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@K-in-Boston wrote:
@Anonymous wrote:
...I don't understand the furniture card. Seems like a one-and-done card. 0% interest for two years, but if you don't pay in full after 2 years or miss a payment, you owe 29% interest from day one. Then when will you need furniture again and put yourself at interest risk? Cancel it, but that zit leaves a mark on your report for 10 years lol. Not a lot of benefit....
The one I have is issued by TD Bank and does not do "0% if paid in XX months," so there is not retroactive interest if unpaid in a certain time. I was making a large purchase and had my Delta card out to make payment, but their offer was 0% APR for 7 years with equal payments - so why not?! The offer on the card varies, and right now is 0% for 60 months with no minimum purchase.
Well if you can get a 0 for 5 or 7 years, that would be a case to keep a furniture card long term. I would be one to stretch out payments for the full term at 0% and keep it active. By the time its paid off, you might need furniture again, instead of SD'ing the card for 5 years.
@K-in-Boston wrote:
@@The one I have is issued by TD Bank and does not do "0% if paid in XX months," so there is not retroactive interest if unpaid in a certain time. I was making a large purchase and had my Delta card out to make payment, but their offer was 0% APR for 7 years with equal payments - so why not?! The offer on the card varies, and right now is 0% for 60 months with no minimum purchase.
Jordans Fern-itcha!
I remember those Barry and Eliot commercials when I lived in MA.
@folks19 wrote:Am i limited on the amount of store cards that i can hold at once ... is there a limit to the amout of store cards i can get from the same issueing bank during a timeframe?
@folks19, did you see the recent thread "Thoughts on Store Cards"? There were a lot of comments and advice about them. Perhaps a better question is not so much "how many CAN I get" as opposed to "how many SHOULD I get"? Store cards can have their place in a credit lineup but moderation is important if you want to buy a good credit profile. Based on their spending and other cards, some people may not really need any store cards or benefit from adding them to their wallet. And I'd never recommend making them a major part of your revolving accounts.
See this link for my comments in that thread with pros and cons:
https://ficoforums.myfico.com/t5/Credit-Cards/Thoughts-On-Store-Cards/m-p/6055857#M1727968
Just my 2 cents, I dont think store cards are horrible. I feel like they can be a nice addition to anyones profile IF its a card that is going to get used bc you shop there all the time. I feel strongly that every card in your wallet should have a purpose! I have 3 store cards and each serve me well. Kohls (bc i love that store & shop there ALL the time!), Home depot for my house (repairs, appliances, etc) and Best buy which is also a rewards visa. We love electronics in this house so ive already used it quite a bit & reaped some greats discounts and financing. But i spaced apps out by alot and they have usable limits from auto cli's. So iguess my point here is dont just go get a store cc because theyll approve you. You will regret that. Be methodical and purposeful with your choices in cards.
@Doodlebug30 wrote:" ... don't just go get (any) cc because theyll approve you. You will regret that. Be methodical and purposeful with your choices in cards."
+1 ^ ^ ^ I took the liberty of a minor edit @Doodlebug30 as this is always sound advice IMO. I put a lot of thought into the purpose of a card before I apply and I believe that's a wise choice for anyone. While SUBs are great, I don't chase them exclusively and a lot more than the SUB goes into the equation for me than SUBs or simply whether I'll be approved. And while card offerings and benefits WILL change over time, I like to primarily add cards to my wallet that I expect to keep for the long term. My four oldest cards currently in my wallet (aged 20-27 years) have all been product-changed at least once in their lifetime but they are still useful.
As far as quantity.....a Comenity CSR told me last year that it was very common to have 16+ of their store cards ( Evel Knievel???)
@GApeachy wrote:a Comenity CSR told me last year that it was very common to have 16+ of their store cards
That's crazy! But I could entirely see how someone could wander into that over time, opening one by one without thought of the potential credit consequences. These links show that as of 2020, Comenity has 163 store cards and Synchrony has 115!!! That's a choice of 278 store cards between just two banks!! These lists make me dizzy!
https://www.crediful.com/comenity-bank-credit-cards/
https://upgradedpoints.com/synchrony-bank-store-credit-cards/
@Aim_High wrote:
These lists make me dizzy!
https://www.crediful.com/comenity-bank-credit-cards/
https://upgradedpoints.com/synchrony-bank-store-credit-cards/
Makes me salivate! hee hee heeeeeeee ...app'oholic here (but I ain't lying, she did say it)
@GApeachy wrote:
@Aim_High wrote:
These lists make me dizzy!Makes me salivate! hee hee heeeeeeee ...app'oholic here (but I ain't lying, she did say it)
There's probably a 12-step program for that ... if you're interested! Lol But some people don't want "the cure". Seriously, it's not an addiction if it's not causing problems for you. Just a fun and compulsive hobby! So enjoy it if it's not doing any harm.