What is your store card savings threshold?

[Anonymous]

Not sure that's a proper title for it, but it's the best I can do. 

We've all been there, checking out at the store, the clerk rings us up and says, "You can save an extra 15% if you apply and open a card today" or something to that effect. 

When, in your opinion, does it make sense to do that? 

I ask for a specific reason. I just bought a house, we have lots of projects to do around here, and one of the things that would be handy as hell right now for me is a utility trailer. I can haul brush to the compost drop off, haul back compost if I want, load it up with inner tubes when we do a river float, haul edger stones when we decide to border our planting beds, etc ... the list goes on. 

My FIL, who lives in town, has one, but it's old, beat up, and he's kinda curmudgeonly so I don't like to borrow too much, but I do when I need to. 

So there's a trailer on sale at Farm and Fleet, $529 I think ($140 off regular price), and they do the apply and get 10% off thing too, roughly $53 when all is said and done. And it's a larger purchase so it's no interest for 12 months, which is an easy payoff for us. With the $80 savings I could add in a trailer jack so it remains level when not attached to a vehicle.

To me this makes more sense than accepting a CC offer for the money off on something like a smaller purchase at say, Old Navy.

But I could also use my BCE which is still in the promotional period too, so it would be no interest until next year. FWIW, I'm going to have no problem hitting my $1K in three months spend, though using it for this would make it happen quickly.  

Is it worth it, saving $80, to have another HP and another store card (would be my third Sync card), or would you just use the AMEX, pay the full price and save the HP and any potential issues with Sync?

[MrsCHX]

Personally, I have no issues with Synch and many people are just fine with them. I have WM, Amazon, Care Credit, TJMaxx, AE and Marvel opened over a span of a year and no issues whatsoever.

For me, since learning more, retail cards are all about stores I will FREQUENT. So I'm going to be spending money there anyway, regularly, and why not get the deal.

I shop TJMaxx all the time and was buying a small sofa from there so no way was I turning down those savings. And the card gets very heavy usage.

So, IMO, of the store card is of value to you and you know you'll use it...why not take advantage of the special? Especially since you can meet spend on the BCE elsewhere.

[Blodreina]

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@Anonymous wrote:

Not sure that's a proper title for it, but it's the best I can do. 

We've all been there, checking out at the store, the clerk rings us up and says, "You can save an extra 15% if you apply and open a card today" or something to that effect. 

When, in your opinion, does it make sense to do that? 

I ask for a specific reason. I just bought a house, we have lots of projects to do around here, and one of the things that would be handy as hell right now for me is a utility trailer. I can haul brush to the compost drop off, haul back compost if I want, load it up with inner tubes when we do a river float, haul edger stones when we decide to border our planting beds, etc ... the list goes on. 

My FIL, who lives in town, has one, but it's old, beat up, and he's kinda curmudgeonly so I don't like to borrow too much, but I do when I need to. 

So there's a trailer on sale at Farm and Fleet, $529 I think ($140 off regular price), and they do the apply and get 10% off thing too, roughly $53 when all is said and done. And it's a larger purchase so it's no interest for 12 months, which is an easy payoff for us. With the $80 savings I could add in a trailer jack so it remains level when not attached to a vehicle.

To me this makes more sense than accepting a CC offer for the money off on something like a smaller purchase at say, Old Navy.

But I could also use my BCE which is still in the promotional period too, so it would be no interest until next year. FWIW, I'm going to have no problem hitting my $1K in three months spend, though using it for this would make it happen quickly.  

Is it worth it, saving $80, to have another HP and another store card (would be my third Sync card), or would you just use the AMEX, pay the full price and save the HP and any potential issues with Sync?

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I'm interested to hear others' thoughts on this.  I don't think it ever makes sense to apply for a product when the primary motivator is one-time savings.  If I plan to apply for the product in the future and I have a transaction now, then it would make sense.  But I may be in the minority; I have read many posters talk about acquiring a card only for the sign-up bonus.  Yes, the hit to AAoA is temporary.  But I'm generally against acquiring a product I don't want for a one-time gain, even if it's a sign-up bonus.  I'd rather minimize my credit exposure and be more able to get the cards I really want if/when they appear.

[Anonymous]

FWIW ... I would definitely use this card beyond this one time purchase. And the special financing is available for any purchase over $299, anytime

[Anonymous]

Honestly for me it's not the initial purchase it's the overall benefit.

I own the Target Redcard because it's 5% every time not 15% one time.

My Kohl's Charge gives me several cardholder only 30% off offers.

Walmart that was mainly for the sign up bonus free $75 giftcard with $150 spent plus $50 statement credit. But before getting it another benefit I noticed is high limits, they'll give you a huge limit compared to others which helps overall UT.

That's just me though.

[Anonymous]

During my rebuilding I've gotten a lot of store credit cards, to many. It helped short term but I regret opening some of them. For me the question now is what does it offer at sign up and beyond? For example, Home Depot or Lowes offer sign up bonuses sometimes and over a certain amount interest free financing. But if the card offers no discounts, special financing, or you don't shop there regularly it's not worth it. I'm slowly closing unneeded cards. Bottom line, if you'll really use it fine if not pass IMHO.

[Anonymous]

For me it would be either one of the two below.

0% for 18 months or more on large purchases

30% off enitre purchse if I am buying a decent amount $1000 or more

[Anonymous]

Depends on the bank, how often I shop there, and the dollar amount of the purchase.

I think big store cards like Lowes with large limits and 0% APR despite being with Synchrony makes a lot of sense.

Little store cards with crap limits at places you don't go often just to save a few bucks, definitely not worth adding the extra account.  IMHO.

[AverageJoesCredit]

I think you hit the nail on the head on second post op.. You would continue to use the card and if it has benefits for you and you know it can help you save, then taking advantage of the first day savings makes sense. If its only for a 1 day shopping spree and no more, go with your Amex.

[Anonymous]

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@AverageJoesCredit wrote:
I think you hit the nail on the head on second post op.. You would continue to use the card and if it has benefits for you and you know it can help you save, then taking advantage of the first day savings makes sense. If its only for a 1 day shopping spree and no more, go with your Amex.

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That's kind of where I'm leaning at this point ... Farm and Fleet is a wide-ranging store ... not quite a home improvement place, not a department store, but they sell tires, lots of outdoor stuff ... I know I'm going to need a couple of tires for my car soon so I can use it for that too ... I'm sure I'll use it more than once.