- Centurion Member
- Posts: 463
- Joined: Sat Apr 13, 2013 7:49 pm
- Location: Colorado, USA
Whether they serve a purpose, is up to the individual to decide. As noted from posts above, there are pros and cons. And yes, they count for scoring.
Store cards have traditionally been used for folks who have slim credit files and want to build credit slowly. And some cards, historically, have had a good run, though perhaps the luster is off nowadays. Sears credit card comes to mind, and perhaps to a lesser extent, Macys, though their business models are currently at opposite extremes. More up-scale cards, such as Nordstrom, Bloomingdales, Lord & Taylor and the like, seem to do OK, at least on the East and West Coasts. Not so much in the hinterlands if there's not one around. Again, depends on one's needs.
Having grown up in the South, I recall family (Mom and Aunt) having Belk-Hudson and Parisian credit cards, as up-scale cards during the 60s-70s down there. Later, when I moved to the Northeast, I remember Wanamaker and Strawbridge and Clothier as two cards to covet in the 70s. They met a need at the time. Nowadays, there's the big box retailers, and many folks have their cards, for a variety of reasons. And they serve a purpose. Personally, I have a Lowes and Home Depot card. Redundant, one might say, but they do offer very different product lines. I like one for appliances, the other for home dÃ©cor and projects. At some point in my downsizing and retirement, I'll also retire these cards, as they've served a purpose.
Gas cards, from my perspective are a bit different. I recall, while in my rebuilding stage, I applied for a Shell Oil gas card, thinking it would help. Got it and got a decent limit. The only problem was that, it was good only in a different region of the country, primarily Arizona and New Mexico, with some stations in southern Colorado. Little use to me, when I read the T&C of the card, I never activated it and let it lapse.
Gas cards have had a checkered history. There was a time when motorists coveted the various oil company credit cards, and there was a loyalty factor. One might have an ESSO (predecessor to Exxon) card, or a Sinclair card, or a Shell card, or a variety of others. Many gas stations also had S & H Green Stamps that they gave out. Think of them as the grandfather to current credit card rewards; one collected them in books and redeemed them for gifts. My dad had a bunch of gas cards when I was growing up in the 50s and 60s. We did a LOT of travelling when I was a kid, and it was this new convenient way to pay for gas. They were much simpler than any cards today. Most of them were PIF when the bill came at the end of the month. It wasn't until the late 50s that the concept of revolving credit came about and started growing.
Today, with the advent of rewards from the major card issuers, it seems to me that the use of an oil company credit card has, for the most part, been made obsolete for most motorists. For those that travel, or for commercial use, such as Fleet or other cards for a target market, then perhaps they still make sense. Personally, I have no use for them since I get rewards from other cards.
But with everything credit, it's up to the individual to decide what is beneficial to them.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016