Was the Holiday gas card application a mistake?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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Was the Holiday gas card application a mistake?

Postby JavaSoundStyx » Sun Sep 29, 2013 11:28 pm

(Attn moderators, sorry I did not see there was a section dedicated to store cards only. Please feel free to move my other post here that I wrote in the finance charges section).

What do banks and creditors think if they see a credit card from a gas station on your credit report?

The reason I ask is because the article I read said that retail accounts, including gas credit cards, are "less prestigious" because those with excellent credit don't often use them. In turn it alleges that you can be perceived as being in the crowd of those with troubled credit even if that's not really you. Would you say this is true?

I disagree with it. I feel like there are logical reasons why someone on either end of the spectrum might apply for the Holiday gas station credit card. A person with a bad score might get it because it's easy, I admit that.

On the flip side, aren't there plenty of people with GREAT credit like myself who apply for programs like this in order to save money. With this in particular you get 4 cents off per gallon and a 5% discount inside. I pick up coffee from a gas station up to 4 or 5 days per week. Over a year that adds up.

My point is I strongly disagree that all gas cards are bad. I don't regret saying yes to the application. You would be foolish to pass on a fuel discount if it were available in your area.

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Postby 1topolo » Mon Sep 30, 2013 12:59 pm

They're wrong. I have a gas card for rebates and have excellent credit too.

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Postby Obi-dan » Mon Sep 30, 2013 2:34 pm

From what I understand, some lenders are wary when the only credit they see are gas cards or department store cards. I think this has been translated urban legend like to mean that these cards either don't help or hurt your credit. That's not true.
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Postby beef.stu » Mon Sep 30, 2013 11:46 pm

I would close my gas card if it wasnt my second oldest account. The promotional gas discount expired long ago, so now its just used to buy a candy car every once in awhile. However, the card did serve its purpose when I was new to credit.

Sometimes I wonder if the card is looked upon slightly negatively by creditors, especially since it is my only card with a sub 2k credit limit.
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