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Many people hold a variety of store cards for a number of retail chains, and these cards can be very convenient when it comes to going on a spending spree in your favourite shop.
But just what price are you paying for this convenience?
A wide range of retail chains now offer store cards, but because of the stiff competition that they face from other types of card issuers such as standard credit cards and retail reward cards, they have to do something to try and tempt the customer.
The way that retailers do this is by offering a generous initial discount on your purchases simply for making an application for one of these cards.
Many people are lured into applying for store cards when they are offered a twenty percent - sometimes higher - discount by the store on their initial purchase.
However, what many remain blissfully unaware of is that once you start using the card you will be charged hefty rates of interest on your purchases, which will very soon enable the shop to recoup the discount you were given and a lot more besides!
What's the solution?
If you do enjoy shopping and you want to enjoy the convenience of a card without the hefty interest rates charged on store cards, then you could benefit from a retail rewards card.
Retail reward credit cards are ideal for shoppers, and will enable you to enjoy discounts with a range of retailers whilst enjoying the convenience of paying by card.
A retail reward card is not a store card, but a credit card that offers rewards for shopping, which includes reward points or generous discounts at certain retailers.
If you are the type of cardholder that tends to repay the full balance on the card at the end of each month then you could really benefit from these retail reward cards, and although many store cards offer selected discounts the rewards and discounts offered on these retail cards can often be far more beneficial.
The interest rates charged on retails reward cards can vary, and you will find a number of cards available from a variety of companies.
Of course, it is important to consider whether a retail reward credit card is going to be your best alternative to a store card - for instance, if you only make small repayments on your balance at the end of each month then you may be better off selecting a low interest credit card instead in order to keep interest costs down.
However, if you pay your balance in full, you can enjoy interest free credit as well as a range of discounts or rewards with these retails reward cards.
Compare retails reward cards to find the right one for you
You will find some great deals available on retail reward cards these days, with a variety of reputable lenders and card issuers to select from, including:
The best way to determine which credit card is going to provide you with great value for money and excellent rewards is by comparing the credit cards on offer.
You can do this through our retail reward credit card comparison page, which is a valuable resource that can quickly and effectively help you to find the right card for your needs, thus saving you time as well as money.
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