APR info on the literature that was sent, just told me to watch for my card. It will still be issued by Monogram Credit Card Bank.
What interest rate terms will it have? Dept. store cards seem to be in the 21%-22% range, even though I get much better on most MC and VISA cards.
I don't know anything about the terms yet--credit limit, rate, special offers, or anything. I'll try to remember to update when I get something.
Other than the occasional 10% off deal, I've never seen much use for store cards, if you have MC or VISA. They seem to assume that if you are carrying a balance, it is because you can't do better than their high rate, so they don't have to compete on terms.
I don't usually carry a balance on store cards because of the high rate. But many of them do have special sales for credit card customers. I'm still waiting for the Penney's MC, but on my Sears MasterCard I've been getting some reasonable BT offers (not 2.9%, so I haven't used them, but not the typical store 18% either). Of course, Sears is Citibank and Penney's will be MCCB.
I work for JCPenney..the card you will receive is actually meant for "good" customers of JCPenney, by that I mean people who use their card a lot and have good credit, so I am surprised your letter stated you haven't used your card in awhile, since this card is meant to "reward" customers...the rate will vary between 13-19%, which is lower than the 21% on the JCP card owned by GE Capital. There is much more than just 10% off, which is actually 15% off w/the Penneys cards during the special sales...which with our sales of 40% can be great to add 15% on to. There will be regular MasterCard benefits, plus more stuff for JCP customers like free (seriously, no catch) $15 on your birthday, etc and $10 on holidays, which is good. The card is owned by GE and issued by Monogram, I think. I work for the stores and am not endorsing it, but if you don't carry a balance, I'd take it for the perks, which from what they say will be many.
Well, I have good credit and I guess they want me to use my card a lot. The letter basically said that since I hadn't used my card for a while, they wanted to give me something more flexible (I believe that was the word). I still haven't gotten the card, but when I do I'll let everyone know what the interest rate, credit limit, etc. is. I hope it's more than a thousand or so, or it won't get much use. My Sears MasterCard is something like $3900 and only gets used when Sears has a good sale. I need a new refrigerator and dishwasher, so the next time they have an appliance sale with zero percent I'll use it. Penney's will probably be the same--I'll use it when they have a sale I like. I used to shop there a lot, but they changed the location of the store and it's not as convenient. I do most of my shopping now at Wal*Mart, the military exchange, or Hecht's.
I finally got the card. $7K limit (almost my lowest), 0% on purchases and BT until October 2005. 12.9% go to rate. The bad part is that there is a $50 or 3% fee for each BT. I may have to pass. I have better offers. But I could do some purchases until Oct 2005.
Does this new card look like the store card with a M/C logo, is it a platinum, gold or classic card? I wonder when JCPenney will be sending out more invitations for these? I have a store card and they just increased the limit by 1,000.00 just in time for the holidays. The card is good to take advantage of their sales, and then pif. I am interested in this card. Wonder what their criteria are for the upgrade? Have you been a JCPenney cardmember for a long time? I wasn't sure if tenure had anything to do with it, b/c if so then I wont get picked, since I have only had the card 6-7 months. I do have a Sears Premier Gold M/C and have had it for two years, I think many retailers are moving toward issuing a VISA/MC etc to get more of the market share in cc charge volume.-i.e. Target, Meijer, Sears, etc Thank You for your information on this card
GEORGE--was your wife's card just the JC Penney store card? That's the reason they sent me the MasterCard--because I didn't use my store card. The MC limit is much higher than my store card was. Only Wal*Mart gives me a store card with a CL in the thousands!!!
My Wal*Mart limit is $10K. But that's because I had a Montgomery Ward account that was converted to Wal*Mart. I bought so many appliances, car parts and car repairs that Wards had given me a $10K limit, and it converted over. Actually, I think Wal*Mart doesn't go to $10K. I think it shows as $9999. When I went to the credit union to finance my car, the lady wondered what I needed with a $10K limit at Wal*Mart. I told her the story and she said she understood. What I didn't tell her was that a limit like that is great for ratios!!
Jaboom97, My card is a Platinum MasterCard. It doesn't look like the store card with the initial. I don't have it with me, so I can't remember exactly what it's like. I don't know the criteria for upgrade. I just got a letter in the mail that I was getting the MasterCard. I've had a Penney's card for years. My ex and I had a joint account back in the late 60s or early 70s. When we got divorced I got my own account, but I'm sure they must have noted the history. I've had my own account for at least seven or eight years. But I probably haven't used it in over a year.
