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What You Need to Know About Store Credit Cards

Imagine yourself walking up to the cashier at your favorite store and you hear, "would you like to open up store card for a 15% off discount?" What do you do? Join for the savings - or pass and pay full price? This guide uncovers the potential pros and cons associated with opening up a store credit card.

Store credit card pros
Here's the deal, you can actually reel in some juicy discounts with a store credit card - and typically, you don't need a sky-high credit score to qualify. If you haven't opened up a new line of credit in quite some time; and if it's a store you shop at often, here are some possible perks: 
  • You could receive in-store discounts that may save you money on the items you want/need.
  • You may not need a super high score to qualify. 
  • If you use a store credit card responsibly, you're building your credit history and the number of positive payments listed on your report. Both of which, could help you boost your score. 
Store credit cons
Although it may be tempting to cash in on that 15% - 20% card discount at every register, there are some major cons to consider. Like, is there a high APR ready to bite your bottom line? Can you really afford the payments?  Will a store card hurt your score? Here are some cons to know before signing up: 
  • Applying for too many store cards over a short period of time could damage your credit. 
  • If you don't pay your statement balance in full each month, chances are, there could be a high APR which could lead to expensive interest fees. 
  • You may be limited on where you can use the card which may minimize your shopping options. 
If you don't quite qualify for a store card - or if a higher credit score is on your wish-list, ScoreShuttle may be able to help. Their first-of-its-kind technology can help you stay connected to what affects your score along with the best ways to improve it, fast!

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