Store credit cards, the dangers of

This message is a staff writer on the April Dykman.

When I was in College, I did I, two very bad things (ahem — two bad things related to personal finance).

Bad for the # 1
First of all, I opened A VISA credit card. Had a guy at the day of the campus and is too naive and tell him of the buzz arka, I stopped, and his pitch kuunneltua. The next thing I knew that it was filling the application. 18 years old, work, flat revenue or credit history, I was now 1 000 credit line. I maxed to less than three months and was shocked when a bill of material (BOM).

Fortunately, I was at the dawn of a part-time job, so I was comforted, knowing, may itself to deal with this regulatory requirements. I paid the balance down — but then again, its use will be charged. By moved to this period. Always more than the lowest Paid, but are not fully paid off the debt.

The bad thing # 2
The second very bad thing I did was to open a store credit card to a retailer. I was about to pay for my purchase (of course, in the light of the above, VISA), and the seller told me unable to save money, and special offers, and free items only to log on to the card. I demurred, but he was standing. "You can pay it immediately when you get Home and still get coupons and discounts," he said. "That is what to do."

Unfortunately, it does not do this for me. I have forgotten the card had begun to miss the first Bill of material (BOM), and then, somehow, I was late and my payment. Before I paid off and I got the character card credit, report all small balance could be easily referred to in points (a) money for my bank account was almost three months delinquent.

The cost of the store credit cards
Cashiers are required to log in to the store frequently asked by our customers after their stay at the credit, and some stores require them to meet a quota for a new card on the basis of a character. But these days to know siivosti cashier, "I will not run the store credit cards." If they persist, repeat itself. "Do not want to save the 10%?" No thanks, I would rather not.

A recent study by the New York representative, Anthony Weiner, the Office offers even more reason to avoid branded cards store. Investigation it was found that 35 major New York stocks had 23.83% of the average interest rate of store cards (national average APR for a credit card on a regular basis is 14.78%).The prices of the worst of which stores are offered?

Radio Shack had the highest APR. Best Buy and Staples will charge 27.99% of the interest rates on the price of the Home Depot., 25.99%. [1] [2] Sears became a hefty 25.24% 28.99%.

In addition, the report, that the use of a set of store cards "teaser" deals attract shoppers as bait such as offers 0% interest, but you can mention shall be taken into account to pay the balance over a specific period of time or otherwise, the interest rate shall apply with retroactive effect to the original purchase price.

Are they all bad?
Credit report character is long, but it was a statically through proper configuration of data, in particular, irtiotto lesson a little personal finance education (or income) credit risks. After I graduated from high school, can easily be found the function limit than x standard, but the approach I didn't know about interest rates. My personal finance education began a year later, when I started this at GRS vaanimassa scams.

Credit card balance is not done in years and I believe that as a matter of fact, in the context of the renewed and responsible to the consumer. Also I am not totally against the store credit. If the building is, for example, may I consider saneeraukset original discount Home Depot card. I then cut the card and pay as soon as (according to the minutes, I got Home) was stored in the "home remodel" savings account in cash.

I realize that most of the GRS are with their readers to determine the credit, but such as save the ramp up their vaunupaikkojen High-pressure vacation, it's important to keep guard. By and large these cards do not need without the hassle or risk. Credit is serious business, is not something a user continues to spur, moment without reading all of the wonderful osituspalvelu

This article is about credit cards

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