Based in the Midwestern US, Menard’s is one of the biggest home improvement stores in the US, with roughly 270 stores in 14 states. Menards started its journey in 1958 and has become known through the home improvement industry as the low price leader with the slogan Save Big Money!. As a company they are dedicated to providing the highest quality products, and with the Menards Big Credit Card, frequent store-goers can gain access to plenty of rewards and savings.
What Menards Credit Cards Are Available?
Menards financing offers are designed to help consumers and businesses finance their home improvement or reconstruction projects. There are three credit cards offered by Menards: Big Card, Contractor Card, and Commercial Card. The last is a credit program for large companies and nonprofit organizations.
The Menards Contractor card offers cardholders convenient special features that make owning this Menards card much easier. This card allows holders to make secure online payments for free. Additionally, cardholders can manage their account balance, available credit and amount due. With this card you can also view and print invoices and statements from your online account.
The Menards Big Card is offered to consumers to finance their large and small projects. The card has three benefits which do not come as a set though. You will have to choose from these benefits every time you make a purchase at Menards. The Big card benefits are extra rebates and savings, 0% interest rate for 6 months on purchases over $299, and low 3.99% APR for 48 months on purchases over $1,500.
These benefits are very tempting but do not let them to carry you away. The ongoing interest rate for the Big card is rather high – 25.24% variable standard APR. And the penalty APR is even higher – 28.24% variable APR. So if you are not organized enough you may accrue an unpayable debt.
To apply for Menards credit card, you can visit a local Menards store or their website. The online application is available for the Big Card only. Those who want to apply for a Contractor card or a commercial card will have to print out the application form and bring it to a local Menards store, or send by mail.
Rewards of Menards BIG Credit Card
No Sign-up bonus.
2% rebate on all Menards purchases
1% rebate on Speedway, Holiday, Kwik Trip, and Kwik Star purchases
1% rebate on detergent, soap, shampoo, toothpaste, and other household brands.
Rebates are issued quarterly when the redemption amount exceeds $5
Rebates are redeemable only at Menards
Benefits of Menards BIG Credit Card
1. It’s a no-nonsense card.
People who have below average credit cards are often offered advantages such as cash advances and the ability to use the card while traveling internationally. Most people with solid credit don’t travel internationally. With the Menards card you get a card to be used for buying the necessities at any Menards store and you can fill up your gas tank at any Kwik-Trip and several other regionally served gas station brands. Those home improvement projects don’t have to wait until your credit score opens the door for a bank loan.
2. No annual fee.
3. At any Menards store you can buy a VISA gift card.
4. A deferred interest payment plan.
Their terms are no interest is charged to your account if the purchase amount is paid in full within 6 months on purchases of a minimum of $299. But you don’t have to buy a single item worth $299 or higher; you can buy a number of items that totals $299 or higher.
5. Variable Intro APR.
Unlike so many credit cards that target people with below average credit ratings, the Menards card rewards people who have worked to get to the point where they deserve better terms on a new credit card. The purchase intro APR is variable, between 0% – 3.99%. They also have a variable time frame for how long you will get that APR: between 6 and 48 months.
6. Rebate receipts.
When you use your Menards card at a Kwik Trip or other authorized brand gas station, you get a 1% rebate. But instead of an immediate credit you get a rebate receipt. You can mail these in and Menards will send you a check back. The best way to use these rebate receipts is to collect them for a month or so, then mail them in for a larger check. It’s always nice to get a check in the mail, and oftentimes the money comes in just at the right time.
7. Cashback rewards.
You earn between 1 and 2 percent cashback on your purchases (gas purchases are 1%) which means if you use your card wisely it can reap you significant benefits over the year. Many of the competitor’s cards don’t even give you a 1% reward.
How to use the Menards BIG card
Because of the card’s high APR, opt for deferred-interest financing over the everyday rebate if you’ll need more than a month to pay off a purchase.
That being said, beware of deferred interest associated with the card’s special financing offers. Interest is imposed retroactively if you still owe a balance on your purchase at the end of the promotional period.
Pay your regular balance in full every month to avoid accruing higher-than-average interest charges.
Watch for the store’s weekly flyer to take advantage of bonus rebate savings on certain brands and items.
What is a store credit card?
The only difference between store credit cards and regular credit cards is that store credit cards are branded and associated with a specific retailer and its rewards program. Store credit cards offer in-store discounts, allow cardholders to earn and redeem points when making purchases.
There are two basic types of retail store credit card:
Open-loop cards: These cards with a Visa, MasterCard or American Express logo in the bottom-right, can be used anywhere.
Closed-loop cards: These cards without a Visa, MasterCard or American Express logo only can be used at their co-branded stores, online stores or affiliates.
For example, there are three types of Best buy credit cards, My Best Buy Credit Card, My Best Buy Visa Platinum Credit Card and My Best Buy Visa Card. My Best Buy Credit Card is a closed-loop card, so you can only use it at Best Buy. My Best Buy Visa Platinum Credit Card and My Best Buy Visa Card are open-loop cards, you can use them anywhere that Visa is accepted.
What are the benefits of store credit cards?
Easy to get and can help you to build credit
Because of store credit cards’ high interest rates and low credit limits, they are easy to get with fair or poor credit. If you can use it responsibly, this is an opportunity to build up your score.
A reasonable annual fee
Many great store rewards cards don’t have an annual fee.
Save money at your favorite stores
Store rewards cards have different rewards programs which are great ways to save money, especially you are a frequent customer of that shop. For example, My Best Buy Credit Card offers as much as 5% cash back.
Additional sign-up bonuses and benefits
Many store reward cards attract new customers with a sign-up bonus. What’s more, some store reward cards offer extra benefits, such as discounts, free shipping, a birthday gift and extended return policies.
Open-loop cards can be used anywhere as normal credit cards.
What are the drawbacks of a store credit card?
Low credit limits
This means that you have the risk of going over your credit limits.
High interest rates
Most store credit cards’ interest rates are higher than the industry average (17%).
Closed-loop cards are limited to single store
Many store credit cards can only be used at their store or online shop. But some store credit cards can be used anywhere like normal credit cards, such as Amazon Prime Rewards Visa Signature Credit Card.
Customer service problems
Some store credit cards are not issued by major cards issuers, so the quality of customer service is difficult to guarantee.
Some store credit cards can’t be used for balance transfers
What do you need to apply for a store credit card?
Banks approve much lower credit scores for store cards. Therefore, applying a store card is an ideal way for someone with a fair or poor credit score to rebuild his or her credit.
Credit card application
You can apply for a store credit card online, in-store or by email depending on the card. And you just need to fill in your personal information and submit your application. The credit card issuer will consider your credit reports and several different factors when reviewing your application to get an idea of your creditworthiness.