Why Most Store Credit Cards Suck!

why store credit cards are the worst in my opinion I'm Jason with the honest finance channel please subscribe to my channel if you're into this kind of stuff my channel is tiny and I needed to grow otherwise none of this is gonna be worth it so please subscribe or at least like the video if you're into this kind of stuff now let's get on to why store credit cards are the worst so if you go to the mall and let's say you go to Gap and you're shopping you're looking around everywhere and you're like oh I just want to buy everything in the store well you can because they offer a store credit card and to make it even easier to spend money on the store credit card they'll usually give you incentives to buy things with the card for instance you'll get 10% off your purchase just for signing up or you'll get 15% off your entire purchase every single time you go shopping it sounds amazing and it seems like it would make sense but it doesn't do you have any idea how much the interest rate is on store cards in particular typically they range from about 25 to 30 percent and keep in mind that the typical interest rate on a normal credit card is about 12 to 18 percent so when you're looking at 25 to 30 percent that's obviously a lot worse than an already really bad rate I was looking at the gap cards and it looked like about 25 percent was the normal APR for their credit card so if you save 10% on your purchase but your APR is 25% then that means you're still paying 15% over what you should be on those purchases please don't be incentivized to get a store card to buy things that you already can't afford if you can't afford things at the store but you still want a good deal then at least wait for a sale or check out an app like RetailMeNot this app is perfect because whenever you're looking for a coupon all you do is search the company name see if there's any coupons and then use them it's also great for outlet malls because you can specifically look up a certain Outlet Store and you can find coupons that go on top of the deals that they're already offering and one other thing that totally sucks about store credit cards is the fact that most of them use a third party website to pay your bill online that might not really seem like a big deal but it is because it makes everything harder to pay your bill and make sense of everything that's going on inside the credit card overall my opinion is that store cards are complete guard which I'm Jason with the honest finance Channel if you did find this video helpful feel free to subscribe I like to talk finance and how to save money that's all