It is very common to enter a large network store and, just at the entrance or in the box, be approached by the employee offering the store’s own credit card. Yes, there are stores that offer their own credit card with several advantages to carry out their purchases. At that time the question is always the same: are store credit cards worth it?
Store credit cards can bring some advantages if you are true to that brand.
With this in mind, we list here the main doubts of consumers and the advantages and disadvantages of having a credit card inside the wallet.
What is your consumption profile?
This answer can help a lot in deciding whether or not you want to use store credit cards.
Do you have a consumption profile that is closer to certain brands, and do you always shop in the same stores? If this is the case, credit cards from stores may be worth it. This is because you will be able to take more and better advantage of the advantages and benefits that this acquisition promises.
Now let’s go to another scenario. You are more moderate and cautious about shopping. Or is it from those who research the market options before buying a product, or even is not so faithful to a brand. So, probably, you will not do so much of store credit cards. And even less of its benefits. In addition, I would accrue one more invoice and annuity to be deducted monthly.
Differences between store and bank credit cards
The functionality of the bank’s credit card and that of the store is the same. That’s because store cards are also run by financial institutions. So, even if the card you purchased is from a specific store, you can use it for purchases in other stores as usual.
Advantages and disadvantages of store credit cards
This varies from store to store. In general, we can cite some more common ones. The first advantage is that the approval of your registration on this type of credit card happens in a more agile and facilitated way.
So if you need to purchase a product more urgently, it’s more guaranteed that your card is accessible faster.
The limit value available on the store card for purchases complies with the same rules as the standard cards. The difference is that, generally, there are advantages to shopping in the store itself, thus increasing your available limit and your in-store purchasing power.
The most common advantage in the eyes of the consumer is the absence of annuity. This may be excellent, but you have to be careful. Often there is a fee charged per purchase made, that is, this factor is no longer a benefit.
Another point to consider has a lot to do with your ability to make that commitment. Often we exceed the limits for purchases, and interest on penalties and delays on these cards are generally greater than ordinary credit cards. Therefore, be aware when consuming and keep an eye on the payment deadlines.
There are establishments that establish partnerships with financing companies. In such cases, the store can offer the consumer who owns the credit card profitable plans for large purchases, loan applications, renegotiation of card debts, payment installments and other actions.
In this case, the same warning is worthy: plan yourself and always keep in mind the interest rates that may apply to these activities.
Why do stores offer this card?
For establishments, the great advantage is the loyalty of customers and the greater capacity they have to negotiate the fees with the financial and the cardboard. It functions commercially as an exchange.
Shops are charged for transactions made by credit and debit cards. From the moment they offer the card of these institutions as a product, they acquire more advantages when it comes to negotiating their costs.
How to Buy a Store Credit Card
This service is easily found on the store’s website or on the property itself. This goes for clothing stores, supermarkets, furniture stores, bookstores, pharmacies, dealerships and so many others. The tip here is you only request this card when you need to make a purchase. Most companies offer a great discount for the first purchase.