J.C. Penney Credit Card Information

The JC Penney Card is also accepted at some drug stores.

The J.C. Penney credit card is issued by GE Money Bank, a subsidiary of General Electric Company. GE Money Bank claims to provide more credit card and financial services to retail stores than any company in the world. The J.C. Penney card can be used at all J.C. Penney stores and at two drugstore chains -- CVS and Rite Aid. It is considered a store credit card, and is not a full-featured credit card such as a MasterCard or Visa.

History

In 1902 James Cash Penney opened a small dry-goods store in Kemmerer, Wyo., called Golden Rule. It later became J.C. Penney, and issued its first credit card in 1959.

Benefits

The J.C. Penney card offers cardholders the convenience of being able to make purchases without cash and paying for the items over time. There are also special savings events for cardholders, such as 30 percent discounts on selected items.

Types

There are three J.C. Penney credit cards -- the basic black card, a gold card, and a platinum card. Customers are initially issued the black card, and move up to the gold card by spending $500 or more on merchandise or services within a calendar year. The purchases have to be spread out over at least two shopping days. Platinum status is reserved for customers spending at least $1,000 in a calendar year over at least two shopping days.

The gold card offers a dedicated toll-free customer service number, the option to choose your own monthly billing date, and special savings certificates issued on your birthday. The platinum card offers all those features along with free shipping on online orders and free identity theft protection coverage. There is no annual fee for the card.

Significance

Like other store credit cards, the J.C. Penney credit card can be helpful for those seeking to rebuild or establish their credit. Store credit cards are generally easier to obtain than regular bank credit cards, according to Bankrate.com, and your repayment history will be reported to the three major credit bureaus -- TransUnion, Experian and Equifax.

Warning

Carrying a balance on a J.C. Penney card can be expensive -- the same as with most other department store cards. In 2010, the advertised interest rate for a J.C. Penney card was 23.99 percent -- much higher than most bank credit cards. Some bank cards offer 0 percent interest for the first several months with the rate increasing after that to around 14 percent, depending on your credit.

References

• J.C. Penney:
• Bankrate.com: Store Credit Card