First Bank of the Lake: Store Credit Cards: Should I Get One or Not?

How often have you been asked by the cashier at the store, "Would you like to sign up for our store credit card?" Often times they will even throw in a discount for signing up. For example, "you can get 25% off your purchase today if you sign up for our card." While that discount can sound pretty tempting, is a store credit card really the best thing for you? Our bank at the Lake of the Ozarks is here to help you weigh the pros and cons of getting a store credit card. Did you know that you can get paid to shop when you choose First Bank of the Lake? Get paid when you use your debit card, it's that simple. For the details of this phenomenal product, call First Bank of the Lake today at 573-348-2265.

The Pros and Cons of Store Credit Cards

Pros

Build Your Credit History
Have you ever had a credit card or loan before? If your answer is no, then the odds are you don't have much of a credit score. A store credit card could help you start to build your credit history and they are usually pretty easy to apply for and get approved for.

Special Discounts
Typically, stores will offer great discounts if you sign up for their store credit cards and you may be able to accrue special reward points too, as you make more purchases.

Cons

Accrue Debt Easily
Store credit cards can make overshopping very tempting because you can have that sensation of "I can buy something without having the money right now." The reality is that you will have to pay that money back and your debt can just get bigger and bigger the more you shop.

Misunderstand the Terms of the Card
Don't forget to read the fine print. Typically, when you get a store credit card at the counter, the cashier isn't going to explain how it works and they will hand you a pamphlet with information. You may not have time to actually read it and end up missing out on something important like a high annual fee you must pay for example.

Get Paid to Shop with First Bank of the Lake

Get paid to go shopping with this free checking account that pays cash back on your debit card purchases. You’ll also get refunds on your ATM withdrawal fees. At First Bank of the Lake, we basically pay you to bank here. Open a free Kasasa Cash® checking account at the Lake of the Ozarks and get rewarded for doing simple banking activities, like using your debit card. Learn more by calling First Bank of the Lake at 573-348-2265 or visiting our website at www.FirstBankLake.com.

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