A store card can be a bad credit card

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	A store card can be a bad credit card


	Many consumers become enamored with the idea of saving money on purchases by signing up for a store credit card, but one expert says the quick savings are often met with huge interest rates.

	Many consumers become enamored with the idea of saving money on purchases by signing up for a store credit card, but one expert says the quick savings are often met with huge interest rates. In her Consumerland column for the Chicago Tribune, Kayce T. Ataiyero writes that although the idea of saving 20 percent on a purchase might be tempting, the high interest rates on a credit card balance could offset the initial savings. Over time if a balance is kept on the card the savings are wiped away and the card holder can be left owing much more than the original purchase price. Along with high interest rates, Ataiyero says the cards can also damage a person's credit score which may have farther reaching affects than the savings when the card was first used. "Store cards tend to have low credit limits, usually just a few hundred bucks. So even if you charge modest purchases, it looks like you're using a huge percentage of the card's available balance," she writes. "That signals to lenders that you're a bad risk and your credit score suffers." One solution to this problem is a prepaid credit card which only allows people to use the amount of cash loaded onto the card. In addition to keeping people out of debt, these prepaid cards can help consumers budget their money more effectively.

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