Pros: Rebate program, coupons and special in-store adds with monthly bill
Cons: Higher interest rate, limited use, but better than most store charge cards
Menards is a large home improvement store in the Midwest in the following states:
IA (Iowa), IL (Illinois), IN (Indiana), MI (Michigan), MN (Minnesota), ND (North Dakota),
NE (Nebraska), SD (South Dakota), and WI (Wisconsin)
You could compare this store to Lowes or Home Depot, if you have either of these stores in your area. They carry everything from plumbing fixtures to refrigerators, roofing materials to tools, lighting fixtures to miscellaneous baby strollers, when available. They carry many items, including snacks and other unusual things like baby items, but you get the general idea.
Being homeowners, and looking for a good way to make home improvements ourselves and get a little bit back, we decided to check into the Menards Big Card. We had heard you get notice of sales, special incentive coupons to shop at Menards and other little perks along the way. So, we checked it out. Below, find the main stats of this merchants credit card offering.
(Previously, this card was offered through Conseco, but with their recent filing of bankruptcy, the card is now being provided through Household).
Facts as of March 1, 2002 disclosure statements
For purchases amounting up to $1,499.99
For purchases above $1,500 (Big Buy purchases)
Cash Advance (if you need to use this feature)*
Fees assessed for using the Cash advance equals
3% of transaction
Or $3.00 whichever is greater
Grace Period 25 days
Charges accrue from the date of purchase, but
you have 25 days to pay the new balance in full
before a finance charge is imposed attributable to
that new balance.
*The cash advance feature offered on this card does not allow you to withdraw the full available balance that you might have. You can withdraw up to about 20% of your available balance as a cash advance.
The listing above breaks down the major components of the card, and the items that interest most consumers. If you are, for some reason, were ever delinquent in your payments, the company will increase your interest rate margin by 2 percentage points. As it stands now, the margins are as follows:
13.65% for purchases under $1,499.99
(15.99 under Household)
13.90% for cash advances
The APR, annual percentage rate, is adjusted on the first day of the billing cycle following the rate change.
At first, when you receive your Menards Big Card, if you have charged at least $100 on the card, you will receive a $10.00 store certificate to use on your next purchase.
Every month, when you have a billing statement, you will receive $50.00 worth of in-store coupons and notice of special in-store only advertised good deals.
If you have major renovations, or you are making a very large purchase, you will receive the lower, fixed interest rate of 13.9%.
There is a rebate on this card as well! This is a nice little feature. You earn a 1% rebate on your purchases that are charged to this card. We have not had the card very long, and we have not actually had any rebates come to us yet, but we should be seeing something soon!
The paperwork states there is no limit on the annual amount of rebates that you can earn! (So, if you have a Menards in your area, have major home renovation plans, this might be a great way to earn an extra rewards! Just to clarify for those that might wonder, the rebates are based the purchases put on your card. This does not include any cash advances, access checks, or finances charges that you pay along the way.
Rebates are paid in the form of a merchandise certificate for the Menards stores. You do not receive cash that you can spend anywhere. They issue these certificates the first quarter after the year end, as long as your account is in good standing and has not been closed.
No annual fee for the card!
Low monthly payments, if you do not pay your balance off monthly.
The Menards Big Card is accepted at other stores. See the list below:
I believe most of these stores are gas and convenience stores. But, to be honest, we do not have any of them in my surrounding area, so I am not familiar with these stores.
From my experience through Conseco, we had access online to our account, we could make payments online no charge, and review transaction histories and payments any time. It was a very nice feature.
As Household, I do see that they have online access, but I have not been to their site, nor have I used any of their features, so I cannot speak for what they offer customers today. From a review of their site, it still appears as though the above mentioned benefits still pertain. It does show the interest rate, or finance charges have changed slightly, but the grace period information still seems to be the same.
If you have a Menards in your area, and think about applying for their card, you can do so in the store, or by going to the following link:
Thanks for spending time with me today!