Is it worth it to have a Macy's,JC Penny or BestBuy or retailers's card?
Answer:
austinguy is incorrect. Store cards do help raise scores. While they don't help as well as major credit cards, they still help.
robert w... well..
Yes store cards do have higher interest than a regular card. But many stores will offer 0% interest over a period of time and if you don't make enough of a purchase to qualify fo the special rate then pay in full so you won't have to pay the interest.
You would also get all of the sale specials that non card holders do not get.
As far as the stores making money by giving 20% off, for one thing the mark up on the items (no matter what store your in) is high, plus some people do not pay in full and do pay the interest on what they buy.
Generally the interest charged by a retailer's card is substantially higher than a regular Visa or Mastercard. That's how they make up the money.
It is worth getting a Macy's card because they offer free services such as gift wrapping and free shipping. Also, sometimes they offer 0% financing for certain items. I used a Macy's card to buy a $700 watch for my husband. Paid 0% for 12 months. I paid off the balance in about 3 months so I didn't pay any interest.
Discount cards really help us. Those superstores are introducing such sceme to attract more and more customers. Even with a few cents of profit, for them its ok. They are cosidering the volume of customers that will fluck to avail of such discounts. No hidden fees, you can check it out with the receipt.
I would say so, places like Best Buy offer no interest, no payment payment plans. All you can refer the payment entirely for a certain amount of months.
No way! They all accept Visa and Master Card. You only need one credit card...or you'll eventually get in trouble with them!!
NOOOOOOOOOOOOOOOOOOOOO! these type of cards lower your credit score, yes there can be hidden fees. Now go cut up all those cards.
They give you 20% off so you will spend 40% more and then they charge you 18 - 25% compounded interest a year. You do the math. Stop and visit DaveRamsey.com to learn what they don't want you know. Credit is a slippery slope into slavery. Don't go there. It's like living with a 1000$ night hooker looks good at nite but in the morning .. They make more money on interest than on actual sale of the item. Cash is King Credit is slavery.
Interest rates are much higher with a dept.store card. I think Macy's charges almost 22% interest while bank cards can be about 15% or so if you have good credit.if you want, use the store card just that first time to get the discount and then use your bank card.
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