store credit cards are to blame!

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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bozell
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store credit cards are to blame!

Postby bozell » Wed Oct 08, 2008 7:45 pm

store charge cards play a part in this whole mess you know! you can't buy anything today without being pressured to open up a store credit card to save a few dollars on that purchase.

everyone does it from target to sears they say open up a target credit card and save 10% today. i was at home depot and the salesperson told me 4 times i should open up a home depot credit card to save 10% on today's purchase and no interest for 90 days. i don't want a stupid home depot credit carD!!! can you believe that he told me four times to do it then tried using high pressure tactics telling me that in this economy it would be the wise choice to open that card so i could save money. this kind of mentality is the problem. no one is concerned with what they can afford. all they care about is how long they can go without interest and where what kind of discount they can get on today's purchase.

if you carry that balance for 6 months any savings from that one time 10% purchase will be canceled out!

american idiots!!


magyar1045
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Postby magyar1045 » Thu Oct 09, 2008 8:46 am

Well of course they'd want you to open their credit cards. They want to earn the loanshark level interest on open balances and of course avoid paying the servicw charges to Visa, MC, Amex,Discover card issuers.
One reason I turn down their push to apply right there and then for one of their accounts is because it immediately generates an additional inquiry on my credit reports.

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fffresh
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Postby fffresh » Thu Oct 09, 2008 4:21 pm

Store credit cards are known for unreasonable loanshark levels on their cards. In my opinion they are one notch below a payday loan. In addition the inquiries for store credit cards are considered more of an impulse. They hurt your score moer than a traditional inquiry.

KC95
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Postby KC95 » Fri Oct 10, 2008 12:46 am

lol store credit cards are a joke. what you can use them at like one place and that's it. then like everyone else on here is saying they charge 'loanshark' interest rates so there's no point in having a balance on the cards.

in the end these stores that peddle their credit cards are only hurting themselves because i bet many of them open them out of desperation and can't afford to pay for the purchase in the first place.

envy
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Postby envy » Mon Nov 17, 2008 10:46 am

Hey but don't store charge cards usually have lower limits anyway? Then if there are more defaulting on those types of cards it shouldn't make a huge impact if their credit lines were only a couple hundred anyway.

Floppster
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Postby Floppster » Mon Nov 17, 2008 8:47 pm

bozell wrote:store charge cards play a part in this whole mess you know! you can't buy anything today without being pressured to open up a store credit card to save a few dollars on that purchase.

everyone does it from target to sears they say open up a target credit card and save 10% today. i was at home depot and the salesperson told me 4 times i should open up a home depot credit card to save 10% on today's purchase and no interest for 90 days. i don't want a stupid home depot credit carD!!! can you believe that he told me four times to do it then tried using high pressure tactics telling me that in this economy it would be the wise choice to open that card so i could save money. this kind of mentality is the problem. no one is concerned with what they can afford. all they care about is how long they can go without interest and where what kind of discount they can get on today's purchase.

if you carry that balance for 6 months any savings from that one time 10% purchase will be canceled out!

american idiots!!


It is so simple. Just tell the guy who is trying to talk you into it he should open the card under his name and you pay him 1.5% interest over the next 8 month. Then go and buy something for $15k and see if he likes it :D
Intellectuals solve problems. Geniuses prevent them.
- Albert Einstein 1879-1955

divea
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Postby divea » Tue Nov 03, 2009 8:25 pm

I'd have to disagree here. It sounds like based on what I've read on this credit card forum that it's the stores that are giving out low limits and regular cards that are giving us too much credit to use.



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