Store Cards – Seldom the Better Deal

With offers of an additional 15% off your purchase or free merchandise, it’s tempting to apply for credit cards from your favorite retail stores. Think twice, however, before signing up. If you don’t pay the bill in full at the end of each month, you could end up paying much more than you originally would have saved.

That’s because interest rates on retail cards average about ten percentage points higher than credit union credit cards. Store cards usually offer special incentives for cardholders to increase loyalty and encourage them to spend more. The average household has about 2.5 store-issued credit cards. If you plan to buy a car or house in the near future, it can hurt your chances to get a loan at a favorable rate if you have many recently opened lines of credit. It’s usually better to have one major credit card that you can use for all items you wish to charge.

Texas DPS Credit Union offers credit cards at a low, fixed rate. This means your rate will never go up unexpectedly due to changes in the financial environment. With no annual fees and rates to fit all credit tiers, this card may be the perfect fit for you!

If you have preexisting credit card debt from store cards or another financial institution, you may be able to transfer your balance to our card for greater savings!

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