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Many retailers ask each person at the checkout line whether they’d like to apply for their store grade credit card- and they even assemble it seem like a good deal.  For example, you might save 10% off today’s purchase whether you use your new store credit card to pay for it!

What you have to remember is that the average retail credit card is charging by 20% interest- or aroudn 8-10% higher than bank issued credit cards.  whether you typically carry a balance on your credit card from one month to the next instead of paying it off in full; saving 10% on today’s purchase is going to end up costing you far more on the retailer credit card than it

would on a regular bank credit card.

If you are someone who religiously pays off credit card balances in full every month; you may be ok with using a retailer’s card in order to take advantage of the reduction.  whether the reduction is only for one day’s purchase, however, it may still not be fair to sign up for a new credit card just for a one-time reduction.  You’ll have a new line of credit on your credit report, which can sometimes lower your score.

Weigh your options carefully before deciding to get a retail credit card.  More often than not, you’d be better off to use a bank-issued credit card instead.

Orginal post by debbie