01-06-2013 08:54 AM
During my app spree last year, I was denied for a Bloomingdale's card which i thought was odd because at the same time, I was approved for Amex Zync, Discover, DCU and Associated Bank cards.
I'm preparing for another app spree sometime this year and I couldn't help but wonder, why do people apply for store cards?
Most of them have low limits, high interest and you can only use them at a specific store.
Why waste a hard pull when you can app for a Mastercard/Visa/Amex/Discover/etc or on a card that you can use at a lot of places...
Is there a special incentive with store cards aside from the occasional discount etc?
01-06-2013 08:59 AM
Many people get approved for store cards, albeit with low limits, when they can't get approvals from other banks / CUs, etc.. Some store cards have lower approval criteria due to this fact, so they are popular with rebuilders.
Also some store cards like Target offer a discount every time you use the card in store.
01-06-2013 08:59 AM
Ah, some store cards will confer added benefits and perks that are unique.
For instance, the Nordstrom card will give you some extra discounts, invitation only events, and even make their return policy more liberal, if you can imagine that. Nieman Marcus used to be the only other card they accepted other than Amex. Or, at Macy's, some of their coupons and specials can only be used if you have or pay with the Macy's card.
01-06-2013 09:00 AM
I have a Belk store card because I used to work there and the discount with the card atop of my associate discount was quite nice.
I have a Amazon store card because I do 99% of my shopping via Amazon
I have a Walmart store card because I like the FREE monthly TU FICO Score.
All of which are GE backed and offer NICE CLI 3x/yr.
01-06-2013 09:03 AM
01-06-2013 09:14 AM
01-06-2013 10:02 AM
01-06-2013 11:13 AM
If you are a regular shopper, Store cards offer a lot discounts and special deals. Some offer lot 0% deffered interest deals. For me, store limits have bigger CL.
Your assumptions seem to be based on people who get store cards and don't use them. Only in that case is the inquiry a waste.