Folks often ask me about store credit cards. Are they a good deal? Are they the same as a bank credit card? In today's entry I just want to give some insight into this mystery card and let you decide if it fits your lifestyle and your wallet.
The Store Credit Card
So you are at the check out counter at a swanky clothing store and the clerk asks you if you'd like to save 15% of your purchase today. "Sure," you are quick to answer. After all 15% off those ridiculously priced jeans is almost enough to feed a small country. Huh, finding the perfect fit jeans AND having money left over to donate to charity- that's what I call successful shopping! "All you have to do is sign up for our exclusive credit card," the clerk chimes in, ruining your perfect humanitarian daydream.
Every time you hear the store credit card pitch, it's pretty tempting, but consider the following before rushing to sign up. Store credit cards often charge interest rates that are substantially higher than those of a regular credit card so if you are not the type to pay bills in whole as they come, a store credit card may not be for you. Additionally, keep in mind that having too many credit cards or frequently closing accounts can damage your credit score. So if you are working to build or improve credit, you may want to visit Credit Card Details to find a low interest credit card instead.
On the other hand, if you have a good credit score, pay bills on time, and there is a store you find yourself shopping at all the time, it may be worth it to get the store credit card. Many store credit cards are beneficial because they offer deals such as a discounts and continuing perks for exclusive card holders.
Questions? Want to find out more about your credit options? Visit us at Credit Card Details and find the perfect credit card for you!
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