What makes Store Credit Cards Differ from Regular Credit Cards?

What makes Store Credit Cards Differ from Regular Credit Cards?

The major difference between a regular credit card and a store credit card will be based on the fact that consumer understands choosing on which line of credit will be best suitable to their needs and requirements. In a wide number of situations, because of higher rates of interest charged by a number of store-specific cards, it will be best for budget-conscious people to let go of those accounts in favour of regular credit cards.

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General acceptability or store specific

Regular credit cards are accepted in a wide variety of venues and places. It will not be wrong to state that regular credit card companies have made it a point to promote the wide spread card acceptance in the present times. On the other hand, store-specific credit cards are acceptable only at the issuing store.

Where to apply

It will be simple to apply for regular credit cards. Almost, all banks or financial institutions can cater a customer with an application for one or another of the regular credit cards. In addition, the Internet has become a useful resource for men and women interested in applying for along with acquiring regular credit card.

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On the other hand, store-specific credit cards can only be applied for directly at the store. Furthermore, if the store has an Internet presence and several popular stores along with smaller shops do so currently, applications for store-specific credit cards can be easily made online.

Annual charges and related fees

Several major credit cards are known to charge annual fee. Nonetheless, some major credit cards will charge an additional membership based on where the card is acquired.

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Store credit cards will mostly be free of annual fees along with similar charges to their customers. However, store credit cards will carry considerably higher rates of interest than can be found with major credit card accounts.

Understanding clauses and provisions

Several clauses and provisions should be included in every monthly credit card billing statement, both from major credit card companies and on store credit card accounts. These provisions and clauses are detailed listing of all credit card transactions. It will also consist of detailed listing of amount owed from previous month along with additional interest or amount payable on the owed amount. It will also be inclusive of the total amount owed for the present month. The minimum amount should be paid during the month apart from an estimate of the interest payable, if you do not pay your account in full. Nonetheless, you should pay by the restricted date to avoid interest charges. If you have used your card for cash, you should keep a detailed list of monthly interest rate for purchases, APR and interest rate.

The final analysis should see you having as much credit as it is deemed essential. Mostly, it will not be a wise decision to have different credit cards. Rather the best policy is to maintain one or two major credit cards. Furthermore, you have to consider that benefits of store credit cards are generally not the same as that of credit cards. For comprehensive information on store credit cards, you can log on to http://www.creditcardblogworld.com .

Author Bio Willie DeJarnette is a freelance writer having comprehensive knowledge and understanding on various subjects. He is renowned for making regular contributions to the kinds of store credit cards to be used and availed benefits from.