Are Store Credit Cards right for you?

At many stores you visit these days you will hear a very familiar " Would you like to use your store credit card today?" when you are opening your wallet at the check out. Maybe you already have a card or two only to be used at a specific store. Maybe even more than two.

To determine if a store credit card is a good fit for you here are a few things to consider:

• Do you frequently shop at the store? If you don't, is it worth just having the card - keeping in mind that a plethora of credit cards can lower your credit score.
• What is the interest rate the store credit card offers? Zero interest for a certain time period? Higher interest than in your other Visa or Mastercard?
  Do you think you will be able to pay off the card each month if the interest rate is higher since carrying a balance will accumulate interest payments quickly.
• What other fees does the store card charge? e.g. annual fee, late fees etc.
• What advantages or rewards does the store card offer? Do you earn points for each dollar spent and get rebates or store credit etc. in return.
• Do you get special discounts or reward days only offered to you as the store card member?

When deciding if a store credit card is the right choice for you look at the pros and the cons for each card. Debt is easy to accumulate and it can become overwhelming quickly. Being smart and selective with your credit card choices can keep you and your credit in the right track.