Store Cards

[keithbward]

I have a question regarding store cards. Why is having a number of them looked at in such a negative light by some people? I know a few people who have store cards to their favorite stores because of the extra percentage off coupons they receive outside of the general public, special sales, and showcases. Of course you could use your everyday bank credit cards, but it seems that we all have a purpose for the cards we carry. Some for groceries, some for gas, some for travel, hotel stays, etc. Just curious. And i know every situation is different, but what do you feel is too many or not worth it?

[TitaniumCash]

Even though I have 5 store cards, I have stopped using them a year or two ago because they have poor incentives for using it. Especially since I don't shop at any one store  religiously. So I don't rack up enough points for a $25 gift certificate. They tend to carry higher APRs and lower limits, so not as popular. I only keep them for coupons, especially Macy's.

[Creditaddict]

I think why you hear from financial people like suze orman they are bad is because you are bringing your Average Age of Account down and then if you don't pay in full the interest rate is MUCH MUCH Higher... but if your credit can handle the new account opening and you don't get barried in the high interest on them, I LOVE store cards if they have a purpose for you.