Ivan Smith Credit Card: What you need to know in 5 minutes or less
Recommended in specific cases. Use the Ivan Smith Credit Card very cautiously. Requires special attention to on-time payments to avoid very high APR and/or fees. If you need to pay for a large furniture or appliance bill right now, but don’t have another way to pay, this can provide a stop gap.
Pros and Cons: Ivan Smith Credit Card
Effectively a temporary 0% interest loan for auto repair if used correctly (make monthly minimum payments and payoff full balance during the promo period. 6 months promotional 0% financing for purchases from $299+
No Annual fee
They claim they will give a credit approval decision within minutes
Reputable issuer (Synchrony Bank)
Very high APR – 29.99%+ – like most store co-brand cards. Be careful to pay off your bill fully each month
Only able to use this card at furniture and appliance stores participating in the Synchrony Home Care network
Only works in the U.S.
Executive Summary: Ivan Smith Credit Card
This card has no rewards and no real perks other than the interest-free promotional financing. It can be a way to spread out payments of a furniture purchase over 6 months, if you have limited other options.
If you do this, make sure you fully payoff the balance on time, or face extremely high interest rates (29%!). Also ensure you make the monthly minimum payments along the way, remember the promotional financing still means you have to make small monthly payments.
Overall, since furniture is a discretionary purchase, it’s hard to say there’s a good scenario to get this card.
Let’s get into the details ⏩
Features and Benefits of the Ivan Smith Credit Card
Let’s take a quick looks at the very limited benefits this card offers
- 6-months, no interest promotional financing on purchases of $299 or more (still requires minimum monthly payments!)
- No annual fee
- Likely an easier credit decision than other credit cards. Potential way to build credit by making on time payments
- And …. that’s about it! This is a bare-bones card
Note: the specific amount of your minimum monthly payment depends on your balance. You can go to Synchrony bank’s website to find a calculator to estimate what your minimum monthly payment will be based on your projected balance.
Ivan Smith Credit Card Drawbacks
While you can use the promotional financing essentially as a small interest free loan to make a furniture purchase, remember there is still a cost of opening another credit account. You will have to remember to make the payments on time, or else face very high interest charges, for example.
You’re also foregoing the rewards you might earn on another card, like 2% cash back, for example. Some of those cards offer promotional financing as well, but they can be harder to qualify for than a store card like the Ivan Smith Credit Card.
Like most credit cards, one of the most important things to consider when assessing the Ivan Smith credit card is the interest rate. The Annual Percentage Rate, or APR, is a big factor in making any purchase with a credit card.
The Ivan Smith credit card APR is 29.99%, typical for most store credit cards, but still very high. Make sure you avoid paying interest on the balance by paying off the full balance each month. During the promotional financing window, if applicable, you will still need to make minimum monthly payments AND payoff the full balance by the end of the promotional period.
If for whatever reason, you are late making a payment, there are fees involved. The late fee for the Ivan Smith credit card is up to $41. If you pay by check and the check bounces, there is an additional $30 fee.
To learn more about interest rates and how to factor them into your buying decisions, visit the Consumer Financial Protection Bureau website.
Final thoughts on the Ivan Smith Credit Card
It’s hard to imagine many scenarios where a discretionary purchase like furniture requires you to pay now no matter what. If you find yourself in that situation, this card can provide a stop gap.
Or if you know for sure you can make the payments, but just want to spread them out over 6 months.
Barring that, we’d prefer to put a large purchase like furniture on a card that earns us rewards.
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Cody is the founder and owner of Personal Finance Guru. His day job is as a management consultant at one of the Top 3 firms (think Mckinsey, Bain), where he advises Fortune 500 C-suite clients on their most important and pressing business problems. He completed his business education at Harvard Business School.
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