5 Things to Know About the Stein Mart Platinum Credit Card - NerdWallet (2024)

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As of October 2021, there was no option to apply for the Stein Mart Platinum Mastercard®, either through Stein Mart or its issuing bank, Synchrony.

The Stein Mart Platinum Mastercard® offers additional savings on items that fly off the rack at the discount retailer's store.

The card, issued by Synchrony Bank, earns rewards at the retailer online and in-store and everywhere that Mastercard is accepted. It also offers perks such as exclusive savings events, birthday surprises and the chance to earn even more rewards with Elite status. The card's annual fee is $0.

But like the retailer's fashions and home goods, the Stein Mart Platinum Mastercard® isn't one-size-fits-all. Depending on how much you spend there, you may find that other rewards credit cards offer much more value, not to mention much easier redemption.

Still, if you're loyal to Stein Mart and you spend over $500 there annually, the rewards and retail protections on this card may be your style. Here's what to know about it:

» MORE: NerdWallet's best store credit cards

1. Rewards rate starts low ...

There are different flavors of this card: the in-store version, the Stein Mart Platinum Mastercard® and an Elite version of both. The Stein Mart Platinum Mastercard® earns:

  • 1 point per $1 spent in-store and online at Stein Mart.

  • 1 point per $1 spent everywhere else.

Points are worth 1 cent apiece. When you reach 1,000 points, you receive a $10 rewards certificate. Depending on your spending, that could take awhile.

A simple flat-rate cash-back credit card can offer higher value, plus the flexibility of redeeming your rewards for cash back whenever you like, to be spent however you like.

The Stein Mart Platinum Mastercard® does offer some incentives for new cardholders. You'll get a $10 Stein Mart reward certificate with your new credit card in the mail, and you can also get 10% off your first online purchase.

» MORE: NerdWallet's best credit cards for department store spending

2. ... But you can work up to Elite rewards

You’re automatically enrolled in the Stein Mart Elite Rewards Program when you use the Stein Mart Platinum Mastercard® to make $500 or more in purchases at Stein Mart (online or in-store) in a calendar year.

When you earn Elite status, it upgrades the Stein Mart Platinum Mastercard® to the Stein Mart Elite Platinum Mastercard, which gives your benefits a makeover. You'll then earn:

  • 2 rewards points per $1 spent in-store and online at Stein Mart. You continue earning 1 reward point per $1 spent everywhere else.

  • Free shipping when you create an account on steinmartcredit.com and sign up for online account management with the same email address.

  • Exclusive Elite sales days.

  • Priority customer service.

You maintain Elite status the moment it's earned and for the following year. You’ll have to continue meeting the spending threshold within a calendar year to retain the status.

The Elite version's earning rate at Stein Mart is good, but you can do better still with other rewards credit cards. Consider, for example, the Citi Double Cash® Card. It offers 2% cash back on all spending — 1% when you make a purchase and 1% when you pay it off — and you don't have to meet any spending requirement.

3. Redemption is slow and inflexible

You'll face an unwieldy redemption process littered with limitations. For starters, you can’t redeem rewards instantly; instead, you earn reward certificates, which arrive in the mail after one or two billing periods.

And while you can use these certificates toward purchases charged to the Stein Mart Platinum Mastercard® at Stein Mart locations, you cannot use them online, nor can you redeem them for cash or apply them to prior purchases or as payment on an account. (You can, however, combine reward certificates with coupons or other promotional offers in-store.)

You'll also be capped at $100 in certificates per billing period. If you've earned more than that, it will be carried over to the following billing period.

Reward certificates are good for only three months, so use them or lose them. And if you redeem a reward certificate for a purchase that's less than the value of the certificate, you lose the remaining balance.

4. Don't carry a balance on this card

Store-branded credit cards are notorious for having high interest rates, and the Stein Mart Platinum Mastercard® is no exception. The ongoing APR is 28.99% Variable — that’s multiple percentage points higher than the average rate on credit card accounts that incur interest.

The Stein Mart Platinum Mastercard® also doesn’t offer an introductory interest-free period, so you won’t get any breathing room to finance your purchases.

You don’t have to worry about interest if you pay your bill in full every month. But if you carry a balance, the high APR can become a costly burden that eats away at the value of rewards.

5. Benefits offer access to helpful services

Any purchases made with the Stein Mart Platinum Mastercard® come with Mastercard benefits that can offer assistance when you're in a bind. Here's what the card offers:

  • Identity theft resolution services: If you’re a victim of identity theft, this service provides assistance with helping you manage your account.

  • Mastercard Global Service: This provides 24-hour emergency services if your card is lost or stolen.

  • Mastercard Airport Concierge: You can get 15% off on airport meet and greet services. Agents are available at over 700 destinations worldwide to help escort you through the airport.

5 Things to Know About the Stein Mart Platinum Credit Card - NerdWallet (2024)


5 Things to Know About the Stein Mart Platinum Credit Card - NerdWallet? ›

Meanwhile, a platinum credit card is typically a provider's top-tier rewards credit card that comes with benefits that you normally wouldn't find on a standard or gold card. These cards typically have higher interest rates and are thus geared toward individuals who are able to pay off their balance in full each month.

What is special about a platinum credit card? ›

Meanwhile, a platinum credit card is typically a provider's top-tier rewards credit card that comes with benefits that you normally wouldn't find on a standard or gold card. These cards typically have higher interest rates and are thus geared toward individuals who are able to pay off their balance in full each month.

What are the benefits of a Platinum Mastercard? ›

Platinum Mastercard benefits
  • You don't pay an annual fee. ...
  • You may qualify for a credit limit increase quickly. ...
  • Capital One will report your credit activity to the three major credit bureaus. ...
  • You can tap to pay at checkout. ...
  • You won't pay foreign transaction fees. ...
  • AutoPay. ...
  • Capital One Mobile app. ...
  • Eno, your Capital One assistant.
Mar 28, 2024

How much do you need to have a platinum credit card? ›

To apply for a Platinum Mastercard, the applicant must have a minimum gross annual income of at least PHP780,000.

Does Steinmart have a credit card? ›

Your Stein Mart Credit Card or Stein Mart Elite Credit Card is issued by Synchrony Bank. The Synchrony Bank Privacy Policy governs the use of the Stein Mart Credit Card or Stein Mart Elite Credit Card.

Does the Platinum credit card have a limit? ›

Because it has no preset credit limit and comes with a host of luxury benefits, it's difficult to become a Platinum member. If you're confident that you meet the eligibility criteria, you can learn more about the Amex Platinum and choose to apply online.

What is different about platinum card? ›

The key difference lies in the perks and privileges. A normal debit card is a basic payment tool, whereas a Visa Platinum Debit Card offers enhanced benefits like global ATM coverage, higher spending limits, airport lounge access, exciting perks and rewards, and global priority customer service.

Who qualifies for a platinum card? ›

The American Express Platinum card's requirements are a good to excellent credit score of at least 700, a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), and enough income to make monthly minimum payments.

What salary do you need for a platinum card? ›

On the other hand, American Express Canada does not require a minimum income to apply for an American Express credit card. Even for high-end cards like the American Express Gold Rewards Card or the Platinum Card from American Express.

What is the limit of platinum card? ›

Are there transaction limits for Platinum Debit Card? Depending on the balance in your account, it is possible to withdraw up to Rs. 1 lakh at the ATM daily, and spend Rs. 2.75 lacs daily. These limits have been set for your card security.

Why does Stein Mart go out of business? ›

Bankruptcy. In August 2020, Stein Mart filed for Chapter 11 bankruptcy protection due to the company being largely affected by the COVID-19 pandemic, and announced that it would permanently shutter all 279 of its remaining stores by the end of October 2020.

What store is most like Stein Mart? ›

Stein Mart competitors include Burlington Industries, Marshalls, Macy's, Belk and Dillard's.

How do I pay my Stein Mart bill? ›

The easiest way you can pay your Stein Mart Credit Card is either online by signing in to your account, or by phone at (855) 269-2139. You can also pay your Stein Mart Credit Card by mail. Since Stein Mart is now operating solely online, you can no longer pay your credit card bill at any store.

Is a platinum card impressive? ›

The plushest perk of the card might well be the expansive airport lounge access the card offers. An Amex Platinum card will gain you entry to Centurion lounges, Escape lounges, Delta Sky Club, Lufthansa Lounge, Plaza Premium Lounge, and Priority Pass Select lounges.

Is a platinum card worth the fee? ›

The bottom line

The Amex Platinum Card is only worth the annual fee if you'll use enough benefits to recoup the fee. You could easily offset the fee with the statement credits alone, but this card also offers the chance to earn boosted rewards on travel purchases, too.

What does it mean when someone has a platinum card? ›

The Amex Platinum® is a premium credit card that offers a welcome bonus, luxury perks, and other value-added services.


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