‘Tis The Season For Store Credit Cards, But Tread Carefully

by Herb Weisbaum, Today

dave416 / Flickr

dave416 / Flickr

You know the drill. You’re at the register ready to pay and the sales clerk asks if you have the store’s credit card. Say no and you can expect to hear the pitch – sign up right now and get a big discount on all the stuff you’re about to buy.

That instant discount – often as much as 20 percent off – can be tempting. You could save hundreds of dollars on a large purchase. It’s easy to say “yes” without thinking about the possible repercussions.

Don’t be afraid to say no.

In a recent survey by Credit.com, one in ten adults (31 percent) said they’ve felt “bullied” by a clerk trying to get them to open a store account during the holiday season. Almost half (49 percent) said they regret their decision to get that new card.

“You should never feel pressured to add a new credit card to your wallet,” said Gerri Detweiler, director of consumer education at Credit.com. “You need to think about this before you go to the store, rather than when you’re right there at the register. That way you can make a smart decision.”

Applying for that store credit card could be a money-saving move or a terrible decision, based on your current financial situation and how you pay your bills.

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