Can You Benefit From a Store Credit Card?

[Medic981]

Can You Benefit From a Store Credit Card?

What Are the Pros of Store Credit Cards?

• Offer discounts. 
• Have an easier qualification process. 
• Help you build credit. 
• Provide cardholder perks. 

What Are the Cons of Store Credit Cards?

• High APRs. 
• Low credit limits. 
• Limited uses. 
• Deferred interest charges. 
• Limited options for redeeming rewards. 
• Pressure to spend on store cards. 
• Potential for misunderstandings. 

[Anonymous]

I love my Amazon Synch card, although it has some customers who hate it. I love the 5%, and the padding on Utilization. I’m really picky about store cards so that’s the only one I have, other than Apple... Which is technically MasterCard lol.

[Medic981]

I have three store cards which are Synchrony's Amazon Prime, Synchrony's Conoco, and Synchrony's Car Care. I am not using the Conoco card because I get better rewards with my other cards at the gas pump. I have the Car Care for tires and auto repairs because I can get interest free financing on charges over $200. 

I will probably SD the Conoco card with a $1,150 CL to pad utility and AAoA until Synchrony decides to close it. 

[Anonymous]

For the right person they can be just fine, especially for those that don't ever pay their high interest rates. The problem I see with them is that they mostly are aquired by people that do not PIF, and who are barely above the water line with their score. 

I've had a few in my time, with the Walmart MC the only survivor. And the Fred Meyer Rewards MC, because i used to shop there quite a bit. But most were aquired when I was very young and uninformed. Luckily none of them were ever closed for non payment or any other negative reasons. 

Personally I don't see any benefits to them now because I already have enough Bank CC with rewards systems. Plus I don't have any close enough to me to be worth the effort. I've considered the Amazon Card a few times, but like I saiud already have plenty rewards CC I can use.

[Anonymous]

@Janus that’s the only reason I like my Amazon card. I have it strictly for the 5% outside Discover’s 5% on Amazon cycle. Otherwise, I wouldn’t want to use it.

[tcbofade]

Some store cards offer zero percent financing for x months on major purchases... DW and I take advantage of that as needed.  

[Anonymous]

Kind of like my new iPhone 11 on my Citi Rewards plus with no interest for fifteen months. Lol. Love those promos!

[Anonymous]

Same here. After the first intro offer years ago before the good rewards from current lineup, the SC's that i have are Util/AAoA padding except the Amazon as the 5% or promo financing is useful. 

[SEAlifer]

My partner shops at Macy a ton so I think he actually gets benefits from it. He's always getting store coupons and I've gotta say I've really upped my skincare game since he moved in so that's a tangential benefit for me 

[Brian_Earl_Spilner]

5% back from Amazon

5% back from Target

Tons of Kohl's cash and 30% off promos