Almost every major retailer offers its own credit card, but some are downright terrible. The Big Lots Credit Card is just one example. It offers no rewards program and no details on its special member offers. Its value is supposed to be promotional financing on purchases of $250 or more, but there’s a catch.
Instead of offering a traditional 0% intro APR, it’s a deferred-interest plan.If you don’t pay off the purchase in full before the promotion ends, you’ll owe interest—an expensive 29.99% variable APR—on the original purchase amount rather than the remaining balance.
‘Deferred interest means if you spend $500 and come up a dollar short, you’ll pay interest on the entire $500,’ warns Zaino, president of TZG Financial. ‘That doesn’t seem fair, but that’s one way they get you!’
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