5 Things to Know About the Kohl’s Credit Card
If you can remember them all, the Kohl’s Card offers savings and in-store rewards. However, it only works at Kohl’s and has a hefty APR.
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There’s a significant probability that you live close to a Kohl’s department store if you reside in the United States. There are more than 1,100 firm locations across 49 states (sorry, Hawaii). The most popular items sold in Kohl’s stores are clothes, shoes, and accessories, but they also provide a wide selection of housewares, gifts, and other goods.
For regular customers wishing to save money, the Kohl’s Card, a co-branded credit card from the company and Capital One, may be a good option. However, getting the most out of the card can be challenging since you’ll need to keep track of several deals, promotions, and discounts. And after just one month, your rewards expire faster than you can say “shop ’til you drop.”
Here are five things to be aware of.
1. It’s a credit card, not a charge card
Although the card used to be known as the Kohl’s Charge, it is actually a retail credit card rather than a charge card. Charge cards require you to pay in full each month, whereas credit cards allow you to carry a balance from month to month and add interest to any unpaid balances.
However, the Kohl’s Card is a “closed-loop” retail card, which means you can only use it at Kohl’s.
(Kohl’s and Capital One stated in March 2022 that they planned for a new co-branded card to launch “as early as 2023,” but they did not provide any other information.)
2. You’ll get savings and coupons, though it’s a lot to track
Introductory discounts
Kohl’s coupons
Kohl’s Rewards
The Kohl’s Rewards loyalty program is separate from the credit card. Regular members receive $5 increments of Kohl’s Cash on the beginning of each month in exchange for 5% of their purchases back. The value of the incentives is diminished by the 30-day expiration of Kohl’s Cash earned through purchases.
However, if you have a Kohl’s Card, you can get a substantial increase from the standard rate to 7.5% back in the form of Kohl’s Cash.
3. Bigger spenders can earn status
4. You won’t want to carry a balance
The Kohl’s Card has a high continuous annual percentage rate, which means interest charges might cost you a lot of money if you don’t pay the card off in full each month, like many store credit cards do.
Although the APR will change, as of May 2022, it stood at 26.24%.
Charge only what you can afford to pay back at the end of the month, and try not to carry a debt on this card.
5. You can see if you pre-qualify without a hard pull on your credit
If you want a Kohl’s Card but are concerned that you might not be eligible, you can check without incurring any fees. Look for the pre-qualification link under Kohl’s Card on the website navigation. Without performing a hard draw on your credit record, you can quickly determine whether you are pre-qualified by entering your name, address, Social Security number, and birthdate.
You are aware that you shouldn’t continue with the application if you are not pre-qualified. If you are, a pre-qualification code will appear right away on your screen. When you apply for the card by the specified date, use that code.