A majority of retail stores offer fine discounts on purchases made provided you apply for their store credit card. It might seem that you have been availing quite a bargain at the time; however, prudence would be required. Consumer credit advisers advise that opening several lines of credit might hamper your credit score. Encompassing multiple credit cards would also make it more difficult to keep track of the balance due dates. However, experts would suggest that if you sign up for store credit cards, you would probably face high interest rates provided you fail to pay your bill completely by the deadline. Various retail stores would be ready and willing to offer most alluring deals that would tempt shoppers to sign up.
There have been few bargains amongst the several retail store cards if you pay the balance off every month. Otherwise, you might receive a 10 percent discount on a purchase made, which would definitely not justify a 28% interest rate. Apart from the fact that retail companies mostly charge a relatively higher rate than bankcards, these store cards incorporate a shorter grace period.
Who could apply for store credit card?
If you have been the kind of person who would like to keep a grip on your finances and like to pay your bills on time, you are likely to handle the added responsibility. It might also be advantageous if you have been looking forward to rebuild your credit after bankruptcy. The stores might not be very choosy whom they allow to apply for store credit card. Moreover, these cards have been easier to avail. Henceforth, when you pay the bill within the stipulated time for some months, you could discontinue usage and apply for store credit card.
Yet another Benefit of Store Credit Cards has been to make a considerable large single-time purchase. In case, the product you have been contemplating on purchasing is in a higher price range, a five to ten percent discount up front could make a huge difference. You should ensure that you pay off instantly. Or else, a ten percent break on a relatively small item would not be such a great bargain. It would be all right to apply for a store credit card, provide it offer a zero percent interest ranging from six months to a year. However, you should keep track of time for not ending up paying higher rates.
Paying off the bills
These cards seem to make impulse shopping significantly easier. However, the burdens have been greater when it comes to paying off the bills. The stores would continue to offer credit card, as they have been known to generate more revenue. Several financial experts would suggest that you should do comparison-shopping. It would help you weigh all benefits and drawbacks.
You should think twice prior to signing up for a store credit card. A majority of the retail stores have been known to accept major credit cards. Therefore, there would be no need for signing up for a store-specific card.
Author Bio Willie DeJarnette is a freelance writer who has been writing articles and blogs on a wide variety of topics. His all-encompassing knowledge on various subjects has made him an authority on them. His readers have been following his articles and blogs zealously for the relevant and requisite knowledge it encompasses.
