Kay Jewelers frustration

[Anonymous]

I was at Jared yesterday (which is owned by Sterling, the same parent company as Kay), and they told me they close credit accounts after 24 months of inactivity. So you should be good if you make periodic purchases. I bought my fiancée's ring a year and a half ago, and finished paying it off a few months ago when the 0% intro ran out. Now I'm waiting a while longer to purchase my ring, so I can push that 24 month period out a bit longer (in case I don't use it again after that, and then that account will be a bit over 4 years old at closing).

[Poquelin]

Thanks for the info.

I really don't want to to loose a $7K line of credit. It feels like I've worked too hard to rebuild my credit and I can't see myself just letting go of that much which right now is helping my utilization rate tremendously. I only owe $250 on it. Unfortunately ( or fortunately, depending on your point of view ) I'm not much of a jewelry kind of guy. Neither is my wife. I just got the Zales and Kay cards because I was getting married and I figure that rather than tying up my personal credit lines in visa and M/C let's get the store cards and take advantage of the no interest option. But now after getting $9,750 between the 2 of them it's going to be hard to just walk away from them.

Do you think the 24 month inactivity rule is from the last purchase? Or from the last payment made?

Again, thanks for the info

[Anonymous]

Should be from the last payment made.

[core]

Gee, all you have to do is buy a $4500 ring every 24 months to keep your card open?  That's quite a racket they have going.

Can't you just go in there and buy a $3 thing of jewelry polish or something?  Low dollar gift cards?  Or see what they charge to clean something.  Or have them size an old junk ring for you, which can't cost much at all.  Do they replace watch batteries?

It just seems like there's gotta be an easier way to keep an account open than buying pricey jewelry or stretching out payments forever and paying interest.

[Poquelin]

Good points all CORE, I think the whole idea of business making credit available to their customers is to increase sales as opposed to just helping us out. From the info provided by Desiner92, it seems like I have about 2 years to select something new. But with your suggestions, I may be able to brige that a little further by making smaller purchases like you suggest. I don't think the $3 battery will do the trick but a combination of smaller things might for a while.  The only thing I have to say for this system is that when you do buy something over a certain threshold ( I forget what it is at the moment) at least their giving you the 12 month no interest option. So if there's something you're truly interested in at least you won't be paying interest and you can pay it off 12 months same as cash. The trick for me is to find something else I am "truly" interested in...truth be told I don't think I'll there is anything but we'll see. A lot of things can catch my attention over a 2 year period.

[core]

Activity is activity, whether it's $3 or $4500, no?  I would be surprised if there's a threshold.  I have certainly not encountered one on any other store or credit card.

[Poquelin]

Sorry that I didn't make myself clear and you're right about activity. And actually because of the suggestions in your post, I'm already thinking of various small repairs, cleanings and other smaller transactions I may use my card for. 

The he threshhold I was referring to was the threshhold necessary to receive 12 months of no interest. I know you have to charge a minimum amount in a single transaction in order to receive that 12 month no interest offer. With Lowe's for example is $299 single purchase receipt in order to receive 6 months no interest.

thanks for your suggestions though. You just helped me postpone making any major purchases until I am actually ready to do them.

Which is what I love about this community. I have learned and gotten so many money saving ideas. Often unintended because I started asking about other things likei in this case.

Thanks again.

[Anonymous]

You're both right. I believe you do have to spend a certain amount to have the no interest option, but I also think that may only be available upon your first purchase with the account. However, making small but occasional purchases should keep your account active and in good standing.

[Kirmie2010]

I dunno, Ive been turned off to anything Kays.  I bought my wifes wedding ring, went back to have it cleaned 6 months or a year later since we never got the reminder in the mail for it.  (part of the purchase is free cleanings)  They had no record of me buying the ring and would not honor the cleaning.

Guessing the employee that day we bought the ring wasnt just seeming so disorganized but must of been stealing the money.

I applied for and got approved for credit but never used it because of the above so I cant help ya much with that.  (we were going to get most of our jewelry from here)

[Anonymous]

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@Anonymous wrote:

Patience is not the issue. they have been SPing my reports even though I have a zero balance with them. Many will say it is their right to, and it is since I did have an open account with them. Also I should feel fortunate that credit was extended to me given my scores, however I have chosen not to accept them SPing my reports and not do business with them.

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JUst out of interest, what is the problem with them soft-pulling you?  Doesn't impact anything except the length of the report when you look at it.