What do you think about getting a department store credit card?

I won;t get one, but i was just wondering. If you know more info on them then please tell me.

I stay away from them.

The interest rates on the store cards is much higher than the interest rate on my Visa and Mastercard. The discounts etc. don't make it worth the increased interest rate. Why get a store card with an interest rate that is 2 - 3 times higher than my Visa or Mastercard when that same store accepts Visa and Mastercard?

Something to add to the others. Never carry over a balance. Store cards usually carry an extremely high interest rate, something like 30% or more.

i generally dont use them, just use my master card - but i do have a couple department store cards for the stores i go to often, for the reasons listed below - i get perks, advanced notice of key sales events, preferred pricing.

actually, the number of cards you have has very VERY little impact on your credit score - it is your total dollars of credit available, as well as total available minus amount used, that will have a far bigger impact on your score.

They are "beginner cards" with high APR and low limits and of course you can only use them at the store they are from.

Better use would be a gas card. If you frequent the same gas station and it is a major brand then ask the clerk for a credit card application.
They give you better deals for your money. You have to get gas anyway and that money spent is not optional... so why not get a couple pennies off the gas bill and use a gas card?
No matter how tempting a department store card is... you don't really need to spend that money there, do you?

It's an idea. Usually, store cards are easier to get and, if you use them wisely, they can help build your credit. Also, you can get discounts and other benefits with a store card.

It's a great idea. Just make sure your managing your time and money wisely and documenting/keeping all souvenirs of your purchas(es). You sound like a responsible and organized person so I say go for it!!!!!
Hope this helps!!! <3

Yes, get one. The key is "one", not two, not three from all different stores. Pick your favorite store and get one because you get get discounts and other perks using the card.

I have many department store cards. I love them! Here are the advantages to having them:

1) If you get them for stores that you regularly shop at, it helps keep more room available on your other credit cards, like Visa, because you've got a store-specific card. The less you owe per card at any given time, the better your overall credit profile, rather than owing larger amounts on fewer cards.

2) Some of them carry amazing perks. For example, Sears (which is actually a Citicard) regularly offers 12 months same as cash if you shop with their card. That's a free loan for a whole year! Can't beat that! Life happens -- someday that dryer or microwave may stop working and another one will be needed -- doesn't mean you have money available for replacement, or wish to tie up the cash for it when you can put it off for a year. Just pay close attention to when the promotion expires or make payments all year even when not due, to stay out of trouble.

3) They are fairly easy to get, so they're a great way to build credit. Almost anyone can get approved for them, so take advantage of it.

4) Certain online department store retailers allow special perks like deferred billing (you don't have to pay for three months) if you use their card.

That said, here are some things to watch out for:

1) The interest rates are outrageous, so never EVER carry a balance on them unless it's a special promotional 0% or deferred billing, like Sears. Think of them as paying cash, you're just using plastic at the store.

2) Don't get them just because a discount is being offered if you apply for one. Each credit pull dings your credit, so it should be worth it. A store you care about, that you plan to return to, if even just once a year.

3) Stores WILL close your account for non-use, if you haven't used it for 1-5 years, generally. That looks really bad on your credit when the creditor closes your account. Make sure you plan to use it. If you aren't sure how frequently you need to use it, call the company and ask for their policy. I've gotten some surprises when I've seen my credit report and noticed that a store closed my card without informing me, when I hadn't known of the requirement.

4) Store credit cards tend to have pretty low limits so be careful not to go over the limit. Aim to keep under 20% in use on any card at any given time, and never ever carry a balance on high-interest cards. That could cost you many times the original price of the item -- then, there wasn't any discount at all.

Hope that helps!

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