Some people will only carry a bank credit card. After all they can be used anywhere. Many people feel they are better than store credit cards in many ways. However, there is something that these people have failed to take into account.
Bank credit cards are nice, but you have to wait for a monthly statement to pay anything.Some may let you check your balance online and make a payment at any time. Problem with that is you have to make sure you have time to do that, and then you have to remember to do it.
Some store care will actually let you use your card, then turn around immediately after the transaction and make a payment in the store by cash or check. Depending on the amount spent, one may even be able to just pay exactly what they put on the card in the transaction. This is helpful in more than one way.
Making a payment on your card immediately after you use it can keep you from forgetting that you need to make a payment. Sometimes people forget they used a certain card, and do not plan accordingly to pay it off when the bill comes. Making payments in the store eliminates that problem.
Another way that this is helpful is with credit. If you put a purchase on the card, then immediately make a payment or even pay off the balance, you lower the amount you actually have to pay in interest. By paying it off right away it helps one’s credit. This is especially true for younger adults or college age people who are trying to establish debt.
Having a bank credit card for emergencies is always a good thing. However, do not think that it is all you need. It is nice to have a choice. If you are able to build your credit buy using a store card, why not?
Many store cards also offer incentives to use their cards. They give you points you can redeem for things, or they send a gift card after you spend so much. Sometimes people who have store credit cards get special offers and coupons that non card holders do not get.
There are many benefits to having a store card. However, one must make sure that like with a bank credit card, they understand everything. Even store credit cards will have their own terms and conditions, fees, rules, and so on. It is very important that one know what they all are so they can be sure that it will be rewarding to have it. Some stores even offer different levels of cards. It is also important to know which level is best for you. If you are armed with all the information on the card, it can be a very good thing to have.
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