About Comenity Bank Credit Cards
Comenity Bank might not be a name you're familiar with, but they are the people behind more than 150 different store credit cards carried by over 40 million Americans. If you have a store credit card in your wallet, there's a pretty good chance that it's backed by Comenity Bank.
If you haven’t heard of Comenity Bank Credit Cards already, be sure to keep reading on to learn more on Shopping Cart Trick. Firstly, they are basically behind the scenes when it comes to credit cards. They offer a lot of different credit cards for individuals who lacks the necessary credit score to apply for one. Odds are, even if you haven’t heard of them, you’re one of the 40 million customers carrying a credit card offered by one of their banks. Today we’re going to give you a thorough introduction to Comenity Bank’s credit card portfolio with a full list of cards that they offer ranging from what’s the easiest to get approved to the best cards to acquire!
Full List of Comenity Bank Credit Cards
Comenity Bank offers many credit cards. Some cards are store specific, which means you can only use them at the namesake store. Others, however, can be used anywhere. Follow the link to learn the specific details of each store credit card.
The Perks of Comenity Bank Store Credit Cards
Comenity is the company behind Comenity Bank and Comenity Capital Bank, both of which manage over 125 credit programs. These include the accounts of many common retailers. Comenity has more than 40 million customers.
Knowing which companies will only require a soft pull on your credit (like Comenity) will help ensure that your credit score isn’t affected when you apply for a card. Comenity cards have the reputation of being one of the easier credit cards to get approved for, especially if you know how (and where) to use the shopping cart trick. If this trick is successful, you should be able to get approved for a credit card without a hard pull of your credit score and even without buying anything. This can be a plus if you don’t want the decrease in your credit score that a hard pull would bring, or if your credit score is already too low to get most credit cards.
Some people use store credit cards to build their credit if they are unable to get approved for other cards. Many are attracted by the discounts and incentives they provide. For example, many stores have rewards programs attached to their credit cards that give customers coupons or special promotions from time to time when they use their store card.
Many store credit cards also have programs that offer customers rewards for shopping (e.g. earn a $20 in-store reward for every $200 you spend). These can be especially valuable if you frequently shop at a particular store.
Why are Comenity Bank credit cards so popular?
Of course, many people enjoy store-specific credit cards because of perks like a large discount on your first purchase or a gift card on your birthday. Many people take out these cards at stores they shop at frequently.
Credit lines start out small around $500, but after making regular purchases and paying off your balance, you’re likely to get an automatic increase. In fact, these credit line increases can happen at regular intervals. However, you don’t want to buy things simply because you can, especially if you can’t pay off your balance in full.
Still, that extra line of credit paired with regular on-time payments can help rebuild your credit if it’s below average. Plus, it’s easy to get qualified regardless of what your credit looks like. This is another reason why Comenity Bank cards are so popular — you can use the shopping cart trick to get a pop-up offer online for a new credit card.
If you’re not asked to enter your full social security number, then you can likely get qualified without having your credit checked. For many people, it’s a simple way to get started on the way to better credit.
Bottom Line
Comenity Bank is in the business of attracting consumers to very specific store credit cards. The key takeaway is to maximize your rewards by consistently paying off your balances.
By doing so, you get to take advantage of your rewards programs while simultaneously building your credit. It’s a great way to take baby steps back into the world of credit cards by creating good financial habits.
Once you’ve cemented a repayment routine, you can bump up to a more general credit card that might offer even better incentives. At the same time, you’ll qualify for better rates since you’ve strengthened your credit with a Comenity Bank card.
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:
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Open-loop cards: These cards with a Visa, MasterCard or American Express logo in the bottom-right, can be used anywhere.
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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?
Credit score
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.
