What You Didn’t Know About Menards Credit Card!: The Shocking Truth Everyone Needs To Know!
What You Didn't Know About Menards Credit Card!: The Shocking Truth Everyone Needs To Know!
Introduction:
There's a lot more to the Menards credit card than meets the eye. In this article, we'll take a deep dive into some of the lesser-known features and benefits of the card, as well as some of the potential drawbacks. We'll also provide some tips on how to use the card wisely to maximize your rewards and avoid any potential pitfalls.
Credit Limit:
How is my credit limit determined?
Your credit limit is based on a number of factors, including your credit score, income, and debt-to-income ratio. Menards will typically approve you for a credit limit that is within a certain range, based on these factors. The higher your credit score and the lower your debt-to-income ratio, the higher your credit limit will likely be.
Can I request a credit limit increase?
Yes, you can request a credit limit increase by calling Menards customer service or logging into your online account. However, Menards will need to review your financial information again before approving your request. If you've had the card for at least six months and have made all of your payments on time, you're more likely to be approved for a credit limit increase.
Interest Rates:
What is the regular APR?
The regular APR on the Menards credit card is 26.99%. This is a high interest rate, so it's important to pay your balance in full each month to avoid paying interest charges. If you do carry a balance, try to pay as much as you can each month to reduce the amount of interest you're charged.
Is there a promotional APR?
Yes, the Menards credit card offers a promotional APR of 0% for the first six months on purchases made within the first 90 days of account opening. This is a great way to save money on interest if you're planning to make a large purchase. However, it's important to remember that the promotional APR will expire after six months, and the regular APR will apply to any remaining balance.
Rewards:
How do I earn points?
You can earn points on every purchase you make with the Menards credit card. You'll earn 1 point for every $1 you spend on purchases at Menards stores and 2 points for every $1 you spend on gas and dining purchases at other retailers. You can also earn points by completing special offers and promotions.
What can I redeem my points for?
You can redeem your points for a variety of rewards, including Menards gift cards, merchandise, travel, and more. The value of your points will vary depending on the type of reward you choose. For example, 1,000 points can be redeemed for a $10 Menards gift card or 2,500 points can be redeemed for a $25 travel voucher.
Fees:
Is there an annual fee?
No, there is no annual fee for the Menards credit card.
Are there any other fees?
Yes, there are a few other fees that you should be aware of. These fees include:
- Late payment fee: $35
- Returned payment fee: $35
- Balance transfer fee: 3% of the amount transferred, with a minimum fee of $5
- Cash advance fee: 5% of the amount advanced, with a minimum fee of $10
Other Features and Benefits:
Contactless payment:
The Menards credit card is equipped with contactless payment technology, which allows you to make purchases by simply tapping your card on a contactless payment terminal. This is a convenient and secure way to pay for goods and services.
Mobile app:
The Menards credit card comes with a mobile app that allows you to manage your account on the go. With the mobile app, you can check your balance, make payments, view your transactions, and redeem your points.
Customer service:
Menards has a dedicated customer service team that is available to help you with any questions or problems you may have with your credit card. You can reach customer service by phone, email, or online chat.
Tips for Using the Menards Credit Card Wisely:
Pay your balance in full each month:
The best way to avoid paying interest charges is to pay your balance in full each month. If you do carry a balance, try to pay as much as you can each month to reduce the amount of interest you're charged.
Take advantage of the promotional APR:
If you're planning to make a large purchase, take advantage of the promotional APR of 0% for the first six months. This can save you a significant amount of money on interest if you pay off your balance before the promotional APR expires.
Earn and redeem points:
Take advantage of the rewards program by earning points on every purchase you make. You can redeem your points for a variety of rewards, including Menards gift cards, merchandise, travel, and more. The value of your points will vary depending on the type of reward you choose.
Be aware of the fees:
Be aware of the fees associated with the Menards credit card, such as the late payment fee and the balance transfer fee. Avoid these fees by making your payments on time and by only transferring balances when necessary.
Conclusion:
The Menards credit card is a great option for those who frequently shop at Menards stores. The card offers a variety of rewards and benefits, including a promotional APR of 0% for the first six months, points on every purchase, and a convenient mobile app. However, it's important to be aware of the fees associated with the card and to use it wisely to avoid paying unnecessary charges.
