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Retail Credit Cards
Retail Credit Cards are also referred as:
1) Store Credit Cards
2) Merchant Credit Cards
What are Retail Credit Cards and How
They Work?
• Small plastic cards
• Assigned by a certain company
• To obtain a store credit card you must apply at the store that’s offering the credit
• Usually assign a credit limit to each card holder
• Only can purchase products and items at the store that issued the credit
• Can’t be used to get cash from ATM’s
• Charges interest if balance is not paid in full each month
• Charges fees such as over the credit limit fee, late payment fee and sometimes other fees apply too.
• Can make payments at the store that issued the card
• Offers minimum balance payment plans. (bad idea)
• Will receive monthly statement
• The monthly statement will show your last purchases since last payment, your due date, your balance, your minimum payment and the interest that’s charge. It will also show all fees that you owe such as late payment fee, etc
Click next page to learn about bank credit cards
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