Avoid On-the-spot Signups for Retail Credit Cards

Retail credit cards can become a huge problem for those who find it difficult to just say no to the "get 10-percent off your purchase today" sales tactic. Remember that credit card companies are in business to make money, and the whole point of a retail credit card program is to get you to spend more money at a particular store than you would have in the first place.

There's a good chance that a retail credit card will carry a very high interest rate and other penalties the cashier won't tell you about too. So think twice the next time you're tempted to accept a retail credit card offer in order to save a few bucks on your purchase. It might not be worth it.

Consumers should avoid signing up for any credit card, especially retail cards, on the spot. Certain cards may be a good deal for your personal situation, but take the time to do some credit card comparison shopping online and read the terms and conditions before making a decision.

Ask yourself why you need another retail credit card and bill to remember to pay each month? Are there better credit card options out there for you? If you make a premature decision without answering these questions, unexpected late fees and high interest rates may wipe out any savings you received for just signing up.