Securing Retail Discounts
If you have a large purchase planned, or you’re a loyal customer to a specific store, keep an eye out for specialty credit offers from retailers. Some give you a bigger percentage off their products than the sales available to non-cardholders, as well as promotional coupons or regular small discounts.
But note that “I’ll get 40% off my purchase” isn’t an excuse to sign up for every retail card you’re offered. These cards tend to carry high interest rates (one of the reasons we rarely recommend them), so you’ll only want to take advantage if you’re prepared to pay off your balance in full, and if you intend to use the card more than just this once.
For instance, if you’re expanding your family and will get regular discounts at the baby supply store you frequent by using its card, this might be a good move. Same if you loyally purchase your toiletries and groceries at the same store year after year, or if you’re buying a house and see a future full of appliances and socket wrenches from your local home supply store. If you want to sign up for the card to get one discount on one thing at a store you’ll never visit again, put down the pen.
And make sure to read the fine print: With some offers, if you don’t pay the full balance by the end of the special offer period, you will owe accrued interest back to the purchase date!