Kohl's

Full review
Overall, I have been pleased with material purchases made online at Kohls.com as well as the B&M stores here in Colorado. However, given the (very) recent changes they've made to their credit card terms in the state I live in, I probably will only make minimal purchases in cash, when I am in a bind to find something quick for the kids.

When I signed the agreement for credit several years ago, the terms that I enjoyed were: one-third of the balance, or full payoff of balances under $50 before due date and pay no finance charge. As an MVP card-holder, having made several hundred dollars in purchases yearly, I took advantage of these terms, since the finance rate is nearly 22 percent otherwise. Imagine my surprise when I saw a finance charge tacked onto on the statement, after paying approximately 70 percent of the balance, 23 days before the due date, on the last bill. I looked into the credit terms and it appears that in the past month, that ability to make those promised payments and forego the interest charges has evaporated for residents of Colorado. All former statements thru November, that go back six months (as far as one can go back to check activity online) show not a single cent of finance charges because I carefully followed their terms. December is another story however. I receive only paperless statements and never received an email of this change, which doesn't seem legal, but nonetheless... fool me once, shame on you...

I plan to finalize the balance, paid in full, and close my account with this company on this coming Monday. In these hard economic times, I won't be bothered to give Kohl's extra money that could be used elsewhere.