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On Your Side: Should you get a store credit card?

Published: Dec. 8, 2020 at 6:13 PM CST
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SPRINGFIELD, Mo. (KY3) -The offer can be tempting. Sign up for a store credit card and you may save big.

Here’s what to consider from a money expert. Kenny Gott with Piatchek & Associates says be careful.

No doubt you can save with store cards, but it takes discipline.

Ask yourself these two things:

How often do I shop here?

If it’s every few weeks, that store card might be worth it.

Can I honestly pay off that balance at the end of the month? Or at the end of the promotion?

If it’s yes, experts say consider it.

Know this too.

“Store credit cards have a high interest rate, generally. Higher than a normal credit card. You want to pay it off every single month. It can be convenient. You can save money. Just pay it off. But before getting any new credit card, understand the number of credit cards you own and the total balances, compared to available credit, are factors that banks look at when you apply for a house or car loan,” said Gott.

Finally, compare that store card to your credit card points program.

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