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Retail/Department Store Credit Cards
Many retail stores want to offer you a line of credit. Sign up to get 15% off your purchase and free perfume or a basketball! Many times the stores will have a desk and salesperson set up near the entrance of the store, flagging people down with offers of free merchandise to sign up for their credit card.
Almost all retail stores have a card with their name on them for exclusive use at that store. J.C. Penney was one of the first retail stores to issue credit cards back in 1958. Examples are the Gap, Kohl’s, J.C. Penney, Dillard’s, Target, Best Buy, Wal-Mart, Sak’s, Nordstrom’s, even Bloomingdales, and the list goes on and on.
The advantage is usually discounts for the store’s merchandise along with other perks. Plus, department store credit cards can be a good way to establish credit. Another plus: the requirements for retail cards are often less stringent than for major credit cards.
Common at furniture stores and electronic and computer stores are the same-as-cash deals for larger purchases, allowing you to pay smaller monthly installments with no interest for a period, usually 6, or 12 months. Just be sure to pay off the full amount before the finance charge-free period comes to an end.
Beyond introductory discounts, special savings events and sales just for the store credit card holders, there are often rewards programs for store credit.
Beware of the following: High APRs and open lines of credit that affect credit history (i.e. accumulating too many cards). The high APRs can negate any discount or other points you might earn.
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