Beware of store credit cards

Holiday shoppers are bombarded with offers for store credit cards this time of year.  They are enticed to apply for a store credit card in order to receive a special discount to be applied to purchases that day.  However, you must remember that to save 10% or 15% on today’s purchase you may be paying more in interest on the balance because store credit cards usually carry higher interest rates than bankcards.  Moreover, multiple inquires can also negatively affect your credit score if you take advantage of too many of these “deals” while out shopping this season.

Before applying for a store credit card read, “5 Things to Know Before Signing Up for a Store Credit Card.”