Archive | July, 2015

West Elm: “With great style comes even better perks” (a.k.a. high interest rates)

10 Jul

West Elm, an upscale retail store featuring contemporary furniture designs and housewares, is offering you 10% back in rewards with their exclusive credit card. For every $250 you spend, you’ll receive $25 in rewards

– OR –

If you spend at least $750, you can opt for no interest if paid in full within 12 months. You can’t even get the best of both offers.

West Elm RewardsNow let’s look at the fine print. Standard variable APR of 19.00% to 22.80% or a APR of 26.99% – depending on when you opened your account – with no additional details or explanation. Consider that even a person with the absolute best credit score ever would get the lowest possible rate of 19.00%.

So, add 20% to their designer prices for each item bought, which makes your 10% “reward” completely nonexistent. Why bother. Instead, just pay with cash.