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Fingerhut Credit Account issued by WebBank review

Written by Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, Dec. 1, 2021 Dec. 1, 2021

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Snapshot

2.9 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bottom line The Fingerhut Credit Account issued by WebBank is best for online shopping with bad credit. , credit accounts with catalog retailers like Fingerhut might sound more and more like a worthwhile option if you have a or . A Fingerhut Credit Account issued by WebBank might seem like a good deal since it allows you to and get name-brand products upfront, but it offers next to no value outside Fingerhut's website, and its ridiculously high prices and interest (29.99 percent APR) will leech your wallet in the long run. No matter which Fingerhut credit option you qualify for with its hybrid application-whether it's the WebBank/Fingerhut Advantage Credit Account or the WebBank/Fingerhut FreshStart® Credit Account (you won't know which you'll receive until you're approved)-there are better ways to and save money.

What are the pros and cons

Pros

Easily accessible for those with limited credit. Reports to all three major credit bureaus. Allows you to shop Fingerhut’s online catalog. No annual or overlimit fees.

Cons

Cannot be used outside Fingerhut and (via occasional offer) partner merchant websites. Exorbitant 29.99 percent fixed APR. Fingerhut credit accounts don’t offer rewards or discounts. Fingerhut’s website and shipping are much more expensive than traditional retailers.

A deeper look at the current card offer

Quick highlights

Rewards rate: N/A Welcome offer: $25 off first order of $100+ upon approval Annual fee: $0 Purchase intro APR: N/A Balance transfer intro APR: N/A Regular APR: 29.99 percent

Current welcome offer

Applying for the Fingerhut Advantage Credit Account will provide you a meager $25 off your first order of $100 or more once you're approved. Sure, Fingerhut's claims of instant approval for 90 percent of applicants when verified make this a pretty accessible deal, but you can find savings like this with and digital coupons. The best from other retailers typically offer better . For example, the offers a $70 Amazon gift card instantly upon approval-no spending required.

Rewards rate

Fingerhut Credit accounts don't earn rewards, which is a bit disappointing considering many other do, even (store use only) cards. The Capital One Walmart Rewards® Mastercard® and Target REDcard both earn up to 5 percent cash back on in-store purchases, for instance. Granted, a Fingerhut Credit Account seems to be geared more toward managing a balance instead of earning rewards, but there are and options with more ongoing value if you have limited credit.

Other cardholder perks

There are no exclusive benefits that come with Fingerhut's credit card other than the ability to shop on their catalog website (a credit account is required to use the site). Fingerhut reports your payments to all -Equifax, Experian and TransUnion-and the card's terms say it offers no liability for unauthorized use. But if you read closely, Fingerhut isn't even providing the industry standard . Your coverage only begins once you report a fraudulent purchase, which means your only card protection is the Fair Credit Billing Act. Legally speaking, you're only on the hook for up to $50 of fraudulent purchases anyway ($0 if only your card number was stolen instead of the physical card). The only "special offers" described by Fingerhut are and occasional opportunities to use your card with largely unnamed Fingerhut partners, including select insurance merchants or online florists like . These tricky deferred interest periods may sound like true introductory offers, but you'll get slapped with all of the cumulative interest if you miss a payment or pay late. In comparison, an entry-level credit card on the network at least gives you basic perks like true $0 liability, roadside dispatch and an auto rental collision damage waiver by default.

Rates and fees

Since you may qualify for either the Fingerhut Advantage Credit Account or the Fingerhut FreshStart Credit Account when you apply using the issuer's single application form, here are breakdowns for either result.

Fingerhut Advantage Credit Account rates and fees

Although there are no annual or overlimit fees with the Fingerhut Advantage credit account, the real kicker is the sky-high 29.99 percent interest rate, equivalent to the many cards charge. This is high and won't go down if your credit improves since it's a non-variable (fixed) rate. There are also a few other fees to be aware of. The late fee is up to $40. The returned payment fee may also cost you up to $40. You might also notice an undefined "processing fee" for payments made over the phone or with the help of a representative, or if you want your payment to be posted on the same day. Strangely, you won't know the cost of the processing fee until you try to make the payment. You do have a 24-day after your account statement is posted to make your payment without being charged interest, but keep in mind that there's a for debit card payments and a 7-day period for other forms of payment, including electronic or paper checks. It's worth noting that depending on your balance, your can range from 100 percent of a balance below $9.99 to up to 5 percent on a balance of $1,400+. This is also on the high side, considering issuers generally as 2 to 4 percent of your total balance.

Fingerhut FreshStart Credit Account rates and fees

Instead of a credit card like the Advantage, the FreshStart account is an installment loan available for purchases of $50 or more. The are available, but keep in mind that you won't know the final terms until your agreement is sent to you. Each loan requires a $30 down payment and can extend to either six or eight months. There is also another undefined fee, a finance charge, which will be visible along with your minimum monthly payment at the time of purchase. For reference, the finance charge is $1.79 for a $50 purchase and $6.25 for a $100 purchase. There is also a $25 returned payment fee and a late payment fee of $4.90 for balances between $15 and $50. This fee increases to $14.90 for higher balances. Since FreshStart is an installment loan, you won't be able to avoid the painful 29.99 percent APR. Fingerhut allows you to pay off your loan early without consequence, so you could dodge interest by paying back the loan before your first interest charge is up. However, that defeats the purpose of an installment loan. If you only qualified for the FreshStart loan, your best move might be to request an upgrade to the Advantage card or qualify by paying off your initial purchase within six installments or sooner with no late payments.

How the Fingerhut Credit Account compares to other cards for bad credit

Considering the lack of rewards and benefits offered by Fingerhut, you might want to look into a to help you gain credit until you're eligible for a better credit card. A like the offers cash back and automatic account reviews to help you graduate to an . A security deposit's upfront cost will be refunded down the road, and you'll likely save more given Fingerhut's higher rates and fees on their credit accounts and merchandise. A or a might also work to shore up your credit score if you qualify for one. If you're thinking about applying for a Fingerhut Credit Account purely to shop their catalog, keep in mind that their products and shipping are often more expensive than other retailers'. As of the time of writing, Fingerhut discounted a 65-inch Samsung TU8300 4K television to $1,079.99 with a whopping $110 shipping cost. Meanwhile, Best Buy has the same product listed for $679.99 with free delivery.Combining one of these alternative credit cards with the discounts you can find through an online shopping portal will very likely bring home more savings than Fingerhut ever could.

Fingerhut Credit Account issued by WebBank

star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bankrate Score Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. Annual fee Intro offer Intro offer is not available to this Fingerhut credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Discover it® Secured Credit Card

on Discover's secure site Annual fee Intro offer Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match. Rewards rate Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Earn unlimited 1% cash back on all other purchases – automatically. Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Capital One Platinum Secured Credit Card

on Capital One's secure site Annual fee Intro offer Intro offer is not available to this Capital One credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Bankrate s Take-Is the Fingerhut Credit Account worth it

No matter which way you slice it, both the Fingerhut Advantage Credit Account and Fingerhut FreshStart Credit Account have limited value: They can only be used on Fingerhut and partner sites and they charge inflated interest, merchandise and shipping costs.Although a Fingerhut credit account may be an easily accessible option to build credit, the extra fees peppered into the terms and conditions and lack of meaningful rewards or benefits make secured cards the clear choice for those with limited credit.
The information about the Fingerhut Credit Account issued by WebBank, Capital One Walmart Rewards Mastercard and Target REDcard has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

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Written by Garrett Yarbrough Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, credit monitoring and identity theft analysis on NextAdvisor.com, he joined the CreditCards.com and Bankrate.com teams as a staff writer to develop product reviews and comprehensive credit card guides focused on cash back, credit scores and card offers.

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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. * See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer. Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.