The official name of the store card for the home improvement retailer Menards is Menards BIG Card, but that name is more a reflection of the store’s physical size rather than a sign of the card’s quality.
Nothing about the Menards BIG Card is large except for the card’s interest rate — one thing that cardholders would hope to be as small as possible. The sign-up bonus is minuscule, the rewards rates are restricted to select merchants and the financing options come with conditions.
The Menards card is a "closed-loop" card, meaning it can only be used to shop with the store brand or related brands. It has a $0 annual fee, but just because you're not paying to carry the card doesn't mean you can't get more value from another card. Higher-value cards can be found on our list of best credit cards for home improvement and new homeowners.
1. Rewards come in the form of rebates
The Menards card earns rewards that are issued in the form of rebates, which can be used toward future Menards purchases. (More on that later.) The card earns:
- 1% back on gas and merchandise from Speedway, Holiday, Kwik Trip and Kwik Star.
- 2% back on all Menards purchases.
- Up to 5% back on select brands such as Softsoap, Burt’s Bees and Loctite.
Brand-specific rebates are stackable with the 2% rate you’ll get by paying with the Menards card.
2. Special financing comes with a catch
The Menards card also allows cardholders to defer interest on purchases — but the financing offers are mutually exclusive from the rebates. In other words, if you choose to finance a Menards purchase, you can’t receive a rebate from it as well.
Special financing is offered for 6- and 48-month terms. Available for purchases over $299, the 6-month financing doesn’t charge interest during the term. However, if you don’t pay off the entire balance before six months, you’ll owe all of the interest that has accrued since the purchase date.
This caveat is one of the main drawbacks to deferred financing: It’ll only help you if the balance is paid off before the term expires. A credit card with a 0% promotional annual percentage rate is a safer bet. Cards like these waive interest for a set time, say 12 months, but they don’t charge back interest when the promotional period ends.
The 48-month financing option on the Menards card is available for purchases of $1,500 or more. Any balance will be charged the 3.99% interest rate for 48 months; after that, the card’s regular purchase APR applies.
The Bank of America® Customized Cash Rewards credit card, on the other hand, offers this: 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 17.49%-27.49% will apply. And with this card, you'll earn 3% cash back in the category of your choice, which specifically includes home improvement stores like Menards, plus an automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
3. The APR is higher than average
As of February 2024, the APR on the Menards card is 30.24%. That rate, well above the average APR on interest-accruing credit cards, can cause outstanding balances to swell.
Let’s say you chose the special financing option for 6 months on a $1,000 refrigerator purchase but didn’t pay off the appliance in time. NerdWallet’s credit card interest calculator indicates that you’d owe $150 in back interest — or about $25 per month — given a 30.24% interest rate.
To avoid paying the Menards card’s steep interest rate, pay off balances in full if you can.
4. Rebate redemption is inflexible
Redeeming rewards earned with the Menards card isn’t as straightforward a process as it is with other cards that offer instant redemption or lack redemption minimums.
As noted earlier, financed purchases can’t earn rebates. Rebates are mailed four times a year, but only if cardholders have accumulated at least $5. Finally, rebates are only valid for in-store Menards purchases.
Rebates don’t expire.
5. The sign-up bonus is small
Home improvements can be costly, but a credit card’s welcome offer can make them a little more affordable. The best bonuses on the market today are worth a few hundred dollars.
While the Menards card comes with a sign-up bonus, you have to squint to see it. New cardholders can get a $10 rebate after spending $100 with the Menards card.
If you’re planning on using a welcome offer to save money on home expenses, know that the Menards card won’t help you as much as another card. The Bank of America® Customized Cash Rewards credit card, for example, offers the following for new cardholders: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
