Deals by department

Recently. we talked about credit cards and how they can easily become double-edged swords (not in the literal sense, of course). This time, we’ll go over how to properly wield the power of department store credit to save money and increase your credit score at the same time.

I know that I spent the majority of a recent post talking about the evils of credit cards and how much of a slippery fiscal slope they present when handled improperly or irresponsibly…and all these things are still true. There are, however, certain cards that you can use to a potent advantage.

For example, there’s one particular department store (that shall remain nameless) that offers a significant discount to your purchase on the spot for simply applying for their card. Upon being accepted and the actual card issued, you’ll receive special card holder coupons monthly that help you save even more cash, and on top of that, there are often special, in-store (or online) offers extended to their card-carrying (literally) loyal customers. Not bad for five minutes time at the register.

Now, here’s the tricky part: most of these stores will allow you to pay your balance on the spot, right at the point of sale…and you have to do that. Only charge purchases that you can already afford and don’t let yourself carry a balance…ever. an additional two minutes to pay off your credit card at the time of use is, in this author’s opinion, a small price to pay for safety.

Another challenge is to keep the reins tightened on yourself. Don’t go out purchasing everything in sight just because it’s “on sale” or available at a “discount”. Don’t go insane with your newly extended line of credit. Keep it around, use it when it benefits you, but do your best to remember that your new card is not a “carte blanche” permit in it’s associated store. With a keen eye and a bit of discipline, a department store credit card can actually take some financial stress of of you and your family.