Choosing A Student Store Card

Store cards have grown vastly in popularity over the last few years, however this new fad is the most expensive way of borrowing money and often leaves many individuals in a lot more debt than they can afford.

One of the main reasons people take out store cards is usually a spare of the moment decision, during a routine visit to a particular store the assistant serving the customer routinely asks if they want to open a store card account to save money on their first purchase.

Our advice is simple, we do not recommend that you take out these cards as they are a very easy way to get into debt and fast. Generally there are no store cards that you need to stay alive so what bother taking them out in the first place...think of all the excuses you may be thinking up such as I will only use it in an emergency, or I will only use it to get the discount this time around. It speaks for itself really these cards are a means to buy things that you either can not afford or don't really need.

However as we are trying to be impartial here if you do happen to step on this narrow path here are some pros & cons of what to expect and to watch out for.

Pros

You will usually be offered a decent discount on your first card purchase, especially handy if you are having a one time spending spree in a shop.
You can get up to 30 days interest free credit on these cards however go over this period and you'll be stung for interest.
You get to look around sale preview evening and grab the bargains first.
You may well receive free vouchers now and again, but if your on our site then you don't need them as we give them away for nothing.

Cons

The interest rates on these babies are likely to double your debt overnight.
Like any outstanding debts if you can't keep up the repayments then your credit history will be adversely effected.
They are a good exclude to buy things you don't need.
Oh and finally did we mention the massive interest rates some of these cards come with...

In conclusion if you have outstanding store card balances then transfer them to a credit card with interest free offers on balance transfers, you'll save a packet. If you don't yet have the pleasure of a store card then well done...don't.

Read Part 3 Student Funding