Credit is king. No one can argue that point, as nearly everything we do these days is dependent on how we’ve maintained our credit over the course of our lives. Credit is a great lesson for people of all ages to learn, make good choices and get great rewards. If you’ve got well-established and impeccably maintained credit, then you’ve likely made a lot of excellent decisions with your finances. However, if you’re just starting to make credit decisions or you’re trying to repair your credit because of previous bad decisions, there are a lot of options out there.
Some of the easier cards to get are going to be store based credit cards. These cards are a great way to build your credit or continue the repair process, but your spending needs to be closely monitored in order for them to be beneficial. Typically store cards carry a very high interest rate, so if you’re going to use them, pay them off every month. Not only will it build up your credit score, but it will also help you to rack up the benefits each card offers. If you’re looking for a great starter card, these are the best on the market.
Shop For Credit Success
• Amazon – If you’re a Prime member, you already know what Amazon has to offer in terms of shipping benefits, but the Amazon Prime store card offers 5% back towards your statement each month. While a lot of cards will offer percentages back from your purchases, there is usually a limit to these benefits. With Amazon’s Prime card, there is no cap. There’s no annual fee to keep this card in your wallet, but there is a pretty sizable interest rate so keep your spending under control or pay it off every month. There are a lot of benefits to this card, especially if you’re a big Amazon fan.
• TJX Rewards Card – If you love a good discount then you already know the benefits of stores like HomeGoods, Marshalls, and T.J.Maxx. Chances are, if you love these stores, then you’ve been offered to take part in their credit card benefits. If you’ve turned them down in the past, reconsider. The benefits are numerous; you earn five points per dollar spent in one of the four stores associated with the card and one point everywhere Mastercard is accepted. It doesn’t offer interest free financing, but it also doesn’t cost you an annual fee.
• Target REDCard – This is one that can only be used in stores and at Target.com, but they offer 5% off every single purchase. If you’re an avid Target shopper you know how much of a benefit any percentage off can be. The interest rate is quite high, so this is another one you’re going to want to keep a close eye on in terms of spending. This one offers great protection against fraud as it is chip and pin enabled rather than the traditional chip and signature.
• Gap Visa Card – This is a Visa card, so it is useful nearly everywhere, but you’ll get the most benefit from Gap, Inc. stores. Earn five points for every dollar spend at Gap brand stores such as Gap, Old Navy, Banana Republic and Athleta. Each point is worth one penny and can be redeemed for store credit in the store of your choice. For outside purchases, you’ll earn one point per dollar. This is the one card with other intense benefits as well; card holders will receive 10% off the first Tuesday of every month and if you spend a thousand dollars over the course of a year, you’ll get silver benefits. Being a silver member entitles you to 20% off four times a year and free shipping.
• Best Buy – My Best Buy credit cards have a lot of awesome benefits, like the choice between 5% back on purchases or free 18 month financing for purchases more than $479. The card often offers financing deals on large appliances and new cardholders have the benefit of getting 10% off their first purchase. Take advantage of limited time financing offers that become available several times a year. It has a high interest rate, however, if you fail to pay off your purchases during the finance period.
Shopping at your favorite stores can be an awesome experience, but think about how much better it can get when you’re actually rewarded for shopping!
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