Can You Get A Department Store Credit Card With Bad Credit?Why A Store Credit Card There are many benefits to having a department store credit card than just being able to shop at your favorite store. Department store credit cards are made available to consumers just like credit cards. They function in exactly the same way. You can buy what you want within an established limit, you will make payments each month on the items you buy, and you will receive a bill statement each month on how much you have charged. The only difference is that with a department store credit card, you can only make purchases using the card in the store or stores where from it was issued. Meaning if you have a Mervyn’s credit card, it will only function to make purchases in Mervyn’s. The interest rate, or APR, will be similar to a credit card and can range from 9-15% or more. These department store credit cards, while only functional in one place, are good to have for many reasons. Moreover than all, they are easy to get. So if you suffer from credit problems or have no credit, you will be more likely to be approved.
How A Department Store Credit Card Helps With Bad Credit More helpful than just being easy to secure and get approval, a department store credit card has many advantages for those with little or bad credit histories. Once you begin making purchases with your department store credit card, you will establish a credit history with the credit reporting agencies and the credit card issuer. This credit you are extended will show on your credit history just like any other credit card or loan. Make on-time payments and your credit history will improve with time. After a year, sometimes less, of on-time payments and modest purchases with the credit card, and you will most likely start receiving offers from regular credit issuers looking to extend you credit.
Related posts:
Leave a Reply |
