Catalog & online retailer Fingerhut, in partnership with WebBank, , each based upon your credit history and each offering slightly different terms. Either way, you’ll want to be careful. Our overview / review of the Fingerhut financing options is below:
The first thing to know about these credit cards is that they are only accepted by Fingerhut. You can not use them at any other stores. We are sometimes leery of opening a credit line for a single retailer, especially for a card with a high interest rate and no rewards.
That said, Fingerhut customers are often consumers who’ve had trouble being accepted for other cards, which means sometimes your choices are more narrow. If that’s you, here’s what you may be able to get:
- The standard Fingerhut Credit Account is like any other store credit card. You can use it to buy whatever you like from Fingerhut, and you can revolve your payments, meaning you don’t have to pay the full amount each month, though you will have a minimum payment of at least 5% of your balance. Credit lines start at $300 – $800, though the line can be increased by Fingerhut if they are OK with your use of the card. But this card does comes with a 24.9% interest rate. You need to pay off your full balance every month or you’re going to be paying a good bit of interest on top of the purchase price of your items.
- Fingerhut also offers what it calls the FreshStart Credit Account for those with bad credit or no credit history. Basically it allows you to buy and pay for one purchase at a time — you can’t buy more until you’ve paid off your previous purchases. But it does allow you to stretch out your payments over 6 or 8 months. In addition, if you make your payments on time, Fingerhut will then consider you for its standard credit card. The credit line on this card is only $130 – $230, so you can’t buy much. Also, it comes with that same 24.9% interest rate, so our advice would be to use this card and then pay it off immediately instead of stretching your payments out.
If you want to apply for Fingerhut credit, .
If you have bad credit or no credit, though, you might also consider getting yourself a secured credit card with a major bank that will help get you on the right path to a good credit score and eventually allow you to have a standard credit card. See our Secured Credit Cards section to understand how these cards work and to see current offerings.