What makes you open a store CC?

[Lindsey23]

If you are shopping in a store and they ask you if you would like to open a CC what makes you say yes? What are the reasons that you would like to open this credit card....would the fact that I can save you 40% on an initial purchase help?

[shanecurran]

For me it depends on the store. I will say no 99% of the time. 40% off of the purchase might be enough to influence my decision if the store was say Best Buy or somewhere I was making a large purchase. 40% sounds like a lot and might also bring me to question how they are able to make this type of deal. Must be a high interest rate.

[disneysteve]

I don't have any store cards. I've never seen a 40% offer but that certainly might entice me if I was making a large enough purchase. I wouldn't do it for a casual shopping trip to Target but I might do it if we were buying appliances, like the freezer we bought a few weeks ago. That would have been $160 saved with 40% off.

[greenskeeper]

Opened a sears card when they had buy 3 tires, get the 4th free with the card. Saved me close to $300 since the tires were for our truck.

The statement came in the mail, paid the charge in full and cancelled the card.

[LuckyRobin]

Almost nothing. 18 months same as cash got me to get a Best Buy one for a large purchase, but other than that I haven't had a store card in fifteen years. It's more hassle than it's worth, usually, epsecially with sky high interest rates.

[disneysteve]

Originally Posted by LuckyRobin

It's more hassle than it's worth, usually, epsecially with sky high interest rates.

The interest rate is irrelevant if you pay your balance in full each month. If you can't pay in full each month, you shouldn't be making the purchase anyway.

As for "same as cash" deals, I'm always wary of those. Be sure that you couldn't negotiate a better purchase price for paying cash. Furniture stores, electronics stores and others will haggle on price rather than give you "free" financing.

[LuckyRobin]

Originally Posted by disneysteve

The interest rate is irrelevant if you pay your balance in full each month. If you can't pay in full each month, you shouldn't be making the purchase anyway.

As for "same as cash" deals, I'm always wary of those. Be sure that you couldn't negotiate a better purchase price for paying cash. Furniture stores, electronics stores and others will haggle on price rather than give you "free" financing.

Oh, I know. But in the past (when I wasn't as financially smart) I might not be able to pay it off and then I'd get slammed with those higher rates. I'd rather have a low interest major credit card so that if for some reason I had to carry a balance it would be at 12% and not at 25%.

I, too, am wary of same as cash deals. But because I had the money for the item in the bank, I figured I could at least get my piddly 1% interest on my savings account while I paid it off. They quite ridiculously only required $25 a month. I am paying $100 and will have it well paid off before anything expires. They wouldn't budge on the price.

[disneysteve]

Originally Posted by LuckyRobin

They wouldn't budge on the price.

Always worth a try. Also, find out in advance (search online) if the store's staff is salaried or works on commission. If they are commissioned, they are much more likely to haggle.

[marvholly]

I have done only 2:

Kohls for a BIG purchase for DD1's weding shower & I have kept the card for the monthly discounts it gives
Target for the permanent 5% discount it gives (can be a debit card if you prefer)

DS
i thought you were going to do the Target card?????

[disneysteve]

Originally Posted by marvholly

DS
i thought you were going to do the Target card?????

Yes, I was looking at that. Haven't taken the plunge yet.

[MonkeyMama]

I generally would only open a store card for a one-time discount. I don't make many large purchases (new), but when I do I will open a store card, and immediately close it when I am done.

We opened and closed a Sears card twice - for Fridge and for washer/dryer set.

I did open a Target card for the "permanent" 5% off. I'd close it the second the discount went away. We shop there enough to make it worthwhile (save about $5 per month, on average - mostly groceries). There is no other store I shop regularly enough to make a card worthwhile. & I am not thrilled to carry more than one credit card, so this is a rarity for me.

[Frugal]

Getting a discount up front of at least 15-20% off a large payment say at Jc Penney's or Bon-Macy's would make me open a new credit card account to save money on buying things I need. If the grocery stores began offering, say, 5% back on their internal credit card, like at Fred Meyer or somewhere else, for buying groceries at their store, I would sign up right away! Groceries are one of my biggest expenses, and with rising food prices it is difficult to pay full price, and not receive any cash back.

Right now, we have a card where we get 1% back on anything, but in my opinion, this is not high enough.

[marvholly]

Frugal
discover had/will have 5% cash back for grocery & drug stores. So far this year it was in March & will be again in June. They may offer it another time/2 this year. Have to watch for it and sign up - phone or on-line

[JoshuaHeckathorn]

If I was making a large purchase ($1,000 or so) and I could get 15-20% off for a savings of $150 to $200, I would do it. 40% off is great, but I would tend to look more at the amount of money I'm saving instead of the percentage discount. If the amount saved were less than $100, I probably wouldn't bother with it.

[khosta]

I opened one store credit card once.... and it was because of the special "discount." I quickly canceled it though and realized I don't need those extra cards. Now when they me I say no and tell them I have credit problems (which i don't) but it gets them to stop harassing me!!!

[debtfreeme]

Nothing in the world will make me take a card from a store.

[wincrasher]

The only store card I have was for Lowe's. When I bought my house, they were having an appliance sale. I also had a 10% off coupon. They were offering 10% your first purchase if you opened up a store account.

So I did and bought a riding lawn mower, a big side by-side refridgerator, and a front-loader washer dryer set with pedestals. Think I spent around $7,000 and saved 30%. BTW, they also gave 0% for 6 months with these new acccounts.

This was the best deal I'd ever seen on a store card.

[happygirl]

I can't imagine any offer tempting enough to make me open a store CC. I like only having one CC bill each month so for me it's about keeping life simple rather than saving a little money.