There are a number of retail store credit cards available to boost the spending power of the frequent shop hoppers. But the truth is these cards aren’t for everyone or even every situation. With any line of credit, the trick lies in controlling the impulses and paying off the balance in term so that the interest charges do not add up. You need to consider the hard facts about store credit cards and read up on authority reports, including the Walmart credit card review.
About store credit cards
These credit options, also known as the retail cards, are offered by the retailer. Some of these can be used solely within the retail merchant, whereas some can be used at multiple shops and retailers. As a shopper, you are eligible for applying for these discount retail store credit cards. At a glance, they are quite enticing as offers of flat 20% off on the first purchase is quite common.
In addition to the first-purchase offer, there are other perks and rewards as well. Most of these cards offer cash-back on purchases or discount pricing on items. There are loyalty rewards like gift certificates and reward points, as well. The more reward points you can collect, the better is the spending power.
Who is eligible?
The eligibility criteria for these store credit cards are fairly simple. Since most of these credit options offer a high annual percentage rate along with low to the moderate credit limit, almost every shopper is eligible for a store credit card. It is quite similar to applying for a sub-prime card where the guarantee of a successful application is nearly a 100%.
Advantages of using a store credit card
There are various advantages and benefits on offer when you use a store credit card. Let us have a look.
Discounts
The introductory and the general discounts on offer with the store credit cards are perfect for making planned purchases.
Qualify easily
With store credit cards, you don’t need the annual credit report, and anyone can qualify to access all the benefits.
Build your credit
Your credit report will be sent to the credit bureaus when you make purchases and repay your debt for the store credit card. This is quite similar to the traditional lines of credit and credit cards. Make consistent payments, and you are establishing a healthy credit score.
Use the perks wisely
Store credit cards offer perks that include free shipping, easy returns and repay alterations, and gift certificates/receipts. Use your perks wisely for a special occasion or gift purposes.
But use the card according to the situation. Here is what you need to do.
Make smart choices while using the card
Managing credit is not everyone’s cup of tea. Only the most loyal customers with a habit of managing credit like a pro can benefit from these store credit cards. So, ask yourself how much self-control can you exercise? The trick is to stay ahead of the debt and make those minimum monthly payments.
Since a vast majority of the store credit cards do not levy an annual fee, they are a great option concerning discounts for a significant purchase. But there lies the catch. Make one purchase while taking advantage of the discount and keep the account open till the time is right again. All the best!
