Posted on | June 12, 2012 | 1 Comment
Meijer has been promoting its branded credit cards by offering a 10 cents a gallon discount on fuel at its 179 Meijer gas stations to those customers who pay for the gas with their Meijer credit cards.
“Meijer is always looking for ways to save our customers money,” said Co-Chairman Hank Meijer. “Gasoline prices have a major impact on family budgets, so we are pleased to be able to offer these savings to all Meijer credit card holders in time for their summer travels.”
After reading what Hank had to say, I took a look at the fine print on the Meijer credit card application, and what I saw made me wince. Hank, I don’t think you really have your customer’s best interests at heart. Here’s why:
There are two flavors of Meijer credit cards:
- Platinum. Users get one point for every dollar they spend. The points are redeemable in 2,000 point increments for 20 percent off purchases at Meijer. The interest rate is either 19.99 percent or 23.99 percent, depending on your credit rating.
- Meijer Credit Card. No rewards and 26.99 percent interest rate.
Both cards have a 23-day grace period during which no interest is levied on new charges, and there is no annual fee.
I’ve seen worse credit card conditions, but there are plenty of cards that are lots better. If you’re in need of a credit card to pay for gas, check out CreditCards.com. You can search for cards that meet your needs, including several that include gas discounts and rebates.
For instance, take a look at the Discover card that give you 2 percent back on your total gas purchase. That’s almost exactly what Meijer is offering when it gives you 10 cents off on a gallon. Plus, if you have good credit, the Discover interest rate is only 10.99 percent and you get 0 percent for the first 15 months.
DetroitontheCheap says tell Meijer to forgetaboutit.