A recent survey by myFICO, creator of the almighty FICO credit score, reports that 1 in 10 shoppers will sign up for an in-store credit card when offered a discount at the cash register.
You know how the spiel goes, right? Just when you're about to make a purchase, the cashier asks, "Would you like to receive 10% off today by signing up for our credit card?" And while it can be hard for anyone to turn a discount down on the spot (especially for larger purchases), you should really avoid signing up for store credit cards if at all possible. Here's why.
Not only will an extra hard inquiry lower your credit score, but retail credit cards generally have higher interest rates, much lower credit limits, and unfavorable terms when compared to regular credit cards. Instead, use our search tool to compare and contrast the best credit card offers on the market and find the perfect card for your credit needs today.
