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Four Reasons to Avoid Store Credit Cards
yahoo ^ | December 6, 2005 | David Bach

Posted on 12/07/2005 10:38:09 AM PST by Sonny M

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1 posted on 12/07/2005 10:38:10 AM PST by Sonny M
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To: Sonny M

I've signed up for the card to get the discount. Then paid in full, and then immediately cut up the card.


2 posted on 12/07/2005 10:40:46 AM PST by dfwgator
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To: dfwgator

That is a great way to do it.
I love getting the 10 or 15% off and then telling them to cancel the card. They get so sad


3 posted on 12/07/2005 10:42:38 AM PST by Holicheese (Would you like a beer? No thanks, I will have a bud light.)
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To: Sonny M

These are dubious arguments, at best. They are all predicated on the premise that you, the smart, relatively prosperous, well-employed customer (if you aren't, you shouldn't be in that store in the first place) don't pay your credit-card bills in full every month. If you are in that habit, all four of his 'reasons' are bogus.


4 posted on 12/07/2005 10:43:07 AM PST by ArrogantBustard (Western Civilisation is aborting, buggering, and contracepting itself out of existence.)
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To: Sonny M

Oh, yes: Quoting Chuck "The Schmuck" Schumer doesn't boost his credibility, either.


5 posted on 12/07/2005 10:44:12 AM PST by ArrogantBustard (Western Civilisation is aborting, buggering, and contracepting itself out of existence.)
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To: Sonny M

bttt!


6 posted on 12/07/2005 10:44:34 AM PST by Calpernia (Breederville.com)
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To: Sonny M

As someone who pays c card balanced in full monthly, I always take advantage of offers like these. I only use the card for that one time and then cut it up.


7 posted on 12/07/2005 10:45:28 AM PST by Eagles Talon IV
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To: All
I took some very wise advice and got rid of all my credit cards. Paid them off. Paid off my car. The only dept I have is my house.

Life without credit card bills and car payments is good.
8 posted on 12/07/2005 10:46:58 AM PST by j_k_l
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To: Sonny M
My credit cards are under consolidation thru no fault of my own because I was out of work for over a year right after 9/11. Before that I was paying the more than the minimum payment on each card. I was lucky and thankful that Bush got the economy back on track and I was able to find a job when things started opening up. I'm still under consoldation of course (which is taken directly from my paycheck). But now I Never ever want to see another credit card!

The store cards were the worse when it came to the consolidation company and arranging payments - they would give them such a hard time. The cards from the banks are pretty decent as far as arranging payments under consolidation.

9 posted on 12/07/2005 10:48:13 AM PST by areafiftyone (Politicians Are Like Diapers, Both Need To Be Changed Often And For The Same Reason!)
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To: j_k_l

Life without credit card bills and car payments is good.>>>>>>


And even better without mortgage or rent 8 0 )


10 posted on 12/07/2005 10:51:26 AM PST by RipSawyer (Acceptance of irrational thinking is expanding exponentiallly.)
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To: Sonny M

Sign up, get the freebies, cancel the card. What happened to self control? Take all the bums will give you and let the weak losers pay for it. That's the opposite of us paying for higher prices because of losers stealing stuff and other losers paying late.


11 posted on 12/07/2005 10:52:05 AM PST by right right
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Senator Charles Schumer of New York is also concerned about department store credit cards.

Which is why he had his staff obtain Michael Steele's credit report.

12 posted on 12/07/2005 10:55:27 AM PST by A.A. Cunningham
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To: dfwgator

My wife and I have got the discounts and paided it off before we had to pay any interest 3 times in 4 years. I ahve a friend who has 4 kids. All boys, they do this every summer on the tax free shopping weekend before school. They get a card from Target or walmart load up on clothes and school supplies. Get a card get 10% off, pay it off when the bill comes due (they put $250 a month in savings to cover kid school costs.) Then the cancel the card.


13 posted on 12/07/2005 10:57:37 AM PST by TXBSAFH ("I would rather be a free man in my grave then living as a puppet or a slave." - Jimmy Cliff)
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To: dfwgator

Thats exactly what my wife and I do, I have yet to pay interest on any store cards I have but continually get great deals.


14 posted on 12/07/2005 11:01:18 AM PST by zkbeta51
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To: Eagles Talon IV

I think you still need to close the account with the store officially so that your credit score won't be affected by having so many open accounts floating around.


15 posted on 12/07/2005 11:04:45 AM PST by Cecily
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To: dfwgator

I usually do that too. But apparently your financial rating is adversely affected by merely opening the account.


16 posted on 12/07/2005 11:06:22 AM PST by BunnySlippers
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To: ArrogantBustard
They want your Social Security number which I don't know that I want to give out to every Tom, Dick, and JC Penney just for a 10-15% discount.

Also, grace periods are getting very short, less than 20 days. If you travel or have bad mail service then you may pay late through no real fault of your own.

17 posted on 12/07/2005 11:07:12 AM PST by who_would_fardels_bear
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To: Sonny M

All that said, as long as you pay it off immediately you still win.


18 posted on 12/07/2005 11:08:53 AM PST by Pessimist
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To: dfwgator

I did the same thing....got a beautiful fur coat for a knock off price...


19 posted on 12/07/2005 11:09:04 AM PST by auto power
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To: RipSawyer

"And even better without mortgage or rent 8 0 )"

Agreed. The only problem is you really get hammered tax wise.


20 posted on 12/07/2005 11:10:32 AM PST by Pessimist
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