Solutions for Life!


Store Cards: Seldom the Better Deal

Store cards are credit cards that typically can only be used in a specific store. Credit union credit cards are versatile, great rates and can save you money.

 

With offers of an additional 15% off your purchase or free merchandise, it's tempting to apply for credit cards from your favorite retail stores. Think twice, however, before signing up. If you don't pay the bill in full at the end of each month, you could end up paying much more than you originally would have saved.

 That's because interest rates on retail cards average about ten percentage points higher than credit union credit cards. Store cards usually offer special incentives for cardholders to increase loyalty and encourage them to spend more. The average household has about 2.5 store-issued credit cards. If you plan to buy a car or house in the near future, it can hurt your chances to get a loan at a favorable rate if you have many recently opened lines of credit. It's usually better to have one major credit card that you can use for all items you wish to charge.

 ICCU’s credit card offers great rates and an awesome Life Perks Reward program with 2 points for every dollar spent on gas and 3 points for every dollar spent on groceries and 1 point for every other dollar spent.  Apply today!

Nicole Mozurkewich