With holiday shopping season around the corner, experts recommend caution when your favorite store offers you a credit card. According to the Federal Reserve, outstanding credit card balances reached $1.14 trillion as of August 2024, meaning credit card debt is increasingly a concern for millions of Americans.
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When offered a store credit card, Bruce McClary from the National Foundation for Credit Counseling recommends that you don’t say yes immediately. Oftentimes, store credit cards are tied with a promotion such as 0% interest for a year or a discount on your purchase. And while these might sound appealing, it’s best to not rush the decision while you’re at the counter.Before signing up for a store credit card, you must read the fine print, Rossman said, including how much interest will be charged if cards aren’t paid in full and any late or penalty fees.
If you are looking to build your credit score, McClary recommends you consider secure credit cards. These cards are considered secure because the lender usually asks for a deposit and the line of credit is lower than other credit cards. Once you’ve used secure credit cards and built your credit report, you can graduate to a traditional credit card.services became available, retail stores have been offering them to customers along with store credit cards.
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