Before You Apply For That Store Credit Card...

MoneyTips

You're making a major purchase at a department store or big box retailer. You're offered savings and promotions if you sign up for a store credit card on the spot. Why wouldn't you take advantage of the offer?

A store credit card might be an excellent option for you – or it may be a regrettable decision. A recent survey by CompareCards suggests that the odds are close to a coin flip.

The survey found that approximately three-quarters of Americans have had a store credit card, and almost half of those Americans regretted getting one. Younger Americans (millennials and Generation Xers) and parents of children under eighteen were more likely to regret their decision.

The more money you make, the more likely you are to regret getting a store card. In households with incomes of $100,000 or more, 88% have had at least one store card and 58% regretted their decision.

Why all the regrets? Store cards may come with deals and promotions, but they also t...

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