Store credit cards

[Ambulance Chaser]

Like many people, I have opened several store credit card accounts to get a discount on that day's purchase.  There seems to be little benefit to these cards other than receiving ad circulars for sales several weeks in advance, so I'm probably going to cancel all of my cards except for my Neiman's, to improve my credit rating.  Are there any stores whose cards provide a concrete benefit such that they are worth having?

 

[j]

Almost all of them have horrible interest rates, deadly late fees and add to your available credit on a credit report, which is not good. The best would be to take them all, transfer the balances onto one of those 0% for a while then low afterward things you get in the mail (I get about 3 a day it seems) and cancel all the accounts. Then set up the online system for the new card to pay it automatically on time and over minimum. This will build up your credit rating reliably and I imagine it looks better on a report to have a Visa being paid off than a Nordstrom card. If you have the money you can pay off the whole (new) card as soon as it starts accruing interest, but making the regular payments will make you look very reliable and good to potential creditors.

 

[itzamazing]

I have a Bloomingdale's store credit card and a VISA line of credit with it. I have to say it is worth it, but only if you pay your bill off on a monthly basis.

I earn $25 reward certificates once I spend a certain amount. I get 1% back on all my VISA purchases and 3% on my Bloomingdale's purchases (6-9% during special promotions). It really is worth it because I purchase a lot of home stuff there. I would have to say in the past year, I earned about 9 or 10 certificates, which gave me about $250 to spend on any item in the store. I get all my packages from the store delivered for free as well as free unlimited gift wrap and at times 50% at the Bloomies restaurants. They also offer discounted (albeit still pricey) travel packages as well as cultural events. Most store cards offer some coupons or private sale invitations, etc.

I know Saks has a program, SaksFirst, but you really have to spend in order to get any type of real benefit. Those who have the card tell me it is not worth it. Bergdorf Goodman also has a rewards earnings program, but it is out of my league. In general they are not worth it but if you manage them correctly they can pay you for being a customer, which works for me.

I would stay away from the cards like JCREW, Banana Republic (although they also have some type of reward certificate program), Gap, etc.

Hope this helps.

 

[banksmiranda]

It seems like people often sign up for store credit cards for the one-day 15% off. Sometimes they cancel after that, but often they hang onto the card.