Store-specific credit cards can offer big rewards
04/08/2010 - By Louise Hauser
Consumers should research store-specific credit cards before signing up.
Tag:
E-Commerce
More and more retailers are hoping to lure consumers to spend money at
point-of-sale terminals by offering attractive store-specific credit cards.
While proprietary credit cards promise big rewards and savings for loyal shoppers, they also can get customers in big financial trouble if used inappropriately, CreditCards.com reports. However, there is a way to safeguard accounts while continuing to earn points, coupons or gift certificates.
Before signing up for a store credit card, shoppers should do their homework. Consumers should ask about the APR, annual fees, interest rates and possible financing options while also comparing card benefits, the site writes.
After consumers choose a store card, they should use it with a payment plan and schedule in mind. “Go into it with your eyes wide open and with a payment plan in mind so that by the time you might be paying these finance charges and high percentage rates, you’ve already paid it off,” Leah Ingram, author of “Suddenly Frugal,” told the site.
Target is one of the latest stores to announce that it will be introducing a new credit card for consumers. Coming this fall, Target Visa, credit or debit cardholders will receive a 5 percent discount with every purchase.
Articles written by ChargeNational.com's editorial team. For more information, click here.
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