Big Lots Credit Card Guide: 4 Things To Know And Alternatives (2024)

• Annual fee: $0
• Special financing offers (in lieu of rewards)
• Regular APR: 35.99% variable APR on purchases
• Rewards: Earn $5 in rewards after spending $100 in purchases, transactions on promotional credit plans do not earn rewards
• Late Fee
• Other Benefits: Welcome coupon and ongoing special offers

1. Introductory APR Offer

If you’re planning to make a purchase over $250 at your nearby Big Lots store, this card offers deferred interest financing for six months. For purchases totaling $750 or more, you can take advantage of deferred interest financing for 12 months. After that, the card’s regular 35.99% variable APR on purchases applies.

This special financing offer is only available for new purchases made at Big Lots stores or online, and you’ll need to make at least the minimum payments during the deferred interest period. However, if the balance is not paid in full by the end of the promotional period, you will be assessed the full interest from the date of purchase.

Note that this card’s regular APR is very high. According to the most recent data from the Federal Reserve at the time of writing, the average credit card APR for accounts assessed interest was 22.76%.

2. No Annual Fee

You won’t need to worry about an added yearly cost with this card, as its annual fee is $0.

3. Earn Rewards for Big Lots Purchases

Unlike traditional rewards cards that earn miles, points or cash back rewards on each purchase, Big Lots rewards function more like a punch card. You’ll earn $5 in rewards after spending $100 in purchases, transactions on promotional credit plans do not earn rewards. Rewards can only be used at Big Lots stores.

Rather than calculating your spending on a calendar year, Big Lots uses earning periods. These are three-month periods that fall one month behind the quarterly calendar. For instance, Big Lots will assess your spending from February through April to determine how many $5 rewards credit you would qualify for in that earning period. Your spending will reset for the next earning period.

4. Exclusive Offers

As a Big Lots credit cardholder, you can qualify for special offers. New cardholders may get a welcome coupon. While this feature is a regular benefit of the card, the discount amount may vary. A recent offer was $25 off of your first in-store purchase. Big Lots does not disclose the details about the other special offers available to cardholders.

1. Deferred financing

Regular credit cards that offer intro APR promotions that waive interest fees for a specified period of time, only any balance you have left unpaid after the promotion ends will begin to be assessed interest. With deferred financing, if you don’t pay the entire amount borrowed off by the end of the promotion, you’ll be socked with interest charges dating back from the date of purchase.

2. High ongoing APR

The APR on the Big Lots Credit Card* is extremely high at 35.99% variable APR on purchases, which means carrying a balance on the card is very expensive.

3. Closed-loop card

You can only use the Big Lots Credit Card* at Big Lots stores or online at biglots.com.

4. Financed purchases do not earn rewards

Any purchase that you opt to finance with the card’s deferred interest promotions will not qualify for the rewards program.

The Big Lots Credit Card* only makes sense if you shop at Big Lots regularly, and even then it may not be the best choice. The special financing plans could be helpful if you want to repay a large purchase over several months, but you’ll need to ensure your balance is paid off before the promotional period ends. Otherwise, you will be saddled with the 35.99% Variable APR on the full purchase amount from the date of purchase.

That said, the card’s $0 annual fee makes it a decent option if you just want the special financing.

However, a more general cash-back credit card could be a better option. Several cards offer lengthy 0% introductory APRs for a set period of time, and many have rewards programs. This will likely be a better option for financing large purchases than the special financing offered by the Big Lots Credit Card*.

Big Lots Credit Card*vs. U.S. Bank Visa® Platinum Card*

If you’re looking for a no-fuss card with a lengthy introductory APR, the U.S. Bank Visa® Platinum Card* could be a good alternative to the Big Lots card if you need to finance a large purchase over time.

This card doesn’t have a rewards program, so you won’t earn cash back on your purchases, but you get a 0% intro APR on purchases and balance transfers for 21 billing cycles, followed by a variable APR of 18.74% - 29.74%. Balance transfers made within 60 days qualify for the intro APR and a balance transfer fee of 5% or $5, whichever is greater, applies.

Like the Big Lots Credit Card*, the U.S. Bank Visa® Platinum Card* has no annual fee. Cardholders can also view their credit score for free through their online dashboard.

Big Lots Credit Card*vs. Chase Freedom Unlimited®

With its impressive rewards program, lengthy intro APR offer and no annual fee, the Chase Freedom Unlimited® is arguably one of the best cash-back cards on the market. The card earns 5% cash back on travel purchased through Chase Travel℠, 3% cash back on eligible dining and drugstores and 1.5% on all other purchases, plus an additional 1.5% cash back on the first $20,000 in purchases the first year. New cardholders also get a 0% introductory APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24% applies. An intro transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies in the first 60 days of account opening. After that, a fee of either $5 or 5% of the amount of each transfer applies.

Unlike the Big Lots card, which has a non-specific welcome coupon, the Freedom Unlimited has a transparent and very unique welcome offer of an additional 1.5% cash back on up to $20,000 spent in the first year, worth up to $300 cash back. Depending on how you spend, this could be worth a significant amount of money.

Big Lots Credit Card*vs. Amex EveryDay® Credit Card*

Like the Chase Freedom Unlimited®, the Amex EveryDay® Credit Card* earns cash-back rewards and has a $0 annual fee. New cardholders can also earn a welcome bonus of 10,000 points after spending $2,000 in qualifying purchases in the first 6 months of account opening.

As a card member, you can earn 2 Membership Rewards points per dollar at US supermarkets on up to $6,000 per year in purchases (then 1X), 2 points per dollar when using the card to book trips through American Express Travel and 1 point for every eligible dollar on everything else. Plus, use the card 20 or more times on purchases in a billing period and earn 20% extra points on those purchases.

All information about Amex EveryDay® Credit Card has been collected independently by Forbes Advisor