Save 10% on your purchase today! No interest, no payments for six months! Buy a mattress today, sleep on it tonight, pay for it next year! It seems like no matter where you go, the ads for store credit cards practically shout out at you. At first blush, they seem like they offer a really good deal, too. But do they really? Let’s look at some of the factors that make a store credit card something you really should pass on by.
One of the biggest reasons to not get a credit card is that you end up in the long run with a large interest rate. Unless you are able to pay off the card before your grace period ends, all of that interest gets charged to you, and very often the store cards have double-digit interest, sometimes pushing 20% or more. That discount you got at the time of the sale ends up getting taken back, and then some. You can counteract that by turning around and paying off the car…