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Did you know this about Jared's??

Valued Contributor

Re: Did you know this about Jared's??

I see this as a win win. If you are already planning to pay the Jared balance (whether in installments or in full), its more beneficial to pay it with a rewards card...and repurpose the Jared bill payment to your rewards cards. I don't consider that robbing Peter to pay Paul.
It's the exact same concept as using your credit card to pay utilities.

The major credit card companies may actually have Jared in the online mall of stores and you can get 5x the rewards points for using their link.

However, as with all things credit, you have to have the discipline to actually pay the 'daily expenses' credit card in full each month.
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Message 11 of 45
Established Contributor

Re: Did you know this about Jared's??


frugalQ wrote:
I see this as a win win. If you are already planning to pay the Jared balance (whether in installments or in full), its more beneficial to pay it with a rewards card...and repurpose the Jared bill payment to your rewards cards. I don't consider that robbing Peter to pay Paul.
It's the exact same concept as using your credit card to pay utilities.

The major credit card companies may actually have Jared in the online mall of stores and you can get 5x the rewards points for using their link.

However, as with all things credit, you have to have the discipline to actually pay the 'daily expenses' credit card in full each month.

I never thought about that! Places like Discover mall, ultimate rewards mall, and even navy federal mall has great discounts on top of regular rewards!!


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Message 12 of 45
Senior Contributor

Re: Did you know this about Jared's??

Mods please feel free to modify or delete this post if it's deemed offensive. I just feel people are dancing around the issue.

 

How many people using Jareds qualify for a rewards card good enough to offset the interest rate?

 

IMO, it's a math thing. If you're still going deeper in the hole, it doesn't make sense.

 

I'm not arguing that there aren't scenarios where doing this makes good financial sense. Simply saying occasions where it makes sense are relatively rare.


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Message 13 of 45
Established Contributor

Re: Did you know this about Jared's??


drkaje wrote:

Mods please feel free to modify or delete this post if it's deemed offensive. I just feel people are dancing around the issue.

 

How many people using Jareds qualify for a rewards card good enough to offset the interest rate?

 

IMO, it's a math thing. If you're still going deeper in the hole, it doesn't make sense.

 

I'm not arguing that there aren't scenarios where doing this makes good financial sense. Simply saying occasions where it makes sense are relatively rare.


I don't have Jared's, but if I did, I have some pretty good cards that I could use. Several of them are still on a 0% promo i.e. Chase Freedom, my citi AA, my Navy Fed is still on 0% on purchases, etc.


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Message 14 of 45
Senior Contributor

Re: Did you know this about Jared's??

@ LesW,

 

Jared's APR ranges from 5-24.99%.

 

They're a good company for those rebuilding and I'm not knocking them in the least. Simply stating that someone would need a rewards card that actually offset whatever interest they were paying for doing what the original post was about to actually make sense.

 

Bouncing debt around on 0% offers doesn't always help people save money unless they aggressively pay it down.


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Message 15 of 45
Valued Contributor

Re: Did you know this about Jared's??

I must agree with most of the sentiment about it being obtuse.  I do PIF every month anyway and I don't have a Jared's account.  (I do have some account or used to for Jewels, but never actually used it, I thought it would report to the credit bureaus so I got it, but since it didn't and I didn't want to simply buy something so it would, I never used it.)  I guess if I did have the account I would use it for reporting, then PIF with another card, then PIF that card to get the rewards. 

 

I guess I would have to weigh that against there being better points or cash back from the card mall too.  I would certainly do whatever got the best discount and rewards!

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Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
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Message 16 of 45
Established Contributor

Re: Did you know this about Jared's??

Wait.  I am new here but this seems almost ummm..questionable.  The mint had something like this awhile back and they stopped it.

Folks could buy Coin currency via credit card at a 1 to 1 rate of exchange.  one quarter for one quarter for example.  Then the cash was shipped to them during the mint's free shipping promotion and the buyer had the same dollar amount in cash (Coin) currency in hand that he paid on his "Reward" points card.  

Said person then returned said currency to his bank, again at a one to one rate and paid off the balance of his purchase but managed to hang onto all the reward points which he could then turn in for gift cards, statement credits, products or services of value.  

 

I see the Jared thing as the same sort of manipulation.  Technically okay, but morally, prolly not so much.  

 

 

 

 

 


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Message 17 of 45
Valued Contributor

Re: Did you know this about Jared's??

It depends on how you use it. If I purchase a $2k piece of jewelry and use the Jared card, I will have to pay the monthly bill regardless. What is wrong with me using my reward card to pay that bill, and just put the $$$ allocated for Jared to pay the rewards card? If I'm going to pay interest on the balance, I may as well try and offset a portion of that interest with some cash back.

It's the same as me using my AmEx to pay my cell phone bill, and just payoff the Amex.

I don't have a Jared's card, so I don't know the details, but they may have 0% specials. In that case, it makes more sense to pay the monthly bill with a rewards card.
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Message 18 of 45
Valued Contributor

Re: Did you know this about Jared's??

I pay my cell phone, water, car insurance, cable, home warranty, security alarm bills with my Amex....for the sole purpose of getting Reward points. Am I morally wrong for doing this?
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Message 19 of 45
Contributor

Re: Did you know this about Jared's??


frugalQ wrote:
I pay my cell phone, water, car insurance, cable, home warranty, security alarm bills with my Amex....for the sole purpose of getting Reward points. Am I morally wrong for doing this?

Absolutely not! 

I do the exact same thing. 

 

Anybody who doesn't take advantage of rewards when paying their bills is foolish IMO. 


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Message 20 of 45