KAY Jewelers Credit Card: Dangerous Deferred Financing Card

Purchasing pieces of jewelry can cost quite a lot. Yet, there are specific occasions of our lives that we need to get them: engagement, wedding, anniversary, birthday, and so on. And if you are planning to have one grand diamond ring or a luxurious necklace in the future, you might want to start saving today. But what if you need one earlier than expected? Well, you need the KAY Jewelers credit card.

KAY Jewelers Credit Card

KAY Jewelers Credit Card 2022 Review

Intro Bonus: None

Regular APR: 29.99%

Credit Score: Good to Excellent

Annual Fee: $0


  • The card has no annual fee but doesn’t have an intro bonus.
  • It offered deferred financing plans, depending on the amount of your purchase.
  • Cardholders will receive yearly benefits in the form of discounts.
  • The regular APR of the card is very high at 29.99%.

KAY Jewelers Credit Card Review:

KAY Jewelers Credit Card

KAY Jewelers Credit Card

The KAY Jewelers credit card is much like the other store cards you’ve encountered before. There is no annual fee in the application for the card, but you need to at least have a good credit score to qualify for it. And although it doesn’t have a welcome bonus for new cardholders, they can expect to receive annual benefits, such as the $100 off during the cardholder’s birthday month and another $100 off for the card’s anniversary month. 

On the other hand, KAY Jewelers credit card doesn’t have a rewards structure to allow you to earn any cashback or points. It won’t also help you get discounts every time you use it. There’s nothing at all. Nonetheless, these things don’t make it anything less useful for people hoping to pay for a big purchase over time.

Indeed, the card is tailored to provide KAY Jewelers with flexible plans when purchasing pricey items at the store. Currently, there are 4 financing plans with payback periods depending on the minimum amounts of your purchases: 6 months for $300+ purchases, 12 months for $750+ purchases, 18 months for $3000+ purchases, and 36 months for $1500+ purchases.

Cardholders won’t be charged with interest in the 6-, 12-, and 18-month financing plans if the promotional plan balance is paid in full within the promotional period. If not, however, the consequence of this deferred financing can be dangerous as it isn’t 0% APR at all. When you fail to pay your plan balance before the promotional period ends, interest will be charged to your account from the purchase date. This is something you would want to avoid as the APR of the KAY Jewelers credit card comes at an overwhelming 29.99%.

If this possibility of high interest scares you, the 36-month financing plan is a much safer option (but note that it is only applicable for purchases reaching the $1500+ spending requirement). Here, you’ll be paying equal payments for 36 months with a lower APR of 16.99%. Once the period ends, the regular purchase APR will apply. 

Final Thoughts:

KAY Jewelers credit card has a particular use, and that’s to provide short-term financing options to shoppers. The deferred financing is scary, but it can be handy as long as you are a responsible payer. And if you think you can handle it, the soaring APR is nothing to worry about. 

With all of those things, does KAY Jewelers credit card deserve a space in your wallet? For individuals in need of an instant solution in funding a jewelry purchase, it is good. However, for most people, it has nothing to offer. It doesn’t have a rewards program to present, so frequent shoppers at KAY Jewelers won’t find any value in it.

So, what should you get? If you need a card that you can use for the same purpose – financing a huge purchase – there are better options out there. You can opt for cards with the safer 0% intro APR offers, such as Wells Fargo Reflect Card, Citi Rewards+ Card, American Express Blue Cash Preferred Card, Discover It Cash Back, and Chase Freedom Flex.

You can pay for an expensive item and get an extended payment period with such cards. The best part about them is that no interest is hiding under the terms, unlike deferred interest plans. Moreover, you can enjoy their versatility as they allow you to use them everywhere and earn points or cashback as you spend!