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Retail Reward Credit Cards Or Store CardsBy Peter Kenny No doubt you are well aware of the value and convenience of having a store credit card so that when you shop at that store and you see something that you need or would like to have you can make the purchase using your card. However, there are more benefits that you could ever realize in getting rid of the store card and opting for a retail reward credit card instead. If you have a store credit card you can only use it at that store, even if you find that the prices on one item may be lower in another retail location. Some retailers, faced with stiff competition for credit cards, often offer customers generous discounts and rewards for using the store cards. Retail reward credit cards on the other hand are store cards with a difference. They bear the name of a specific retailer, but you can use the card in other locations, just as you can with any type of credit card. Each time you make a purchase, you earn reward points as a percentage of that purchase, which you can then redeem to buy items at that store. Although you can use the credit card to buy anything, anywhere, you can only redeem the points for merchandise at a specific location. When you use your retail reward credit card at the store, the cashier will tell you how many points you have accumulated and ask if you wish to redeem the points to lower the cost of your purchase. You can save money on much needed items for your home if you have this type of credit card from a hardware store. You do not earn reward points of cash advances that you obtain through an ATM. You can transfer balances from other credit cards to this card as well and take advantage of the offer of lower interest rates for a specific time period. This allows you to save money on your other debts because if you pay them off within this time frame, you save on the higher interest rates charged by other credit card companies. However, the regular interest rate on this type of credit card is quite high. When you use the retail reward credit card for all your purchases during the month and pay it off in full when you receive your statement, you save money by not paying the interest on an outstanding balance and you still have the points to use to redeem for merchandise. You do not have this option with store credit cards because there are no reward points involved. Some store credit cards do have the option of earning points that you can use in gift certificates, but you do not earn many points per purchase so it takes a long time to accumulate any amount of them. Search online to find fantastic deals in such credit cards where you can use your points to buy merchandise that you would otherwise have to spend your money on. About the author Peter Kenny has been writing financial articles for 10 years and is a writer for The Thrifty Scot, please visit us at Cheap Loans and Compare Credit Cards Visit Repair Your Bad Credit with a Credit Card |
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