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The Truth Behind Store Credit Cards

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There are mixed reviews when it comes to taking out a store credit card. Most people are tempted by the discount, while others avoid them due to the frightening thought of added interest. No matter your opinion, the pros have found a way to strategically overcome the interest and become a money saver while being a money spender.

What to look for: According to Matthew Coan, financial writer, "you want to look for a store credit card with savings of at least 5%." Most store credit cards only offer 1% or 2% off, which can leave you with the least amount of benefits. Knowing the details of each card can help you make a financially correct decision.

Big Ticket Items: Many people consider applying for rewards cards when they are about to purchase new kitchen appliances, living room furniture or even major electronics. When doing so, you want to be on the lookout for certain criteria. Grace periods, deferred interest or a 0% interest rate are the best scenarios. The biggest mistake is failing to pay off the balance before you're charged interest. Majority of rewards cards have high APRs, which end up canceling the discount if you're not careful.

Curious to know which stores offer the best opportunities? Below is a list of store credit cards that are ranked as the better of the bunch.

1. Amazon Prime: If you prefer to shop online rather than in a store, Amazon is probably your go-to. By becoming an Amazon Prime account member, you are eligible for Amazon's store credit card. This card offers many benefits as long as you pay off your balance on time. With 5% back on all purchases, special financing and free shipping in two days you can see why this card is ranked as a good choice. However, be aware that the APR is 26.24% if you start to fall behind on your balances. Lastly, there is no annual fee.

2. Gap: GapCard is a store credit card that can be used at any of the following Gap branded stores such as Athleta, Banana Republic and Old Navy. There are many different ways to acquire savings when you take out a GapCard. First, the GapCard is based on a points system. Every $1 spent is reward 5 points. Second, cardholders get additional perks of 15% off their first GapCard purchase and 10% off every Tuesday purchase. There are also different levels of GapCard users. If a cardholder earns 5,000 points in a calendar year, he or she is upgraded to the Gap Silver credit card. These cardholders are given quarterly 20% reward bonuses, free shipping, free alterations and invitations to special events. Like the Amazon Prime Card, there is no annual fee, however the APR is 24.99%, so don't fall behind on payments.

3. Lowe's: Lowe's store credit card appeals to its customers with providing standard easy to learn reward options. You either have the choice to get 5% off everything you purchase at Lowe's or choose to have six months of 0% interest on purchases over $299. These options allow home improvement projects to be affordable at the rate that best fits the cardholder. However, payments need to be made on time or else you will have to deal with an APR of 24.99%.

4. Target: The store credit card at Target is called the Target RedCard. Cardholders are able to get 5% everything in the store including items that are on sale. Other perks are free shipping and an additional 30 days added on to the already 30-day return policy. As long as you make sure to pay your balance off each month, you can avoid the APR of 23.15%. The Target RedCard might be the best store credit card considering all the categories of merchandise Target offers.


We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: MarketWatch | Credit Cards

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