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Benefits: * Promotions, discounts and other perks
Some high interest 29.99% retail store credit cards offer discounts, exclusive shopping days and other rewards that would favor frequent shoppers, besides the initial discount. Retail credit cards that bear an American Express, MasterCard, Discover or Visa logo can be used at any concern where they are accepted. Besides being flexible, these high interest 29.99% retail store credit cards may have rewards programs. Make sure you're getting the maximum amount of perks for your points by comparing the credit card program with those offered by other rewards cards.
* Helps build credit history
Retail store card issuers are more likely to approve people who have lower credit scores. People with higher credit scores will get lower interest rates making co-branded store cards harder to qualify for.
The cumulative effect of handling a retail store credit card well adds points to your credit score. Your debt-to-credit limit ratio, which makes up 30 percent of your credit score can be reduced by keeping your statement balances low and using these cards sparingly.
Drawbacks:
* High interest rates High interest 29.99% retail store credit cards, unlike big credit card companies like Visa and MasterCard, do not offer initial low interest offers. Retail stores that provide easy borrowing privileges have high interest rates, around eighteen to twenty percent. This implies that even paying off small payments can take years.
Low credit limits Having a low credit limit makes it easy to end up with a high balance, affecting your credit score. It may even result in other card issuers increasing your interest rate or reducing your credit limit.
Lowers your credit score Applying for a new credit card will lead to an inquiry into your credit report that can hurt your credit score. The loss is generally 10 to 30 points. Signing up for multiple cards can lead to a bigger drop. An inquiry into your credit report stays on your credit report even if your card was never activated. They will not disappear even if you close recently opened store accounts.
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Canadian High Interest 29.99% Retail store credit cards
Many Canadian Retailers offer their own credit cards which allow you to extend large purchases over a longer time period or save extra money on products. Working retail store credit cards to a person's advantage can be difficult if the monthly balances are not paid on time. However, if the person determinedly resists the many temptations that the privilege of borrowing money can bring, these high interest 29.99% retail store credit cards prove to be highly convenient. Get a low interest credit card today!!
