Store credit cards from places like Old Navy, Kohls, Target, and more seem like a great idea at the register but come with some major drawbacks.
We’ll briefly go through some of these drawbacks, then show the credit cards you should be using instead.
No 0% Intro APR
Most store credit cards do not offer 0% Intro APR for any amount of time. Many of the cards shown below provide 0% Intro APR until 2022!
Cash Back is limited
Most store credit cards allow you to only redeem cash back at their store, or a group of stores that they own. Each of the recommended cards on this list allow you to redeem cash back for any purchase as a statement credit. You’ll no longer be caged into redeeming your cash back at one store.
Incredibly High Interest
Store credit cards can charge you up to 26.99% in interest charges. Depending on your credit worthiness and after the long 0% Intro APR period you could get an interest rate as low as 13.99%. That’s almost half of what a store credit card could charge you.
The choice is simple, ditch your store credit card for one of the cards below and enjoy 0% Intro APR, more flexible cash back, and avoid high on-going interest charges.