The check out counters these days are like a veritable buffet of special offers. “Apply for this card and get twenty percent off of your order today and another ten percent off of any future purchases.” Sure, these sound like great offers, plus it can be a great way to splurge on underwear when you don’t actually have the money to do so, right? In that case, it is also a great way to get yourself in to a serious pile of debt trouble that can take years to dig yourself out of. That is, of course, only if that is the view you take of such cards. If used for a couple of your favorite stores for purchases that you would make anyway, store specific credit cards can be a great way to cash in on the ten or twenty percent off offers that these stores advertise in order to get your business.
The plain facts are that often times these cards can carry very high monthly fees and do not necessarily do you much good as a consumer if you are not using them regularly. The cards that are offered by most stores do come with a lot of perks, because they are a very low liability for the stores themselves. They make their money back whether you use the store credit card or don’t. The great part for them is, that they know that all the money you put into the card is going back to them, since you cannot use the card at another establishment. These all sound like great reasons not to get store credit cards. Why should you get a credit card that you can only use at one place that comes with great big fees every month?
Well, there are a couple of reasons to get a store specific cards despite the obvious cons. The pros are pretty evenly weighed, but only if you use your store specific cards as responsibly as you would any major name credit card that you have. The most obvious pro is the selling point for each store. You really do get ten or twenty percent off of purchases, and with some stores you are also eligible for special promotions like free gifts and cash back. If the card you get is for a store that you frequent and you use the card within your means to make purchases that you would conceivably make anyway, then you are making out like a bandit. Victoria Secret, for example, gives monthly gifts to their valued Angel card members, and sends coupons out as well on a regular basis. If you buy a bra or two every couple of months, then an Angel card is a great way for you to get rewards for the big bucks you spend at the Vickie’s near you.
So basically, if you do most of your shopping at thrift stores and grocery markets, then a store credit card is not for you. However, if you are faithful to a couple of places that offer rewards for your continued support, store specific credit cards are a great way to cash in on this generosity, if you need a credit card.
