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BJ’s Visa Card Review

Great Rewards for BJ's Shoppers

About.com Rating 4.5 Star Rating

By

This card is a great deal if you're a big BJ's customer. But watch those penalty fees.

Who the BJ’s Visa Card Is For

  • BJs' members who want to earn rewards on their purchases at the warehouse club.

Credit Rating Required

  • Fair to Excellent (660+)

About the BJ’s Visa Card

Pros

  • Excellent, unlimited spending rewards.
  • Low redemption threshold (2,000 points, or $20).
  • Relatively low APR if you qualify.

Cons

  • Points value can be confusing.
  • Rewards can only be redeemed for merchandise at BJ's.
  • Very high penalty fees and APR.

Rewards

  • Two points per dollar, or two percent back, on purchases at BJ's.
  • One point per dollar, or one percent back, on all other purchases.
  • 1,000 bonus points ($10) with first purchase.

APRs

  • Purchase APR: 13.74 percent to 21.74 percent, depending on credit history.
  • Zero percent on balance transfers for the first six months, then the purchase rate.
  • Penalty APR: 30.24 percent.

Fees

  • No annual fee.
  • Late fee: $39.95.
  • Returned payment fee: $39.95.
  • Balance transfer fee: Four percent of balance.

BJ’s Visa Card Review

The BJ's Visa Card has one of the richest rebate rewards programs around. You get a two percent rebate, or two points per dollar, on purchases at BJ's warehouse stores and one percent, or two points per dollar, on purchases everywhere else. You also get 1,000 bonus points after you make your first purchase.

When you accumulate 2,000 points, or $20, card issuer Chase Bank will send you a "BJ's Bucks check" with your next statement redeemable for merchandise - but not cash - at BJ's. Points expire after 36 months.

This is an excellent deal, but it's really only for someone who shops frequently and spends a lot at BJs'.

Balance transfers have a zero percent introductory for six months, a transfer fee of three percent, and a maximum $50 balance transfer fee. However, those terms only apply for the first six months after you open your account; beyond that, the fee rises to four percent, with no maximum, and the APR jumps to the purchase rate.

The BJ's Visa Card also features Visa payWave, which enables you to makes purchases of $25 or less by merely waving your card in front of an electronic reader rather than swiping your card and signing a receipt.

You must be careful never to be late or bounce a check when you pay this credit card bill. The penalty fees - nearly $40 - and APR - more than 30 percent - are some of the highest I've seen. (Note: As of August 22, 2010, new Federal law will limit maximum penalty fee to $25 for the first offense or $35 for subsequent offenses.)

Recommendation

If you're a heavy BJ's shopper, I highly recommend this card. But if you only shop there occasionally, it's still very good for rewards and initial balance transfers.

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