Avoid On-the-spot Signups for Retail Credit Cards
Retail Credit Cards can become a huge problem for those who find it difficult to just say no to the "Get 10-percent off your purchase today" sales tactic. Remember credit card companies are in business to make money, and the whole point of a retail credit card program is to get you to spend more money at a particular store.
There's a good chance that a retail card will carry a very high interest rate and other penalties the cashier won't tell you about though. So think twice the next time you are tempted to accept a retail credit card offer to save a few bucks on your purchase. It might not be worth it.
Consumers should avoid signing up for any credit card, especially retail cards, on the spot. Certain cards may be a good deal for your personal situation, but take the time to do some credit card comparison shopping online and read the terms and conditions first.
Ask yourself why you need another retail credit card and bill to remember to pay each month? If you make a premature decision without answering these questions, unexpected late fees and high interest rates may wipe out any savings you received for just signing up.