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The L.L. Bean Visa Card is a rewards store card that rewards cardholders for using it at L.L. Bean and for other purchases. Through cash back, cardholders are able to receive gift certificates that can be used on L.L. Bean purchases. Cardholders also enjoy a number of other perks that save them money.
There is no doubt that having a store card that rewards you for use is something that a lot of individuals long for. L.L. Bean, a company that has been in business since 1912, offers a rewards store card that saves money through the issuing of $10 gift certificates as reward dollars are earned.
In addition to earning gift certificates, cardholders can receive free shipping on L.L. Bean merchandise purchased on the card, as well as free shipping on returns and free monogramming on L.L. Bean merchandise. Combine this with no annual fee, a low APR, and the ability to do balance transfers, and the card is one that gives the opportunity to save money in a number of areas.
Balance Transfers
One very attractive feature of this card is the ability to perform balance transfers. If you have a high interest credit card that is costing you a lot of money, you can transfer the balance from that card to the L.L. Bean card. This will save you a great deal of money in interest due to the lower rate.
As for the cost of a balance transfer, it is a certain percentage of the total transfer amount and it is capped for the first six months after opening the account. There is also an APR associate with balance transfers. After the six months are over, the rate reverts to normal. Nonetheless, the six month introductory period on balance transfers gives you the opportunity to transfer more than one high interest credit card to your L.L. Bean card for less money than after that period. Nonetheless, you can transfer balances at any time. While you do not earn rewards for transfers, you do save some of your hard earned cash.
APR
In regards to APR, the APR is going to vary when the account is opened, as it is based on creditworthiness. The APR can also increase if a late payment is made. This is called "penalty APR." This rate can vary based on the market and creditworthiness. It is possible that the penalty APR will apply to the account indefinitely. This fact is up to the discretion of, Barclays, the card issuer.
If you wish to avoid the APR, then you have less than 23 days after the close of the previous billing cycle to pay the entire balance. Because interest is not accrued until the due date, paying off in advance allows a cardholder to enjoy the perks of the card without having to pay the interest.
If there are any introductory rates on the card, those introductory rates may be cancelled if payments are not made to the card on time. If the introductory rate is cancelled, the rate will go to the penalty APR rate rather than the card's regular rate. Again, this rate could apply to the account indefinitely.
Fees
The fees are not incredibly high and you do have control over what fees you pay and what you do not because it simply depends on how you use the card. For instance, you may or may not choose to do a balance transfer. Balance transfers do have an introductory rate and then the rate will increase after the introductory period. They then have their own APR and the fee. The fee amount is a percentage of the balance and it is capped for the first six months, which means it cannot exceed a specific amount.
If you wish to do cash advances, there is a separate APR for that as well in addition to the cash advance fee. This APR is going to depend upon the Prime Rate at the time. The penalty APR is another type of fee involving APR.
If you will be traveling abroad, there is a foreign transaction fee that is a certain percentage of the transaction amount. This is per transaction, so it is important to figure in the percentage with the purchase amount. While this can be difficult when using the card frequently, you do have access to the account online, which means you can look at your account details on a computer or your Smart Phone. You can also call customer service and receive information from the automated system.
As for penalty fees, there is a late payment if the payment is not made by the due date and a returned payment fee. If a payment is returned, then that could result in a late fee if the payment issue is not resolved before the due date.
Exclusive Sales
In addition to the free shopping, free monogramming, and the rewards dollars that are accumulated and redeemed for $10 gift certificates, cardholders also have access to exclusive sales that non-cardholders do not have access to.
The money saving opportunities are plentiful in that the cash back rewards result in gift certificates that can be acquired frequently, resulting in merchandise being purchased for less. The savings on the shipping alone can add up. Even the exclusive sales are going to result in significant savings, which can be combined with the gift certificates. Use the card to purchase the merchandise and that means more cash back added to your balance so that it may go toward another $10 gift certificate. This is like using rewards to earn rewards.
Conclusion
All in all, the L.L. Bean Visa Card is a way to get the most out of a store rewards card. Where cards typically offer discounts, this one provides cardholders with a few more benefits that lead to even more savings.
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