Synchrony MC/Visa?

Anonymous · ‎10-20-2015

Another credit card/debt strategy question: store cards?

Lowe's CL $8900

Walmart CL $6500

I want to close the Walmart card. It's rate is 21.99. It's from forever ago. I once called to ask them to reduce the rate, and they refused. I'm seeing where I could try getting CLI on some of my other cards to offset the util. increase. I'm just beginning to understand CC Strategy 101. Is there any benefit to keeping it open? It's not been used in six months. Has $0 balance. Can't justify paying the interest rates they charge. What is this I read somewhere about converting it to a "real" CC? How does one qualify for this? Can you request it if it has not been offered? My Dillard's card was converted to a Dillard's/AmEx unsolicited a few years back.

The Lowe's card also has $0 balance, and I'm debating closing it as well, but we're 10 days from closing on our house...

creditgambler2018 · ‎10-20-2015

If you pay in full as soon as the transaction posts to account YOU PAY NO INTEREST.

ddemari · ‎10-20-2015

Walmart has the ability to convert to MasterCard. They have to offer it to u. People see offers at 6, 12 and 18 months. Store cards have high apr's in general, they shouldn't be used to revolve balances. If u close Walmart, they won't accept an application for another card until 1 year after u have closed it. I'd keep it open, see if they offer u the mc upgrade Down the road. Make use it a little bit. But if u absolutely don't want it, then close it.

UncleB · ‎10-20-2015

@elcocaino2010 wrote:
If you pay in full as soon as the transaction posts to account YOU PAY NO INTEREST.

+1

I use mine for the 0% APR promotions. For folks with tons of cash it's not such a big deal, but for those of us with more 'modest' means, it's nice having extra time to pay for something with no interest.