Low Credit Score Credit Cards – Retail Credit Cards from Target, Walmart and Sears
Posted on | April 29, 2010 | Comments Off
Many American consumers enjoy the luxury of having a retail credit card from their favorite retailer. If your favorite retailer is Target, Wal-Mart, or Sears you must understand that there are credit cards available from these companies but the interest rates are likely to be high. If you have a low credit score and you are seeking a credit card there is a very strong possibility that you are going to see interest rates in excess of 20% on this line of credit.
While many of these retail credit cards have great reward programs, reward programs may not be worth it if you have a significant balance at a high interest rate. The amount of money you pay in interest over time will greatly outweigh the benefits of the rewards you receive by spending money on that particular card.
When deciding on any type of credit card it is very important to step back and look at the big picture. By creating a spreadsheet and inputting data as far as the interest rate, the amount of rewards, and the balance you will likely hold it can help you to better understand how much money you will spend on this particular card.
Author: Heather Best