Jared Jewelers credit cards are maintained and issued simultaneously by two credit unions and banks. Genesis Financial and Comenity Bank offer credit cards for Jared Jewelers. Comenity Bank used to handle all activities related to the Jared credit card but, after Genesis Financial acquired a large chunk of Signet Jewelers (the parent company) Genesis Financial has also started offering Jared Jewelers credit cards. Comenity Bank takes reports from TransUnion, Experian, and Equifax for evaluating their share of credit cards while Genesis Credit takes credit reports from Experian and credit scores from FICO.
In this article, we will go through the requirements needed for a Jared Jewelers credit card, how to apply for their cards, and their credit evaluation process. We will also go through the cards offered and the pros and cons of each of the cards offered. Finally, we will go through some questions asked frequently by customers.
Requirements for a Jared Jewelers Credit Card
The following are the applicants applying for a Jared Jewelers Credit Card must have:
The applicant must be at least 18 years or older (19 if the applicant is a resident of Alabama). The applicant must provide a valid, government-authorized photo ID at the time of application. The applicant must provide a valid social security number. The applicant must have a valid shipping address in the United States. P. O. box addresses are not considered valid. The applicant must have a positive credit report from the credit bureau that the credit partner will use. In the case of Genesis Credit, it should be a positive credit report from Experian and in the case of Comenity Bank, it should be a positive report from TransUnion, Experian, and Equifax. The applicant must have at least a good credit score (640+ for Comenity Bank or 610+ for Genesis Credit). The applicant must also declare their annual income and provide their proof of income (if any).
Applicants who meet the above requirements are very likely to get approved for the Jared Jewelers credit card regardless of which bank they apply with.
Credit Evaluation Process
Because two financial establishments issue and maintain Jared credit cards, there are two evaluation processes for new credit cards.
Comenity Bank
Comenity Bank pulls the applicants’ credit scores and reports from all the three major credit bureaus. Several factors are important in determining the reports prepared by the credit bureaus. Credit card history, payments history, spending limits, dues left, billing history and the cardholder’s credit balance are some of the factors that determine the credit report. Comenity Bank makes sure that the applicants’ credit report is positive and that their credit scores are acceptable (should be at least 640 or higher). If all the requirements are met then, Comenity Bank may approve the credit card for the applicant.
Genesis Credit
Genesis Credit takes scores and credit reports from FICO and Experian. The evaluation process that they use is also similar to that of Comenity Bank. The credit requirement is usually 610 or higher for Genesis Credit cards.
It should also be noted that both these unions report their cardholders’ credit card activities to all the major credit bureaus. This is done to ensure that their cardholders’ credit information stays relevant and up to date.
Cards Offered by Jared Jewelers
The following are the credit cards that Jared Jewelers offer to their customers:
Jared Gold CardJared The Galleria of Jewelry Card
These cards are offered by both Genesis Credit and Comenity Bank but their terms of services and conditions may vary.
Pros and Cons of Jared Jewelers Credit Cards
The following are the pros and cons of Jared Jewelers credit cards:
Pros
There is no need to pay an annual fee. Credit score requirements are generally lower compared to other jewelry retailers. Cheap easy financing.
Cons
They charge a comparatively higher rate of interest on their credit cards. Only usable at Jared stores. There is a lack of rewards and sign-up bonuses for these cards.
Conclusion
Jared Jewelers offer the Jared Gold Card and Jared The Galleria of Jewelry Card to their customers. These cards are maintained by both Genesis Credit and by Comenity Bank. Genesis Credit conducts inquiries by taking credit reports and scores from Experian and FICO while Comenity Bank pulls scores and reports from all three f the major credit bureaus. Comenity Bank conducts hard inquiries on their applicants’ credit histories while Genesis Credit may or may not depend on the applicant under review.
Their cards have no annual fees and have lower credit score requirements compared to credit cards issued by other major jewelry retailers in the United States. However, they also have some drawbacks which are the lack of shopping benefits and no acceptance outside Jared stores.
Q1. How to increase the credit limit for Jared’s card?
A1. It is not possible to increase spending limits for Jared cards.
Q2. Can I pay my Jared credit card bill online?
A2. Yes, cardholders can pay their bills online at the official websites for Jared-Comenity Bank or Jared-Genesis Credit.
