[S]tore credit cards are nice for a lot of users. They often come with special perks and rewards. You may get an added discount or special coupons on sales. You may gain points that can be used towards purchases. However, these benefits only work as long as your store is open. What happens to your card if the store closes?
If the store had multiple locations, you may be able to use your card at other locations or even online. In this case, nothing will change with your account. You just won’t have the option of shopping your local store. You may end up with shipping charges on your purchases though if online is your only option.
In some cases, the store may have been part of a family of brands. In this situation, you may be able to shop at the other associated brands with the same card. You may receive a new card to another store to replace this card. If this is the case, any rewards you had earned may or may not be transferred, but the rewards program may go away.
You No Longer Have a Card
If the entire company is gone, you may no longer have a working credit card. Your account will be closed. Realize that this may have a negative effect on your credit score even though it was not closed due to anything you did wrong. You will still have to pay the balance off in full or it will hurt your credit.
You can replace the card with a new one if you apply and are approved. Of course, this will also lower your credit for a while because of the inquiry from the new creditor. However, it will give you a new card with more available credit which can help offset the loss of the other card.
Most financial experts advise people to focus on major credit cards rather than store credit. However, you should know the impact if you choose to own one of these cards.
Credit often becomes even more important or a bigger hindrance around the holidays. It can either make your holidays better because you can spend more, or it can limit how much you have to spend if you have bad credit or none at all. Here are some ways to make sure your credit is ready […]
[R]etailers look at the holiday season as their time to make money and make up for any struggles from the rest of the year. They work to come up with all kinds of ways to bring in new business during this season. However, not all marketing ploys and gimmicks are good for you or for […]
[S]tore credit cards are nice for a lot of users. They often come with special perks and rewards. You may get an added discount or special coupons on sales. You may gain points that can be used towards purchases. However, these benefits only work as long as your store is open. What happens to your […]
[B]usiness credit cards are a great option for people who own a small business. It allows them to use credit to pay for purchases or expenses when they have limited or delayed cash flow. It also makes it easier to keep personal and business expenses separate. You should know that if your personal credit history […]
[I]f you have been told you have excellent credit or your credit score is in the upper 700s or even 800, you may think the sky’s the limit on applications. You get a wake-up call when a creditor tells you that your application has been rejected. How could this happen to someone with excellent credit? […]
If you’re like most people, you get into trouble with your credit because you don’t have enough money to pay the bills on time. You may live too close to the max of your budget or have too many unexpected expenses come up. If this sounds like you, then you’ll want to look for ways […]
[Y]ou don’t have much money and any you do have goes towards paying your college expenses. You may wonder why a credit score even matters at this stage of your life. If you haven’t given it much thought before, you need to become aware of it now. Your Future Depends On It Your credit rating […]