If we have pets, it is always good to get rewards for the expenses we make for our furry friends. For this, a very good option is to opt for the Petco Pay credit card, a card that even allows us to customize it with our pets’ favorite images.
But, pet owners are always looking to save money on everything they buy for their pets and thus avoid too high expenses. The Petco card meets these needs so that we can make our payments simpler.
Versions of the Petco Pay credit card
Petco offers two types of credit cards which Comenity Bank issues. Neither of these cards has an annual fee, and, with both, we can get rewards, but we must know the differences to know which one is more convenient for us:
- Petco Pay Card: This card may be used only at Petco stores and is known as a Closed Loop credit card.
- Petco Pay MasterCard credit card: This card can be used anywhere MasterCard is accepted . Store cards can be used more broadly, known as an open loop.
To be eligible for these cards, we must be part of the free Petco Pals Rewards loyalty program. When we log into the website, we must complete a single application for both cards. We will initially be selected for the MasterCard, but if we are not approved for this card, we will most likely be offered only the retail card.
Earning rates for these cards
Cardholders of both cards will get 8% cash back on Petco purchases, while the MasterCard will have 2% cash back on grocery purchases and 1% cash back on all other purchases.
However, we must consider that Pals Rewards members already get 5% back on Petco purchases. This means we will have an additional 3% cash back with purchases where we use the cards. This will not be enough for many users to make sense of the card application .
If we already have a credit card that we can use anywhere that offers us a 2% rebate on all our purchases, this card would not be worth having. This is because we would already have 7% cash back in-store. Besides, traditional credit card rewards are much more flexible.
Confusing rewards
Although the rewards on these cards are advertised as percentages, we will earn Pals Rewards points that we can only use at Petco. For every purchase at Petco, we will receive 1.6 points, and those on the MasterCard version will earn 0.4 points on groceries and 0.2 points on everything else.
This means that for a $100 purchase, we will receive a total of 160 points to spend instead of the $8 we might expect. Every 100 points equal $5 in rewards at the Petco store.
Restrictions that apply to the use of points accumulated with our Petco Pay Credit Card
The rewards we will have in Petco will be quite restrictive, among which are:
- When we reach 100 points, we will receive a $5 credit, which we will have to load into our Pals Rewards account manually. To do this, we will have to do it online or by calling customer service.
- Once we earn the rewards, they will be valid for one year.
- If we return any purchase, the points will be removed from our account, so if we have already used our rewards, we could end up with a negative points balance. Also, if we return any items we purchased with rewards, the rewards will not be recovered.
Financing options available with this card
Some purchases may qualify for a financing plan, but we will not receive any rewards if we choose these plans. The terms available will depend on how much we spend on a transaction, as follows:
- 6 months: for financing during this period, the minimum we must spend is $299.
- 9 months: a minimum purchase of $399 is required.
- 12 months: a minimum purchase of $499 is required for this financing.
This is a useful option if we use Petco’s veterinary services, but we must keep in mind that not all locations will qualify for this. On the other hand, we will have interest deferred on the financing plans.
To get a waiver of the interest, we will have to make our purchase in a state where deferred interest is prohibited. However, we will be charged interest on our remaining balance if we do not pay within the established terms.