Introduction to the Menards Big Card
Menards has been one of the leading stores for home improvements for over five decades now. Many people rely on this store for their home improvement needs where they spend thousands of dollars. The Menards Big Card is designed to help all the Menards loyalists to get more rewards from making their purchases in the store and a few other selected gas stations. The card offers different types of rewards from cash back to in-store financing making it a very valuable tool especially if you tend to do a lot of home improvement.
Menards Big Card Features
- Cash Rebate
Using the Menards Big Card to pay for your Menards shopping will attract a 2.0% rebate. It’s not the best in the market. It’s rather standard and not very different from a majority of the other similar cards out there. The good thing with this particular card is that the issuer, Capital One, have tried to add some flexibility to it by including a 1% rebate that you will get from using it in selected gas stations. This is very reasonable and it sets the card apart from the majority of the other store-branded cards whose rewards are strictly tied to their stores and not anywhere else. Some of the gas stations eligible for the 1.0% rebate include Kwik Star, Kwik Trip, Holiday and Speedway gas stations.
The rebates are usually accumulated and then they are issued as merchandise certificates on a quarterly basis. The minimum certificate that you can get here is $5. In case you don’t reach this threshold, the rebates will be rolled over to the subsequent quarter.
- In-Store Financing
Menards offer their customers different financing options. These make it easier and more affordable for you to make all your home improvements including the biggest projects. Sadly, you cannot get in-store financing and cash rebate at the same time. If you decide to apply for one of their financing options, you will be exempted from their cash rebate programs automatically. Therefore, it is vital that before you choose a financing option that you do some calculations and see whether you are likely to save more money by relying on the cash rebates or by getting one of their financing options.
Things get even trickier with the in-store financing option because the minimum payments must be paid at the end of each statement period. Failure to doing so will attract heavy APRs (29.49% variable) on the balances remaining. If this happens and if the balance in question is high, you’ll probably end up losing a lot of money and hence the whole financing plan will be rather pointless. Again, it’s crucial that if you decide to take the In-store financing path that you make sure all balances are cleared on time.
Some of the In-store financing plans that you can get with the Menards Big Card are the Waived Interest Charge, Reduced Rate, and Same-as-cash monthly payment plan.
The Waived interest plan can be used on purchases whose pre-tax is $299 or more. This plan allows you to spread out the payments over a period of 6 months through which no interests will be applied as long as all payments are made on time.
The Reduced Rate credit plan is used when the pre-tax purchase is $1,500 or more. The payments here will be spread out over a period of 48 months. The payments made will include a promotional interest rate of 3.99%.
- Additional Perks
No Annual Fees – The Menards Big Card does not charge any monthly fees. This makes it affordable to have but then most retail cards have no annual fees so it’s not something special really.
Bonus rebate savings – Once in a while, Menards allow their cardholders to get additional rebates and savings when buying big brands such as Glade, Crest, Ajax, and Clorox. In certain seasons, Maenads offer bonus rebates that can go as high as 11% on major appliances such as interior/entry doors, windows and on household furnishings like vanities and fireplaces.
Limitations of the Menards Big Card
Unfortunately, there are a few things that may make you reconsider applying for this card.
First, the card is limited to Menards and three participating gas stations. This means that you cannot rely on the card for most of your everyday purchases. It also means that the opportunity of earning rewards is limited to just one store and a few gas stations. In the end, you will realize that it is not the most convenient and rewarding card that you can get.
The rebates will be rewarded in the form of certificates. The certificates are indeed useful and they will help you save a lot of money especially if you do a lot of home improvements but sadly, they are not as flexible as cash back. You can easily get some of the best cash back credit cards that you can use to earn some cash from your Menards shopping and many other stores and gas stations.
Another issue with the Big Card is the high APR and late fees. The In-store financing plans are a great way to save cash but then if you don’t clear all the balances in time then APR and fees will milk you dry. This makes the card a terrible choice for anyone with an unstable source of income that may affect their ability to make all the payments on time.
The Menards Big Card does not have anything special to offer. Even Menards loyalists are likely to get more value for their home improvements and everyday purchases with other credit cards. Take the Capital One Quicksilver Cash for instance. This card offers the same or slightly fewer rewards on Menards shopping as compared to the Big Card but then it completely outshines Menards Big Card from the fact that you can use it almost anywhere else thus earning you more rewards and making your everyday life more convenient. The Capital One Quicksilver Cash also comes with generous sing up bonuses, financing plans and other perks that you will find useful.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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