The Sprint Credit Card — serviced by Home Credit and issued by Bank of Missouri — is no longer accepting applications, and that's probably just as well because it suffered from all kinds of hang-ups.
The no-annual-fee card may have made sense at one point for a small number of Sprint super-fans. But as rewards credit cards go, this one was just phoning it in.
Here's what to know about the Sprint Credit Card:
1. You can't get it anymore
The Sprint Credit Card is no longer taking applications, but it's worth noting that even when it was available, it wasn't necessarily easy to get.
You had to be invited to apply, either via email or snail mail or while inside a Sprint store.
2. Paltry reward rates
The Sprint Credit Card runs on the Visa payment network and earns rewards at the following rates:
3 points per $1 when you pay your Sprint bill with the card.
2 points per $1 spent on other Sprint purchases, including in stores and online at Sprint.com.
1 point per dollar on all other purchases. Points are worth a penny each, and there’s no annual fee.
Still, those are mediocre rates and highly restrictive categories when compared with other store credit cards, so it'll take you a while to accrue a big points stash, even if your monthly Sprint bill is fairly sizable.
For comparison, consider instead what you'd get from a competitor like the Verizon Visa Card: higher rates and much more useful, expansive bonus categories.
3. Limited redemption options ...
You can redeem rewards only for qualifying Sprint services and products purchased directly from the carrier. That includes your monthly Sprint bill, as well as phones or accessories. In-store, online and “telesale” purchases qualify, but purchases of Sprint merchandise at other retailers, such as Walmart, don't.
The card's website says that "we are constantly introducing new merchants and merchant categories that will qualify, so check back here frequently." As of July 2020, no such new merchants or categories had appeared.
4. ... Not to mention needlessly restrictive
To take advantage of your rewards, you’ll need to download the My Home Credit mobile app first, then make your redemptions through it.
You’ll also need to have at least 2,000 points, or $20 worth, before you can start redeeming. You can do so in $5 increments.
But you have only 30 days from the time a qualifying purchase posts to your account to use points to pay for it.
5. You won't want to carry a balance
At one point in time, the Sprint Credit Card did offer a 12-month introductory 0% interest period — but it applied only to Sprint purchases.
There's no longer any intro offer that could help you finance an expensive smartphone through Sprint. As of July 2020, the card's ongoing interest rate was 17.24% to 35.99%.
The outer band of that range is dizzyingly high and could cost you dearly if you don't pay your bill in full each month.
In short, this isn't a competitive card. The benefit to consumers is minimal, and you can find any number of rewards credit cards from major issuers that offer higher rewards rates and far wider redemption options, not to mention generous sign-up bonuses and introductory APR offers.