Five Points Bank Blog

Making The Store Credit Card Decision

“Would you like to save 20% by opening a store credit card today?”

You hear this a lot at the checkout counter, and saving money is always tempting. But should you do it?

Store credit cards are offered by many big retailers. You’ll get that initial discount and maybe even special incentives or discounts on future purchases. If you’re a regular customer, you might want to consider it.

But there can be drawbacks:

• Store cards can have significantly higher interest rates than national brand credit cards issued by financial institutions.
• And some store cards can be used only at that retailer.

Adding a store credit card is a spending decision, and like any spending decision it’s always best to consider your options first:

• Do you really need one more credit card - or will it be a temptation to spend - and one more exposure to possible fraud or identity theft?
• Do you shop at this store often enough to make cardholder benefits worthwhile?
• Do you pay your bills in full at the end of the month? If not, making payments on a high-interest-rates card can wipe out any savings you received for opening the card.

Five Points Bank offers multiple options for your spending needs. Unlike a store card, our credit cards are accepted anywhere Visa is accepted, often have lower rates than store cards, and offer generous rewards programs.

If you find that you’re carrying a balance on those high-interest store cards, we also offer incredibly low introductory rates on balance transfers.

If you’re interested in our credit card options, click here or call us at 800-576-4687.