The pros and cons of store credit c ards - WRBL

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The pros and cons of store credit c ards

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The holiday shopping season is here and before you buy those holiday gifts check your credit card. Store-offered cards might offer great discounts but sometimes have higher interest rates than other cards.

Most major retailers offer in store credit cards that offer some kind of discount. MyBankTracker's Alex Matjanec says it can lead to big savings but there's a downside if you carry a balance.

"You definitely need to pay that bill off as the interest rates are so much higher than your standard credit card," Matjanec says.

Several traditional credit cards also offer cash back and rewards programs. Points can later be redeemed for goods or services.

If you plan to purchase a gift card for a loved one this holiday season – check to see if your credit card company offers a discount.

"They'll give you a bonus on that gift card so $100 gift card will cost you $80 in rewards points," Matajnec explains.

Some credit card companies also offer free car insurance when renting a vehicle.

James Brierton

James joined WRBL News 3 with experience from CNN, NBC News and his own hyper-local news site. He manages the WRBL News 3 Web desk. More>>

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