Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Credit Cards Credit Card Basics. By LaToya Irby. LaToya Irby is a credit expert who has been covering credit and debt management for The Balance for more than a dozen years. Learn about our editorial policies. Reviewed by Thomas J.
Thomas' experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning. Learn about our Financial Review Board. Usage Is Limited Most retail credit cards can only be used in that particular store.
They Encourage Debt There is more temptation to spend when you have a retail credit card. The Terms Aren't Spelled out at Signup Generally, when you apply for a retail credit card at the point of sale, you aren't given a full explanation of the terms and conditions before you apply. Article Sources. Your Privacy Rights. To change or withdraw your consent choices for TheBalance. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.
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Popular Articles. Best travel credit cards. Best cash-back credit cards. Today's year mortgage rates. Elizabeth Aldrich is a finance writer specializing in credit cards and loans, retirement planning, investing, economics, and small business. Unfortunately, no matter how good the discount sounds, store credit cards are usually a better deal for the issuer than they are for you.
The terms. Many also have a lower-than-average credit limit, and some can only be used at the store that issued them. Your credit score. Every time you apply for a new card, your credit score takes a small hit. If you have good credit otherwise, this may not affect you much, unless you apply for several cards close together.
However, your credit may be damaged in other ways. For example, because of their lower credit limits, store cards could drive up your debt-to-credit ratio. You may sign up for a store credit card for savings, but if it leads you to spend more than you intended — either on the day you sign up, or subsequently — is it worth it?
As always, opening a credit card should not be done on impulse. After all, would you make any other important financial decisions in a busy check-out line? MORE » Looking at store cards? You'll likely get more value out of these cards. Many companies offer exclusive discounts or generous financing terms throughout the year to those holding their cards.
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