Getting a store card just to take advantage of promo

bigpimpin24

bigpimpin24

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Hey guys, I was shopping at Macy's yesterday and as usual was asked if I wanted to sign up for their store charge card to get 40% off my purchase. I always say no and I don't even own ONE credit card. The thing is I never was interested in it but I also don't even know how it works or anything like that.

My question is, what if I wanted to sign up for one just to get the 40% off? Do you still pay in cash or do they charge it on the card? If they charge it on the card, what if I pay the bill when it comes and never decide to use it again? I'm very ignorant when it comes to all of this stuff and just starting wondering about it last night.. Thanks!
 
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With the Macy's credit card, your purchase would be charged to the credit card.
You would then need to pay the balance. This can be done online/by phone using your bank's saving/checking account. Or in the store in cash, I believe.
If you are disciplined, there is nothing wrong with credit cards. In fact, they are a good way to build up credit if you are going to make a large purchase later, such as requiring a mortgage, car loan or business loan.
Additionally, many credit cards offer rewards or discounts.
Again, discipline and awareness are very important.
You must pay the balance off in full, and on time, otherwise you will pay interest on the purchase that will destroy whatever savings or rewards you were getting. Also, late payments will hurt your credit score.
In this particular case, if you shop at Macy's often, or if you are purchasing something for $100+ dollars, then signing up for their credit card isn't a bad idea.
But if you don't shop their often, and you are only buying something that isn't that expensive, a Macy's credit card probably isn't worth it.
And if you don't think you will be able to be disciplined with the card and make full payments on time, definitely do not get a credit card, no matter what reward you get.
 
Thanks for the quick response. I could have probably saved about $60 yesterday. Had I known that they were even doing this and been more informed about it, I would have probably spent a lot more money just to take full advantage of it. The thing with me is, whenever I shop for clothes, I usually like to make a big purchase 2 or 3 times a year so it could be big savings I guess. I don't think I would have a problem being disciplined about it, since I usually like to keep tabs on spending and since I pay in cash all the time, would probably set that money aside for the bill when it comes. Something to keep in mind I suppose for next time I get asked to apply for one :p
 
I just want to echo how important it is to have a credit card. Even if you don't 'need' one, you should always make purchases with one each month and pay off the balance on time. This is one of the best ways to up your credit score.
 
I think I'm finally starting to realize this even though I am already 21 years old.. I should probably look into getting one just for the sake of having one like you said.
 
With most store credit cards, you can charge the purchase, then immediately pay off the balance in the store. They can be useful if it's a store you shop at often, as you will usually get additional coupons/offers for future purchases.
 
Had my first credit card at 18 and have been running fine ever since (30 now). Credit cards a great way to build up your credit score (if you pay off the balances every month). By the time I was ready to purchase my house a few years ago, my credit score was up to 780, after opening my mortgage and paying that on time for a few years, my score was well in to the 800's. The credit system is a funny system, everyone is afraid of debt but as long as you pay off your debts on time, then they'll reward you for it.

The good thing about the Macy's card is that you get the bonus when you sign up and they also send you coupons in the mail for $20 off of $50 every couple months.

Also, if you're not approved for a credit card, then I doubt the small hit to your credit score is really going to make a difference.
 
The more cards you open gives you a hit.

Buying something on the card, paying it, then closing it goes in your credit report and hit

If its sitting for more than a year un used close the card down. If it sits there that gets added in your potential credit available when looking to get a loan

Just a fyi to folks who have a mound of store credit cards in your pocket.
 
I have a macys card, I was buying a ton of clothes for a trip and it saved me quite a bit. They send you coupons that are also pretty cool to use with your card. I also have a guitar center card that let me buy stuff interest free for 12 months. I wouldn't recomend to have a ton of store cards but some having one or two isn't the end of the world.
 
I would suggest asking your bank if they can offer you a credit card. When I was looking to get a card, I had no bills, loans, or anything that actually reported on my credit. My bank didn't have any problems using non-traditional resources that don't report on your credit history (my rent, cable bill, gas heating bill, etc.). Also, for my bank, the credit card is linked up with my online banking so I manage my checking, savings, and credit card all in the same place, which is pretty convenient.

After I had the card for about a year without a single problem, the credit card offers started rolling in the mailbox every single day. To this day, I can't go a week without getting a card offer because they know for sure that I pay my bills. Also, after having the card for a while and having no problems, you can call the credit card company and tell them that you're a good customer and would like to know what they can do. Most of the time they will try to lower your interest rate and raise your credit limit.
 
[quote name='Lice']The more cards you open gives you a hit.

Buying something on the card, paying it, then closing it goes in your credit report and hit

If its sitting for more than a year un used close the card down. If it sits there that gets added in your potential credit available when looking to get a loan

Just a fyi to folks who have a mound of store credit cards in your pocket.[/QUOTE]
Don't close down all your cards if you haven't used them in a year. The length of time an account has been open affects your score as well (the longer it's been open, the better). You want to keep 1 or 2 of your oldest accounts open for this reason.
 
Thanks for all the advice guys. I was over at Macy's again today but didn't bother opening one up because I didn't even see anything I wanted to get.. lol. I will definitely keep all this great advice in mind when considering getting ANY credit card =]
 
[quote name='Lawyers Guns N Money']Don't close down all your cards if you haven't used them in a year. The length of time an account has been open affects your score as well (the longer it's been open, the better). You want to keep 1 or 2 of your oldest accounts open for this reason.[/QUOTE]

!! for sure!! sorry for being unclear, I meant like best buy cards, macys, target, yadda yadda...always keep one! thanks Guns
 
[quote name='azngtlman']The credit system is a funny system, everyone is afraid of debt but as long as you pay off your debts on time, then they'll reward you for it.[/QUOTE]

Or you could not pay anything ever, declare bankruptcy and be free in 5-7 years to do it all over again.
 
[quote name='Javery']Or you could not pay anything ever, declare bankruptcy and be free in 5-7 years to do it all over again.[/QUOTE]

Sadly, I personally know of a few people who do this. Sad that it's true and works, not sad that I know them.
 
[quote name='Javery']Or you could not pay anything ever, declare bankruptcy and be free in 5-7 years to do it all over again.[/QUOTE]


I know some states have revised their bankruptcy laws to make it more difficult to declare for this very reason.
 
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