1 year, 5 months ago
Why are in-store credit card offers bad?
Why is it that I keep hearing that in-store credit cards] are bad? Is it because the on those credit cards is high?
Separate topics with commas, or by pressing return. Use the delete or backspace key to edit or remove existing topics.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$1 Answer
In a simple sense, I think they're bad because they tempt you to do something you weren't planning on doing. I strongly feel that all credit decisions should be approached with careful decision making. Deciding to apply for new credit on the spot is a really stupid thing to do.
However, what you've said about the high interest rates is also true. It's not even just that the rates are high; it's that they're in many cases higher than other competing credit cards that are available to you. Instead of signing up for the *best* card for your individual circumstances, you sign up with the company that set up a kiosk at your favorite store. Considering that you will likely be keeping the card for decades, it's a decision that should be approached slowly and thoughtfully.
However, what you've said about the high interest rates is also true. It's not even just that the rates are high; it's that they're in many cases higher than other competing credit cards that are available to you. Instead of signing up for the *best* card for your individual circumstances, you sign up with the company that set up a kiosk at your favorite store. Considering that you will likely be keeping the card for decades, it's a decision that should be approached slowly and thoughtfully.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$Report Abuse
