5 Things to Know About the Stein Mart Platinum Mastercard

If you spend big at Stein Mart, the Stein Mart Platinum Mastercard may be worth it.
Melissa LambarenaApr 15, 2021

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The  offers additional savings on items that fly off the rack at the discount retailer's store.

The card, issued by Synchrony Bank, earns rewards at the retailer online and in-store and everywhere that Mastercard is accepted. It also offers perks such as exclusive savings events, birthday surprises and the chance to earn even more rewards with Elite status. The card's annual fee is .

But like the retailer's fashions and home goods, the isn't one-size-fits-all. Depending on how much you spend there, you may find that other  offer much more value, not to mention much easier redemption.

Still, if you're loyal to Stein Mart and you spend over $500 there annually, the rewards and retail protections on this card may be your style. Here's what to know about it:

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There are different flavors of this card: the in-store version, the and an Elite version of both. The earns:

Points are worth 1 cent apiece. When you reach 1,000 points, you receive a $10 rewards certificate. Depending on your spending, that could take awhile.

A simple  can offer higher value, plus the flexibility of redeeming your rewards for cash back whenever you like, to be spent however you like.

The does offer some incentives for new cardholders. You'll get a $10 Stein Mart reward certificate with your new credit card in the mail, and you can also get 10% off your first online purchase.

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You’re automatically enrolled in the Stein Mart Elite Rewards Program when you use the to make $500 or more in purchases at Stein Mart (online or in-store) in a calendar year.

When you earn Elite status, it upgrades the to the Stein Mart Elite Platinum Mastercard, which gives your benefits a makeover. You'll then earn:

You maintain Elite status the moment it's earned and for the following year. You’ll have to continue meeting the spending threshold within a calendar year to retain the status.

The Elite version's earning rate at Stein Mart is good, but you can do better still with other rewards credit cards. Consider, for example, the . It offers 2% cash back on all spending — 1% when you make a purchase and 1% when you pay it off — and you don't have to meet any spending requirement.

You'll face an unwieldy redemption process littered with limitations. For starters, you can’t redeem rewards instantly; instead, you earn reward certificates, which arrive in the mail after one or two billing periods.

And while you can use these certificates toward purchases charged to the at Stein Mart locations, you cannot use them online, nor can you redeem them for cash or apply them to prior purchases or as payment on an account. (You can, however, combine reward certificates with coupons or other promotional offers in-store.)

You'll also be capped at $100 in certificates per billing period. If you've earned more than that, it will be carried over to the following billing period.

Reward certificates are good for only three months, so use them or lose them. And if you redeem a reward certificate for a purchase that's less than the value of the certificate, you lose the remaining balance.

Store-branded credit cards are notorious for having high interest rates, and the is no exception. — that’s multiple percentage points higher than the average rate on credit card accounts that incur interest.

The also doesn’t offer an introductory interest-free period, so you won’t get any breathing room to finance your purchases.

You don’t have to worry about interest if you pay your bill in full every month. But if you carry a balance, the high APR can become a costly burden that eats away at the value of rewards.

Any purchases made with the come with  that can offer assistance when you're in a bind. Here's what the card offers:

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