Have you been thinking about applying for store credit cards for bad credit? If so, you might be helping to improve your credit score. Store cards offer a number of advantages for people who are looking to improve their credit scores, and they often have many perks associated with them including discounts and sales. Here are some of the main advantages, and a couple of disadvantages, of using store credit cards:
Store Credit Cards for Bad Credit Are Easy to Get
When compared to traditional credit cards, store credit cards are usually easier to get, even for those with bad credit. This helps people who want to improve their credit score. How? It has to do with establishing a line of credit, and then keeping it up. Since store credit cards are often easier to get, even if you have bad credit, you probably have a better chance of getting store credit cards for bad credit than a traditional card. When you get your store card, it does two things. First, it gives you more usable credit, which has a positive impact on your overall credit score. Additionally, it gives you the chance to prove yourself. By making small purchases on your store credit card, and then paying it off each month, your credit score can greatly improve.
Store Credit Cards Have a Lot of Perks
Another great thing about store credit cards is that they have a lot of good perks. For instance, you might get 5% off every purchase you make at that store. Also, they often have exclusive sales for cardholders that the general public doesn’t have access to. Many store cards also have point systems where the more you spend the more points you get. You can then redeem these points for merchandise or other offers. Many store credit card holders also often get coupons to use at the store.
You Can Only Use the Card at That Store or Group of Stores
Though there are many advantages to store cards, there are also a couple of considerations you should remember. For instance, you can only use these cards at that particular store. So, if you, for instance, have a store credit card for Target, you can’t use that card at Wal-Mart, and vice versa.
Store Credit Cards Generally Have High APRs
Another thing to consider about store credit cards is that they usually have high APRs. In many cases, these aren’t even based on credit worthiness. Instead, the stores apply the APRs across the board. In most cases, store card APRs range from 22% to 25%, which are quite high, so it’s best to not carry a balance if you can help it. Instead, use these cards to build up your credit score. Then, you can apply for cards that have a much lower APR.
Store credit cards for bad credit are good for many people, but if you need fast cash to shop at your favorite store, you won’t get that with these cards. Generally, it takes at least 10 days to get the card after your application is accepted. Instead, you might need to look at other options. We have personal loans available that you can apply for right now and even if you have bad credit, you qualify. Best of all, these online loans put money in your pocket as quickly as the next business day.