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When to Use Retail Credit Cards

April 17, 2012 | Comments: 0 | Views: 159

Going shopping is fun for some people and a hassle for others. One thing that many people can agree on is that shopping is sometimes expensive and any time you can save money is a good thing. Nearly every major retail department store, sporting goods store, book store, and electronic stores that is part of a commercial chain will have its own retail credit card. Many times during check out at a retail department store, the clerk will ask if you would like to apply for their store credit card. It is not uncommon for stores to offer you a ten percent discount if you use their store charge card for a purchase.

There are several things to consider when deciding whether or not to apply for or to use a store credit card. One of the major things to consider is if several store credit cards will put you at jeopardy in the future when you apply for home loans and auto loans. Major community banks and lending institutions will often look at how much available credit a person has and how many credit cards he or she has to his or her name. If the person has multiple department stores and dining credit cards open, this can be viewed as a negative thing when a lending institution is considering whether or not to approve the person for a loan.

Many people do not believe that having multiple credit card accounts will hurt them as long as they are not spending on the accounts and not paying on the balances. This is not always the case. After looking at a person's credit score and income, the second thing a lending institution reviews is how much open credit a person has available. This can be viewed from the bank's side as potentially harmful because it means the person does have the opportunity to begin charging a lot of purchases and could get into default on the loan they are considering lending the person.

It is often wise to have one or two primary rewards cards that have low interest or offer perks such as cash back features and purchase protection. These cards can be used if you are trying to avoid opening up many different department store charge cards. If you shop at one or two stores on a regular basis and believe you could save money by utilizing their discounts offered when you use their store card, there is nothing wrong with this shopping system. However, it is also wise to consider how much rewards or cash back you would receive if you made the purchase from your primary charge card.

Comparing interest rates between your primary charge cards and between the retail credit cards you have will help you to decide which one will be the best card to use to gain the most savings when you make a purchase at your favorite store. It is important to consider all factors in order to get the biggest savings possible when shopping.

Visit to find the best credit cards for you and some of the lowest credit card rates around.

Source: EzineArticles
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