Yesterday, I was at a major department store with my sister-in-law shopping for a new mattress. Why a department store for a new mattress, I still don't know. However, as she was looking around for that firm but not too firm mattress, I was listening to the store cashier ringing people up.
"Would you like to put that on your _____ charge today?" "If you open one today you can save 10% on your purchase"
I was shocked at the couple of people that quickly gave up their social security number, and drivers license to get their whopping 10% savings. REALLY PEOPLE?!?!
You have to think, why would the store want to give me a 10% discount just to open a credit card? Is 10% really worth adding another thing to my credit?
The answer should be NO! With interest rates floating around 21% or higher you are likely to get the short end of the stick. Think about it, if you go and get yourself some a few pair of shoes, pants, and shirts and rack up a nice $300.00 bill you can save save $30.00 and get out of there for $270.00 Good deal right? WRONG. If you are unable to pay the full amount of the first bill, the interest will get you for $56.70. So you initially saved yourself that $30.00, but now you are giving up the $56.70.....bottom line, its a horrible deal.
I am not saying that you shouldn't get yourself a department store credit card, but make sure that you are disciplined enough to pay off that balance before you get hammered with interest.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment