Credit Cards

New York and Company Credit Card Review: Pros and Cons

ny-and-company-credit-cardNew York & Company is a large retail-clothing provider that has been in business since 1918. The company has more than 550 locations that include outlet stores and online sites. New York & Company is (naturally) headquartered in New York, and the company has grossed more than $1 billion in sales.

New York & Company went by its original name of Lerner Shops when its main founder, Samuel A. Lerner founded it. The name changed to New York & Company in 1995, and the establishment continues to trade under that name. New York & Company offers a credit card for loyal customers. The following contains some information about the New York & Company, or NY&C, credit card:

Qualifying for a New York & Company Card
A credit card applicant will have to be 18 years of age to obtain a New York & Company credit card. The person will have to have a sufficient credit score, as well. The company determines the eligibility by an applicant’s FICO score. Consumers with a FICO score of more than 613 points can obtain approval for the card. A 613-point FICO score usually has a few problems. However, the consumer may have restored some trust by making timely payments on a recent account.

Benefits and Pros of the New York & Company Credit Card
The New York & Company credit card comes packed with positive features for the shopper. First, the NY&C credit card is a rewards card, which means it provides customers with rewards for their purchases. New cardholders can earn $10 after they spend their first $200 using the regular version of the card. Platinum cardholders earn $20 after they spend their first $200. The cardholders can combine this bonus with other offers, as well.

The NY&C card honors its cardholders’ birthdays. The card provides a cardholder with a coupon for up to 25 percent off so that he or she can shop for clothing and accessories. Platinum cardholders receive the full 25 percent while regular members receive 20 percent off coupons.

Another amazing feature of the NY&C card is that it has no annual fee. Many providers charge their cardholders a fee for giving them access to such amazing benefits. The NY&C organization believes in allowing cardholders to access their full credit balances. Therefore, it does not impose a yearly fee on its customers.

Finally, two more benefits of the NY&C card are the e-newsletter and the shipping perks. Shoppers are entitled to free shipping benefits when they make purchases at the online store. The NY&C e-newsletter is a special newsletter that keeps cardholders up to date on current happenings.

The Cons of the New York & Company Credit Card
The main con with the New York & Company credit card is that its cardholders cannot use it at any other location. The card is just for New York & Company stores and sites. However, the card provides a wealth of benefits for a person who prefers to shop and NY&C locations. Additionally, the card can give a person a chance to establish his or her credit score further.

The card has a high annual percentage rate, which may disenchant many consumers. The annual percentage rate for an NY&C card is 24.99 percent. All cardholders start with regular status, and they have to purchase their way into Platinum status, as well. To earn Platinum status, the cardholder has to spend at least $400 per calendar year on his or her card.

Consumers have given the card high ratings despite its few disadvantages. Consumers who shopped NY&C frequently gave it high rankings for its benefits and discounts. Other consumers, however, felt as though the interest rate was so high that it erased the benefits.

Cardholders rated the NY&C credit card’s customer service highly because of the flexibility of the online system that allows consumers to conduct most of their tasks online.

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