All about the Hudson’s Bay Credit Card
In order for the Mastercard-issued Hudson’s Bay Credit Card to launch, Hudson’s Bay and Neo Financial partnered in February 2022, offering digital services while behaving as a loyalty credit card in Hudson’s Bay stores. This, however, is an update of the old Hudson’s Bay Credit Card, also issued by Mastercard, but this time in partnership with Capital One, which has migrated from the US market to operate in Canada.
Hudson’s Bay Credit Card
This credit card is issued by Hudson’s Bay stores, one of the largest Canadian retailers, acting as a loyalty card in their stores. In its department stores, the company offers a wide variety of premium products that usually have higher prices. Among the items offered are kitchenware, groceries, and beauty products, for example.
The credit card is also a result of the partnership between Hudson’s Bay and Neo Financial, which is responsible for boosting the retailer by making the Canadian neo-bank offer advantages and rewards to Hudson’s customers.
Previously, through the program offered by the retailer, the Hudson’s Bay Credit Card offered its customers two options: choose a conventional credit card, or use a Mastercard. Of the two alternatives, customers usually chose to use the Mastercard version. This was because, although it limited its credit card services to Hudson’s Bay stores and eligible establishments, it was possible to use its other services at other merchants.
What are the changes?
Unlike the old plan, with the new agreement between Hudson’s Bay and Neo Financial, the benefits of the two old cards will be unified into one product. Thus, users of this version can earn points within Hudson’s Bay stores, the card’s standard feature, while also being able to receive points when making purchases at other establishments. As if that wasn’t enough, this credit card also offers a cashback amount on purchases made at Neo Financial’s partner stores and eligible establishments.
Shaped with the aim of furthering the experience of its customers, the Hudson’s Bay Credit Card allows for quick payments that are capable of providing rewards to its users. Thus, users of this credit card can count on double points earnings, free shipping on their deliveries and orders, and daily cashback at eligible stores, usually Neo Financial partners.
Earn points with the Hudson’s Bay Credit Card?
The points program administered offers three levels of rewards to its customers. This system makes it so that the more money spent on transactions at eligible stores using this credit card, the greater the rewards earned by customers. Thus, we list the three stages of the rewards program offered by Hudson’s Bay:
Rewards
This is the lowest level of the points program offered by the Canadian retailer. To participate in this stage, cardholders must have an average annual spend between $0 and $399.99. At this level, users are able to earn one point for every dollar spent using the Hudson’s Bay Credit Card and two points for every $1.00 in purchases using the Neo Financial Hudson’s Bay Credit Card.
Reward Plus
At its median level, the Hudson’s Bay rewards program requires its customers to have an average annual spend between $400.00 and $1,199.99 with this credit card. Here, the user is able to earn 1.5 points for every dollar spent using the Hudson’s Bay Reward Card, and 3 points for every $1.00 spent on purchases using the Neo Financial Hudson’s Bay Mastercard.
Reward VIP
This, in turn, is the highest level of the Candadian retailer’s rewards program. This stage is reached when customers total an average annual spend of $1,200 or more. At this level, the Credit Card users are able to acquire 2 points for every dollar spent. For Neo Financial Hudson’s Bay Credit Card customers, however, the program offers 4 points for every $1.00 spent.
This is the main feature of the plan offered by Hudson’s Bay: the more you spend on the credit card, the greater the rewards offered. In addition, the reward points earned by users can be accessed through thebay.com website and Hudson’s Bay stores.
Credit Card Fees
First of all, this credit card has an annual and additional card fee of $0.00. However, the interest rate for purchases offered by this credit card can vary between 19.99% and 24.99%. The down payment interest rate, on the other hand, is 21.99% to 26.99%. Finally, the cashback offered by this credit card averages 2% to 15% at Neo Financial’s partner merchants.
Applying for a Credit Card
The partnership with Neo Financial makes Hudson’s Bay Mastercard broaden its horizons, with upgrades to all the rewards programs offered by the company. So, for people who were already users of this credit card to continue with the benefit, it will be necessary to apply for the new version of this card, the new Hudson’s Bay Mastercard in partnership with Neo Financial.
This, however, is a simple and quick process. The application for this credit card can be made at any physical store of the Canadian retailer, or else at an eligible store. In addition, customers are able to download the Neo app on their smartphone. Available for Apple and Android systems, it asks customers to register on the platform itself, or else on the institution’s official website.
The methods presented are simple and secure. The approval process takes an average of five minutes. From that moment on, customers can use their credit card linked to a digital wallet to make purchases and be rewarded with points. The physical version of the credit card, however, will only be available between 7 and 14 business days after approval. Customers can receive it through Canada Post.
Benefits
The use of this credit card is free, with no fees other than the interest rate of up to 24.99%.
It also offers an interest rate waiver period on all purchases within 21 days of application.
Free shipping, with no minimum purchase. This offer, however, works for products purchased at Hudson’s Bay, The Bay, and Home Outfitters stores.
The rewards offered by the program increase with the user’s spending.
Negative points
Despite its advantages, this credit card also has its downsides.
The interest rates on this credit card can be high, with the possibility of up to 24.99% based on your credit profile and where you live.
In addition, this credit card can impact the credit profile of its users. Because it offers a low credit limit, it is not difficult to exceed the card’s monthly limit with your debts. In this way, customers’ credit scores can easily be affected.
Does this version bring improvements?
The partnership with Neo Financial corrects the main flaws of its previous version, offering new rewards and improving the previous ones. In this way, this version gives more purchase options to its users, while improving the reward program through points.
Adding the improvements with the possibility of earning cashback at eligible stores, this is definitely one of the best options available on the market, standing out among points rewards cards.