Comments on: Stay Away From Department Store Credit Cards http://www.moneybluebook.com/stay-away-from-department-store-credit-cards/ Personal Finance Beyond Credit Cards and Balance Transfers Thu, 08 Jan 2009 23:46:43 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Ted Cohen http://www.moneybluebook.com/stay-away-from-department-store-credit-cards/comment-page-1/#comment-35625 Ted Cohen Tue, 14 Oct 2008 19:00:12 +0000 http://www.moneybluebook.com/stay-away-from-department-store-credit-cards/#comment-35625 Those are weak arguments to single out department store cards. They are very good arguments when applied to all credit but department store cards are not that different than any other form of credit. There are good and bad master cards, good and bad visa cards and there are good and bad department store cards. I carry one that gets me a minimum of 20% off everytime I use it. Sometimes 30%. Those discounts are not available to me if I pay cash or use MC or Visa. Most of the time, I turn right around and pay the bill with a check right after I make the charge unless I know I will be back that week to spend more. It's a national chain with stores in every city that I visit. I like being able to run in and pick up what I need at a discount when I am away from home. Examine each card carefully, know who the company is behind the card (it is almost never the company that you are doing business with). In my case, Chase adminsiters the card for the department store. Often it was companies like Conseco, which was a bad company to do business with. I think they went out of business and it is no wonder given the horror stories that I heard from friends that had to deal with them. Those are weak arguments to single out department store cards.
They are very good arguments when applied to all credit but department
store cards are not that different than any other form of credit.
There are good and bad master cards, good and bad visa cards and
there are good and bad department store cards. I carry one that
gets me a minimum of 20% off everytime I use it. Sometimes 30%.
Those discounts are not available to me if I pay cash or use MC or Visa.
Most of the time, I turn right around and pay the bill with a check right
after I make the charge unless I know I will be back that week to spend
more. It’s a national chain with stores in every city that I visit. I like being
able to run in and pick up what I need at a discount when I am away from
home. Examine each card carefully, know who the company is behind the
card (it is almost never the company that you are doing business with). In
my case, Chase adminsiters the card for the department store. Often it was companies like Conseco, which was a bad company to do business with.
I think they went out of business and it is no wonder given the horror stories
that I heard from friends that had to deal with them.

]]> By: The Carnival Review #9 : A Penny Closer http://www.moneybluebook.com/stay-away-from-department-store-credit-cards/comment-page-1/#comment-317 The Carnival Review #9 : A Penny Closer Thu, 01 Nov 2007 15:36:48 +0000 http://www.moneybluebook.com/stay-away-from-department-store-credit-cards/#comment-317 [...] Stay Away From Department Store Credit Cards @ Money Blue Book - I have been guilty of signing up for a Target card in the past just to save 10%.  But is saving a small amount really worth the ding to my credit and the added complexity of having more cards?  Probably not unless it is a huge purchase. [...] [...] Stay Away From Department Store Credit Cards @ Money Blue Book - I have been guilty of signing up for a Target card in the past just to save 10%.  But is saving a small amount really worth the ding to my credit and the added complexity of having more cards?  Probably not unless it is a huge purchase. [...]

]]> By: Carnival of Debt Reduction #111 ~ What’s Scarier Than Debt? | I've Paid For This Twice Already... http://www.moneybluebook.com/stay-away-from-department-store-credit-cards/comment-page-1/#comment-281 Carnival of Debt Reduction #111 ~ What’s Scarier Than Debt? | I've Paid For This Twice Already... Mon, 29 Oct 2007 09:53:58 +0000 http://www.moneybluebook.com/stay-away-from-department-store-credit-cards/#comment-281 [...] Stay Away From Department Store Credit Cards posted at Money Blue Book. Store credit cards… not your friend. really. Ever. Back away….. [...] [...] Stay Away From Department Store Credit Cards posted at Money Blue Book. Store credit cards… not your friend. really. Ever. Back away….. [...]

]]> By: E.C. http://www.moneybluebook.com/stay-away-from-department-store-credit-cards/comment-page-1/#comment-277 E.C. Mon, 29 Oct 2007 04:50:31 +0000 http://www.moneybluebook.com/stay-away-from-department-store-credit-cards/#comment-277 I can think of one time that it probably made sense to get a store credit card. My parents were buying a new refrigerator, and the store that offered the best deal also offered an additional discount (I think 5 or 10%) if you paid with their store credit card. My mother applied for the card, and promptly paid the bill in full. Saving 10% on a sweater isn't worth the clutter, but saving 10% on a major appliance might be. I can think of one time that it probably made sense to get a store credit card. My parents were buying a new refrigerator, and the store that offered the best deal also offered an additional discount (I think 5 or 10%) if you paid with their store credit card. My mother applied for the card, and promptly paid the bill in full. Saving 10% on a sweater isn’t worth the clutter, but saving 10% on a major appliance might be.

]]> By: Mrs. Micah http://www.moneybluebook.com/stay-away-from-department-store-credit-cards/comment-page-1/#comment-275 Mrs. Micah Mon, 29 Oct 2007 00:22:58 +0000 http://www.moneybluebook.com/stay-away-from-department-store-credit-cards/#comment-275 The one store card I've considered getting is at Joann Fabrics. But I don't think I even shop there enough to justify it. Maybe if I were doing more quilting, but since I curb my spending on quilt stuff it probably wouldn't be worth it. Great post--there really is no reason to have a credit card for every store! The one store card I’ve considered getting is at Joann Fabrics. But I don’t think I even shop there enough to justify it. Maybe if I were doing more quilting, but since I curb my spending on quilt stuff it probably wouldn’t be worth it.

Great post–there really is no reason to have a credit card for every store!

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