Q Card

JJK1954 · ‎07-11-2011

I have to laugh at the home page for the Q Card. "It pays to open a Q card!" They fail to mention there is a 28% interest rate!

phoenixbrd · ‎03-27-2010

I always pay off any credit card balance every month. I never carry a balance so I use the credit card company instead of them using me. Interest rates are so high on cards, I wouldn't use a card if I had to pay that interest.

Trix · ‎03-16-2010

@phoenixbrd It's wonderful if you can afford to and manage your finances in a manner which allows you to pay card balances in full each month. The simple truth is most Americans can not and do not pay the full balance due monthly. Therefore, the $40 gift incentive is probably nullified by interest in a couple months for many new card holders as their bill zooms up into the hundreds, if not thousands of dollars.

RespectLife · ‎02-27-2012

I would tend to say that if most American's can't pay off their credit card in full each month, it is because we are buying things we can't afford AND do NOT need.

While I am sure there are some that must use a credit card each month to get through, I doubt it is the majority of credit users. As Americans, we sometimes are simply use to buying what we want, when we want.

I highy doubt anyone is using the Q card to sustain themselves, so the 28% interest is on ME, if I can't budget better.

Lipstickdiva · ‎03-10-2010

Why would they advertise that? It's not a good selling point. LOL It is up to each of us to find out what the interest rate is on all cards we have. Any specific store credit card carries a very high interest rate. Macy's, Penneys, Kohls, QVC, HSN, Evine......all outrageous.

I had a CC for each shopping channel. I got rid of HSN followed by QVC. I still have Evine. I too paid my balance in full every month so I never incurred interest.

While I understand a lot of people don't do that and many people need a CC to get by every month, a shopping channel card shouldn't be one of those unpaid cards. There isn't anything sold on a shopping channel that you have to have. If you cannot pay off your shopping channel purchases every month, you shouldn't be shopping on them.

I'm guessing that some of the problem is people get caught up in easypays and before they know it, they have a pretty hefty monthly payment because $12.00 here and $25.00 there adds up. I've seen posts about people needing spread sheets to keep up with their easypays.

loriqvc · ‎11-06-2011

I held off on getting a Q Card for a long time, figuring I could easily budget out my expenses and didn't need it. However, when they did a birthday offer a few months ago, I signed up so I could get a $32 credit--free stuff sounded good to me! And now I absolutely love having the Q Card. Three easy pays are always available, which is great if I'm buying multiples of an item for gifts and want to spread out the payments a bit, or if I want to purchase a big-ticket item (that's only happened once, since I don't really rely on the Q for such things), and it is nice to separate my Q spending from my everyday spending. I haven't been charged a penny in interest so far, so this has been a good choice for me.

Kachina624 · ‎03-10-2010

@Trix wrote:
@phoenixbrd It's wonderful if you can afford to and manage your finances in a manner which allows you to pay card balances in full each month. The simple truth is most Americans can not and do not pay the full balance due monthly. Therefore, the $40 gift incentive is probably nullified by interest in a couple months for many new card holders as their bill zooms up into the hundreds, if not thousands of dollars.

@Trix. I beat them on the free incentive. Last November, Walmart offered a $30 rebate if you'd open an account, which i did. It was with Synchrony Bank, like the Q's card. The card arrived, I got my $30, paid in full for the TV I got, and never activated the Mastercard they sent.

I wonder if I could get away with that twice?

New Mexico☀️Land Of Enchantment

loriqvc · ‎11-06-2011

@Kachina624 wrote:
@Trix wrote:
@phoenixbrd It's wonderful if you can afford to and manage your finances in a manner which allows you to pay card balances in full each month. The simple truth is most Americans can not and do not pay the full balance due monthly. Therefore, the $40 gift incentive is probably nullified by interest in a couple months for many new card holders as their bill zooms up into the hundreds, if not thousands of dollars.
@Trix. I beat them on the free incentive. Last November, Walmart offered a $30 rebate if you'd open an account, which i did. It was with Synchrony Bank, like the Q's card. The card arrived, I got my $30, paid in full for the TV I got, and never activated the Mastercard they sent.

I wonder if I could get away with that twice?

@Kachina624 - At least for my Q Card, the offer language stated that I couldn't get the credit until I made a purchase on the card, and the credit didn't get applied until the second month after the account was opened.

Lipstickdiva · ‎03-10-2010

@Kachina624 wrote:
@Trix wrote:
@phoenixbrd It's wonderful if you can afford to and manage your finances in a manner which allows you to pay card balances in full each month. The simple truth is most Americans can not and do not pay the full balance due monthly. Therefore, the $40 gift incentive is probably nullified by interest in a couple months for many new card holders as their bill zooms up into the hundreds, if not thousands of dollars.
@Trix. I beat them on the free incentive. Last November, Walmart offered a $30 rebate if you'd open an account, which i did. It was with Synchrony Bank, like the Q's card. The card arrived, I got my $30, paid in full for the TV I got, and never activated the Mastercard they sent.

I wonder if I could get away with that twice?

@Kachina624, even if you didn't activate the card, it's still an open account (unless you closed it) and is on your credit.

I did this with a Macy's card. They were running a special a few years back and if you opened a Macy's card, you got 25% off your first purchase. I applied for and was approved for a card right at the register. I used that account and got my 25% off. I paid the bill in full before my cards arrived in the mail. To this day I never activated the cards but a Macy's account is on my credit report.

Trix · ‎03-16-2010

I don't claim to be a whiz when it comes to the business side of the financial world, but banks such as Synchrony and Comenity must be making a Fortune 500 level fortune off of the very high interest charged to customers who carry a balance from month to month (most) on these store credit cards. Even Care Credit (the one which can be used for medical, dental, vision, cosmetic surgery, veterinarian services) is a Synchrony issued account. Well, at least with Care Credit they sometimes have special promotions through some providers hereby if the balance is paid within 12 months there is no interest. That's reasonable, but often because those accounts start off with with a high amount charged, the minimum monthly payments are usually more than $100. So, in order to pay off in a year you have to be able to pay more than what some people can pay to cover all of their credit card balances per month. In other words this is still probably a win-win for Symphony because most of those balances are proabably unpaid at month 13 and are then subject to full interest. Sorry for venturing off where I was going. I started out with the thought that it seems like there should be some kind of anti-trust regulation which would prevent two companies from monopolizing this segment of the consumer credit market like this.