tjmaxx credit card

Full Review of TJX Rewards Platinum Mastercard

Pros

  • Significant rewards for TJX purchases
  • 10% off your first TJX purchase
  • Widely accepted

Cons

  • Limited redemption options
  • Carrying a balance could be costly
  • Not ideal for everyday spending

Pros Explained

  • Significant Rewards for TJX Purchases: The TJX Rewards Platinum Mastercard offers 5% back on purchases made at TJX stores, including TJ Maxx, Marshalls, and HomeGoods. If you routinely shop at these stores for clothing, accessories, home decor, or other items, earning 5% back could quickly add up to some decent savings. 
  • 10% Off Your First TJX Purchase: With retail store rewards cards, it's more common to receive a discount on your first purchase in place of a typical introductory bonus offer. This card follows that practice, offering new cardholders 10% off their first in-store or online purchase at TJX stores. 
  • Widely Accepted: As a Mastercard, the TJX Rewards Platinum Mastercard is widely accepted around the world, making it possible to earn rewards on virtually all of your purchases.

Cons Explained

  • Limited Redemption Options: When you reach 1,000 points, you can redeem them for a $10 shopping certificate good at TJX stores and online. That keeps things simple, but if you'd rather use rewards for statement credit, for example, you don't have that option. 
  • Carrying a Balance Could Be Costly: Like many other retail store cards, the TJX Rewards Platinum Mastercard has a relatively high variable APR, so carrying a balance from month to month could cancel out the value of any rewards you earn from shopping. 
  • Not Ideal for Everyday Spending: While you can use this card anywhere, it's not necessarily the best choice for everyday purchases. For example, using it to purchase gas or groceries would earn you 1% back. But with a regular cash back rewards credit card, you could easily earn 1.5% or more back on those purchases. 

This Card is Best For

  • Seeks to maximize points or miles earnings across spending categories
  • Affinity creates desire for rewards and perks with particular brand

The TJX Rewards Platinum Mastercard is best suited to people who regularly shop at TJX stores and want to earn rewards they can spend there. It's also appropriate for someone who frequently shops at TJX stores and wants to earn rewards on purchases made elsewhere. 

To put it in perspective, you'd have to spend $200 at TJX stores to earn 1,000 reward points, based on the 5% back rate. If that matches up with your typical spending habits, then this card could be a good fit. 

Note that there is also a non-Mastercard version of this card, the TJX Rewards credit card, which can be used only at TJX stores. It earns the same 5% back at TJX stores, and you still get the 10% discount on your first purchase.  

With either card, redemption works the same. And neither card charges an annual fee and the Mastercard version charges no foreign transaction fee.

Rewards Earning Details

The TJX Rewards Platinum Mastercard has a simple rewards structure. When you use this card, you earn:

  • 5% back on purchases at TJX stores
  • 1% back everywhere else

There is no introductory rewards bonus, although you do get 10% off your first purchase. Rewards are unlimited, so you can earn as many points as your spending allows. That includes rewards on TJX purchases as well as those made elsewhere.

Rewards Redemption Details

Redeeming rewards with the TJX Rewards Platinum Mastercard is as easy as earning them.

When you accumulate 1,000 points you can redeem them for a $10 shopping certificate good for in-store or online purchases at TJX stores. You also have the option of redeeming for a $20 certificate if you have at least 2,000 reward points. Each point equates to a value of $.01 or one cent.

Points earned with the card never expire. But once you redeem them for a rewards certificate, they're only good for two years from the date the certificate was issued.

How to Maximize Your Rewards

Maximizing your rewards with the TJX Platinum Rewards Mastercard means shopping at TJX stores whenever possible. Here are a couple of examples of how that might look, based on your spending habits. 

Average Case

In this case, let's assume you’re a moderately frequent TJ Maxx, Marshalls, and HomeGoods shopper who spends $3,600 a year at those stores, or an average of $300 a month. You also spend another $500 a month on miscellaneous purchases with your card. 

At that spending rate, you'd earn 18,000 points on your TJX purchases and 6,000 points on miscellaneous spending. That works out to 24 $10 reward certificates, or $240 in savings on future purchases.

Aspirational Case

Now, let's assume you’re an avid TJ Maxx, Marshalls, and HomeGoods shopper who spends $1,000 a month at those stores plus another $1,000 a month elsewhere. At that rate, you'd earn 60,000 points on your TJX purchases and 12,000 points on all other purchases. 

Altogether, you'd have 72,000 points. That would be good for 72 $10 reward certificates, or $720 in savings on future purchases. 

Standard Benefits

  • Electronic statements
  • Exclusive invitations to TJX brand sales
  • Price protection
  • Extended warranty protection

Cardholder Experience

Synchrony Bank, which issues both the TJX Rewards Platinum Mastercard and the TJX Rewards card, received a score of 780 out of 1,000 in J.D. Power's 2019 U.S. Credit Card Satisfaction Study. The average rating for national issuers was 806. 

When you're approved for this card, you can manage your account online or through the TJX mobile app. If you need help with your account, customer service is available by phone at 1-877-890-3150. 

Security Features

The TJX Rewards Platinum Mastercard features chip security to help protect your financial information. The TJX Rewards card does not. You can monitor your account activity online or through the TJX mobile app, including setting up security and transaction alerts.

Fees to Watch Out For

The TJX Rewards Platinum Mastercard charges no annual fee or foreign transaction fees. There is a late payment fee of up to $35, which is worth noting in case you occasionally miss your payment due dates. You can take cash advances from this card but they will cost you either $10 or 4% of the advance amount, whichever is greater. 

Aside from the fees, the APR on this card is relatively high, so carrying a balance could be expensive.

Our Verdict

The TJX Rewards Platinum Mastercard is a card to consider if you regularly shop at TJX stores and you also want to earn rewards on purchases made elsewhere. Since there's no annual fee, you don't have to worry about that detracting from the value of your rewards. And the 5% back rewards rate on TJX purchases is higher than you could get with many cash back cards. 

On the other hand, this card ties your hands when it comes to redemption since you can only use your rewards at TJX stores. If you'd like to have more choices on how you can use rewards, a traditional cash back card would be a better choice. 

source: https://www.investopedia.com/tjx-rewards-platinum-mastercard-review-4869869

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