Getting a700, what's the best place/deal ????

Started Feb 22, 2008 | Discussions thread
hecgam Regular Member • Posts: 216
beware of the store credit card

just came across this article from msn money

"Beware of store credit cards

"Some people go hog-wild at Christmas and open lots of store credit cards to get that 10% to 15% off their purchase," says Cate Williams, vice president of financial literacy at Money Management International. "Relatively speaking, that is a good idea if you pay off the balance and close the card right away. If you don't, then you will be costing yourself more money in the long run when your credit score isn't up to par."

Steve Rhode, president of Myvesta, a nonprofit consumer-education organization, agrees, saying that each time you open a store credit card, 20 points are taken off of your credit score because, he says, "Historically, store credit cards are issued to anyone with a pulse. They issue credit cards to people who otherwise can't get credit."

Other credit counselors say that you should open a store credit card if it is a store that you shop frequently. Williams says that many store credit cards provide their customers with coupons, bonus points and information on upcoming sales that can only be obtained if you carry the store's card. However, she highly recommends that you open no more than one favorite-store card.


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