Is there ever a good reason to get a store credit card?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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Postby beef.stu » Thu Apr 17, 2014 2:43 am

My GE Chevron card was my first credit card when I was 18 and it helped me avoid having to go the secured card route. At the time that I got it I had no idea about secured cards or building credit; my parents just suggested that I get my first credit card and that a chevron card should be easy for me to get approved for.

After a couple years I eventually realized that my Chevron card was no longer earning me any rewards and that the 1% cash back from my Wells Fargo Visa was crap compared to other cards. This led to me finding this forum and learning about credit...[size=60]and before I knew it I had all of the cards in my sig haha[/size]

The Chevron card did its job of helping me get started and being my oldest account, I still buy a candy bar or soda every once in awhile with it to keep it active
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Postby samhradh » Sat Apr 19, 2014 7:54 pm

Vattené wrote:I also have the Walmart card (again, not the Discover version), which offers special 0% financing terms on big-ticket purchases. I've never used it, but it would be a great perk you couldn't get with a major card.

My Mother has the Discover version. It offers a free FICO score and the same 0% financing option so she keeps it around.
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Postby Terry » Wed Jun 04, 2014 7:54 pm

otter wrote:I'm not talking about a card which is run on a major card's network (like the Walmart/Sam's Discover or the Macy's Amex)... I'm talking about store cards which only work at that particular store (or affiliated stores- I know you can use the Sears card at K-Mart).

I've seen some on this forum (and other forums) who have a great line-up of cards and then you see a $500 Target card in their signature mixed with a bunch of cards with 5 digit CL's. Is it really worth it for the 5% discount?

I have found that store cards offer perks such as 0% financing offers such as my Sears account. It allows me to pay interest free on purchases such as appliances; as long as the last payment is in full and before the end of the offer, store cards are worth having. I also get special promotions through out the year, and as long as I PIF, no interest charges apply.
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Discover IT Humane Society Design ($16,500) - For 5% rotating categories
Firestone ($2,600) - For 0% financing
Home Depot ($10,000) - For 0% financing
JCPenney Credit Card ($7,000) - For special discounts
Sam's Club MasterCard - ($20,000) - 5% off gas at any fuel pump
Wells Fargo Personal Line of Credit - ($15,000)

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Postby popamode72 » Tue Jun 10, 2014 12:52 pm

Some of them I've always wanted to have anyway like the Amazon Store Card, especially since I shop there regularly and have an Amazon Prime account with them and their financing sounds pretty good to me and plus, I've heard a lot about GE doing automatic credit line increases and I'm very big on having a low utilization so yeah. WalMart is another place I shop at and I liked how their card and Discover gives me a free Transunion FICO score every month so I don't have to pay to get it. I think once I'm able to get better cards, I'll get rid of other store cards I have that aren't really as useful and just got them to build my credit even more. I always pay in full on the store cards so the APR's not an issue right now.
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Postby websteth » Wed Jun 11, 2014 8:25 am

I have my my Target REDcard for the 5% off and Free Shipping and the Macy's Store Card as it gives you extra discounts even on Sale Items. The perks of Store cards are subjective to each person. If you shop at one store a lot and the benefits of having the card would save you money or earn you extra bonuses, I would say go for it. A one time discount at the initial purchase to me is not good enough for me to want to get the card. If it's something ongoing and I plan to do a lot at the business, i'll think about it.
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Postby augiedog » Wed Jun 11, 2014 11:40 am

I use my Target card enough that I have gotten limit increases in the past. It's not that much of a credit line, but I do use it heavily for the 5% discount. Free shipping online has also let me cancel my Amazon prime account. The 5% is also an instant discount at checkout which is great since there is no need to redeem cash back.
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Postby jupiter » Tue Jul 08, 2014 6:21 pm

It really depends on how much you shop at the store in question and what kind of benefits you'll get from the card. I shop at Target regularly, so the 5% discount with my Redcard works out well. A friend of mine got a Victoria's Secret card about 6 months ago, which I guess gives multiple benefits besides a constant discount on purchases. But you really just have to look at the card the store offers, see what it'll give you that a standard CC won't, and ask yourself if your spending habits there make the card a good investment.

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Postby Randiesel75 » Wed Jul 09, 2014 8:19 pm

Guess what .. I'm a homeowner!

My wife and I just took the plunge, first time homebuyers and closing this month.

This thread piques my interest as we have been having the same debate, mostly around opening a store bought versus standard card. Anyone have insight into Home Depot store cards and how they would rate them? If not worth it, will just toss it on the CSP or ONE card.


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Postby augiedog » Wed Jul 09, 2014 10:27 pm

Congratulations Randiesel!

The HD card is useful if you need financing. You can likely find cards that will give you well over a year interest free without being attached to Home Depot. Discover has 5% cash back on home improvement in the spring though, and also has some warranty extension and price protection features that could prove useful. I go to Home Depot regularly and do not like their credit card.
American Express: Blue Cash Everyday (10k), Everyday, Plenti ; Discover It (7.3k) ; Target (1.6k)

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Postby Vattené » Wed Jul 09, 2014 10:36 pm

While I don't have any experience with a Home Depot card, I got a Discover it about 5 months ago and would highly recommend it. The 5% back category switched to gas stations as of July, however.
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AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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