Department Store Credit Card Perks or Pitfalls?

With more than 80% of U.S., households have at least one credit card, according to CardWeb.com, it is easy to see that there can be benefits and pitfalls and even misperceptions about all the credit card offers that are advertised. This article is focused on Specialty/Department Store credit cards and to have you ask common sense questions pertaining to which one if any is best for you. Personally, I hate all credit cards. If I cannot buy it with cash, then I consider it a want and not a need and can wait until I have the funds to pay for it.
Again, this is my opinion and that is it!

Department Store Credit Cards:
These cards are designed to keep you spending money at their store and not with the competition. Beware of their enticements. For example, many stores will offer you a 10 to 15 % discount on your first purchase or no payments for 90 days. Looks like a great deal, right? You purchase a new washer and drier for $770 and then discounted 10% costing you out the door $700. However, when you are paying them back at 24% interest, you will see that the interest is already worked into the product and you are paying more in the interest. $25 a month for 43 months earns you the right to say that you paid a total of $1,058 dollars for your $700 dollar washer and dryer.

Now what if you plan this time and were to save $100 dollars a month? This time though, you went and offered cash for the floor model, which had some dings and scratches on it and walked away with your product for $500 dollars? Just in case you are going to have an open house to show off your newly scratched washer and dryer, Universal Appliance Touch-Up Paint sells at most stores for less than $5 dollars.
With all the financial education in this country, these mistakes are no longer acceptable. Go see a Accredited Financial Counselor today.