No: You’re not sure about the interest rate
Typically, the interest rates of store credit cards are higher than those of other credit cards. According to a 2019 landscape report by Wallethub, store credit cards have an interest rate that is 7.16% higher on average than secured credit cards’ (like Mastercard and Visa).
No: You’ve already got a handful of cards
Natasha Rachel Smith, personal finance expert at topcashback.com, based in Montclair, New Jersey, says your credit score is determined by the number of credit cards open, credit utilization, how long you’ve had cards open, and how many credit applications have taken place during a short period of time. “New credit card inquiries remain on your credit report for two years, and applying for too many at the same time can dent your score,” explains Smith. “While it is a known factor that when borrowing money your interest rate is dependent on your credit score, store credit cards charge exorbitant interest rates regardless of how wonderful your creditworthiness is. Shoppers with great credit scores are still subjected to eye-watering interest rates well above 20 percent.” Learn more about how to keep your credit score high.