Beware store credit cards

[Guy]

You might want to think twice before opening a store credit card account! http://abc7chicago.com/shopping/consumer-reports-beware-store-credit-cards/2365098/
https://www.cheatsheet.com/money-career/worst-store-credit-cards.html/?a=viewall

 

[JickyJuly]

Ahh. Good to see you @Guy!

 

[SaffronBurke]

Oh, store credit cards, the bane of my existence when I worked retail. They're awful. I refused to push them onto people. I somehow won multiple prizes during a "credit contest" at The Children's Place, though, just by merit of being there. I was working full time during back-to-school time, and people would come in and need to buy school clothes for their kids, but not have it in the budget, so they'd ask if we had a store credit card and I signed them right up. I got over 30 applications in a month, just because people needed school clothes. But the card had around a 28% interest rate, it was atrocious. Victoria's Secret had a similar rate, but I didn't have to push it because I worked stock there.

 

[Guy]

Oh, store credit cards, the bane of my existence when I worked retail. They're awful. I refused to push them onto people. I somehow won multiple prizes during a "credit contest" at The Children's Place, though, just by merit of being there. I was working full time during back-to-school time, and people would come in and need to buy school clothes for their kids, but not have it in the budget, so they'd ask if we had a store credit card and I signed them right up. I got over 30 applications in a month, just because people needed school clothes. But the card had around a 28% interest rate, it was atrocious. Victoria's Secret had a similar rate, but I didn't have to push it because I worked stock there.

I think that store credit cards target people with shopping addiction.

 

[THE MOLLIE MARIE]

I think that store credit cards target people with shopping addiction.

Maybe not necessarily targeting them, but the companies are definitely happy to take advantage of them.

 

[SMuser69]

I think that store credit cards target people with shopping addiction.

No they target people in need or people under pressure usually those that have others relying on them. Back to school shopping, Christmas shopping events that put social and cultural pressure to make people make risky choices.

Addicts are savvy at maintaining their addictions. A smoker will always find a way to get cigarettes. A true shopping addict will ply on other people's money to maintain their addiction. A shopping addict will max their friends and families cards long before they use theirs.Also it's incredibly easy to make money when you throw ethics out the window.