How many Store Credit Cards do you have?
Are you the type of person who applies for a credit card if a store offers it? If so, you are like many others. Some people have more store credit cards in their wallet than they know what to do with. This is not right or wrong. Everybody has a unique situation. You need to know the pros and cons of store credit cards so you can decide how to move forward and what you should carry with you.
Most people apply for a store credit card because they get something in return. For instance, a store may offer to give you 15 percent off your bill if you apply for a store credit card on the spot. This is reason enough for most people to move forward.
Is there anything wrong with store credit cards? Most people agree that the biggest downside is the high interest rate that is attached to most of these cards. You should not be surprised if you learn that a store credit card has an interest rate of more than 15 percent. This is very common, even if you have a good credit score. Are you willing to pay this much in finance charges if you ever have to carry over a balance?
It is very easy to get your hands on three or more store credit cards. Most big stores in today’s world offer their own credit card. They have found this to be a great way to make even more money off of their regular shoppers.
Whether or not you apply for a store credit card the next time you have a chance is up to you. Some people will always do this, while others will stay away no matter what they are being offered. How do you feel about store credit cards?
