Pros and Cons of getting a store credit card
RICHMOND, Va. (WWBT) - There’s good and bad with everything in life, right? The same goes for store credit cards.
Some of the good? When you get an offer at the checkout, it will often give you discounts on items you purchase. The card can help you build credit if use them correctly and they often have low introductory rates.
But Cherry Dale, a Financial Coach with the Virginia Credit Union, says there are also things to watch out for.
“You want to look at the interest rates because they’re usually adjustable. They might start you off at 0% interest but then that interest rate could Skyrocket up to around 30% interest rate,” Dale said.
Those interest rates are also often higher than what you can get at a financial institution. Dale says you also don’t want to get too many credit cards at once and ding your credit score.
She says you just want to make sure that you are managing all of it well and paying off your credit cards every month on time, so you don’t send yourself into further debt.
Copyright 2021 WWBT. All rights reserved.
Want NBC12’s top stories in your inbox each morning? Subscribe here.