Should I Use Store Credit Cards Or Reward Credit Cards? - Credit Card Insider

[@Roosyer]

Great answer, thank you!

[@thejokerspeaks]

I would only get a brand credit card if you are loyal to a specific hotel or airline chain, which often include general rewards in addition to direct purchases.

[@zongqin7191]

GREAT.

[@SlyDellian]

The "so many accounts with balances" that John talked about was something that I hadn't learned about until just a couple of weeks ago. Even though I'd been letting all five of my cards report a 1% utilization, a balance is still a balance, as far as FICO is concerned, and I thing that may have caused me to lose a few points. So my strategy for now is to pay all but one in full before closing, allowing only one card each month to report a balance to the bureaus.

[@SlyDellian]

I guess you have to ask yourself if it's really worth it to open a retail credit card and show another inquiry on your credit report, only to get that one-time 10% discount. In my opinion, it isn't.

[@marksantucci4230]

That depends what you mean by store credit card, do you mean the charge card version like Kohls, Lord&Taylor, Jc Penny, Macy's , Wal mart target ect or do you mean the store credit card like LL bean, wal mart either version, Macy's so that would be under American express ect. well cash back cards like the chase freedom , Capital 1 quicksilver, Discover More, American Express blue cards, citi bank double cash, Bank of america cash rewards card have better protection, cash back rewards, coupons higher credit limits and lower interest. But what if somebody only likes 1 store like wal mart or Macy's wouldn't it be smart to get there credit card, so whenever you need a card like when your at the baggage counter and your paying for the checked luggage 25.00 , or if your buying sporting events or entertainment tickets over the phone you can accumlate that stores points or cash back. so whenever someone says how are you paying you can say store credit card. now if someone likes an ambunce of different stores, then a cash back card would be better . what if you have the capital1 quicksilver card and you walk into Macy's or wal mart do you think you get the same amount of coupons as if you have the the discover version or american express of the 2 retail stores?

[@Creditcardinsider]

+Mark Santucci I'm not sure exactly what you're asking. If you have a Capital One Quicksilver card and use it at Macy's or Walmart, you'll get whatever the Quicksilver rewards are. It's up to you to calculate whether those rewards are better than other cards you have, like a store-specific card to that store, and decide what cards will give you more in rewards. -John G

[@marksantucci4230]

John G this is my definition of credit cards. and the credit reports. charge card a card that only can be charged at 1 place or that has same owner ship example Lord& Taylor, Jc Penny , Target, gap , old navy, Wal mart, Macys, Exxon Mobile Valero, citgo, , I don't know if these cards have foreign transaction fees. store credit card any store that has the store name on it and is backed up by a processor and files on the credit report under the stores name. that can be used outside the store. example Ll bean Visa, wal mart has 2 the discover version and master card, Macy's American express, I think gap has visa, Bp gas stations has visa, Toys r us Mastercard. these cards have foreign transaction fees. Revolving credit cards citi bank, chase , capital1, bank of america, Wells fargo and barclay's . Open credit cards where you don't carry a balance the bill is due in full, like revolving credit cards you can use these cards anywhere , un like charge cards you can use them in more places than 1. Green personal, small business , corporate card , gold original personal small business corporate, gold rewards ect platinum American Express open credit cards.

[@BossChronicles]

If i close my macy's credit card will my credit score be effected ? I use it once a year if that it has a very low credit line because i don't use it often

[@Creditcardinsider]

Credit scoring models are complex and everyone's situation is different, so I can't tell you for sure in your situation whether closing a card will help or hurt your credit scores. Usually, though, if the card doesn't have an annual fee I don't see any reason to close it. We actually have a very good page about the pros and cons of closing a card, and how that can impact your credit, so I recommend you check that out and let me know if you have any other questions: www.creditcardinsider.com/learn/when-to-close-a-credit-card/ - John G

[@BossChronicles]

looking to diverse my stream of credit cards i currently have two One Bank of America rewards card and one American Express Platinum i want a third card i was looking into the Luxury card from master card but it doesn't have good benfits even the Black one i heard the Ritz carlton from Chase has good benefits but it's also like AMEX with a pricy annual fee would having these two cards be worth it in your opinion? 450 annal fee for AMEX and Chase Ritz carlton another 450 so 900 annually for these cards or be better just to add another regular card like the bank of america one?