Issuing Bank of the Big Lots Credit Card
The Big Lots credit card is issued by Comenity Capital Bank. Comenity Capital Bank is a financial institution that specializes in issuing credit cards for retail stores and other businesses. It is known for its partnerships with various retailers, including Big Lots, to provide store-branded credit cards.
Closed-Loop Nature of the Big Lots Credit Card
The Big Lots credit card is a closed-loop card. This means that it can only be used for purchases at Big Lots retail locations and online at BigLots.com. The card does not have a Visa or Mastercard logo, and it cannot be used at other retailers or for other types of transactions.
Limited Rewards Program of the Big Lots Credit Card
The Big Lots credit card does not offer a robust rewards program. Unlike many other store credit cards, it does not provide ongoing rewards or cash back incentives for cardholders. This limited rewards structure may not be attractive to consumers who are looking for a credit card that offers rewards for everyday spending.
Special Financing Offers on the Big Lots Credit Card
The main benefit of the Big Lots credit card is its special financing offers. These offers provide deferred interest financing for specific purchase amounts. For example, as of February 2023, the card offers 6 months of deferred interest financing for purchases of $250 or more, and 12 months of deferred interest financing for purchases of $750 or more. These offers can be beneficial for consumers who need to make large purchases and want to avoid paying interest charges during the promotional period.
High Interest Rate on the Big Lots Credit Card
It is important to note that if you carry a balance on your Big Lots credit card for purchases that do not qualify for special financing, you will be subject to a high ongoing interest rate of 29.99% APR (as of February 2023). This interest rate is significantly higher than the average interest rate for credit cards, which was 20.40% in 2022 according to data from the Federal Reserve. Therefore, it is crucial to pay off your balance in full each month to avoid incurring high interest charges.
Big Rewards Program: A Separate Option
Big Lots also offers a free rewards program called Big Rewards. This program is separate from the credit card and does not require card membership. Big Rewards provides discounts, bonuses, and special perks to its members. For example, members receive a 15% off one-time joining bonus, a $5 reward after every 3 purchases, and a $10 bonus for every $200 spent on furniture. These rewards can be valuable for frequent Big Lots shoppers, but they are not tied to the credit card.
Sources:
- https://d.comenity.net/biglots/public/apply/Apply.xhtml?referrer=www.marketshost.com
- https://www.nerdwallet.com/article/credit-cards/big-lots-credit-card
- https://wallethub.com/answers/cc/big-lots-credit-card-application-2140813570/
FAQs
Which bank issues the Big Lots credit card?
**Answer:** Comenity Capital Bank issues the Big Lots credit card.
Is Comenity Capital Bank a reputable bank?
**Answer:** Yes, Comenity Capital Bank is a reputable bank that specializes in issuing credit cards for retail stores and other businesses. It is known for its partnerships with various retailers, including Big Lots, to provide store-branded credit cards.
Is the Big Lots credit card a closed-loop card?
**Answer:** Yes, the Big Lots credit card is a closed-loop card, which means it can only be used for purchases at Big Lots retail locations and online at BigLots.com.
Does the Big Lots credit card offer a rewards program?
**Answer:** The Big Lots credit card does not offer a robust rewards program. There are no ongoing rewards or cash back incentives for cardholders.
What are the special financing offers available on the Big Lots credit card?
**Answer:** The Big Lots credit card offers special financing offers that provide deferred interest financing for specific purchase amounts. For example, as of February 2023, the card offers 6 months of deferred interest financing for purchases of $250 or more, and 12 months of deferred interest financing for purchases of $750 or more.
What is the interest rate on the Big Lots credit card?
**Answer:** The ongoing interest rate on the Big Lots credit card is 29.99% APR (as of February 2023). This interest rate is significantly higher than the average interest rate for credit cards, so it is important to pay off your balance in full each month to avoid incurring high interest charges.
Is there a free rewards program offered by Big Lots?
**Answer:** Yes, Big Lots offers a free rewards program called Big Rewards. This program is separate from the credit card and does not require card membership. Big Rewards provides discounts, bonuses, and special perks to its members.
Can the Big Lots credit card be used at other retailers?
**Answer:** No, the Big Lots credit card cannot be used at other retailers. It is a closed-loop card that can only be used for purchases at Big Lots retail locations and online at BigLots.com.