In the past you could only get credit cards from a select number of banks and financial institutions. However, these days you can get credit cards from virtually anywhere, with one of the biggest rises being in retail store credit cards. These cards can seem attractive, especially if they come from a shop in which you make regular purchases. However, there are some downsides to these cards as well. If you are new to the world of store cards, then here is some advice to help you get in the know.
What are store cards?
Basically, store cards are like credit cards, in that you are given a credit limit that you can spend on the card. However, store cards can usually only be used in the particular store or group of stores that you get the card from. In essence, you are getting credit to shop at a particular store or number of affiliated stores by using their special credit card.
What are the benefits?
In order to entice people to get a card that is limited to one store, the retailer will offer you a number of discounts or special offers. These might include a free gift, or reductions on purchase prices when you use the card. If you regularly shop at the...