The holidays are a time for giving—but that doesn’t mean you should give up your financial peace of mind to high-interest store credit cards. While store cards may seem appealing with their initial discounts, the long-term costs can outweigh the benefits. Fortunately, there’s a smarter way to shop, save, and even reward yourself this season. Dover Federal Credit Union is here to share some helpful information this holiday season.
Before you impulsively sign up in the store at the register, fight the temptation with these reminders:
- Store credit cards offer great discounts up front, but this is usually only a one-time perk or only a couple times a year. Some store cards even have an ongoing rewards scheme.
- Store credit cards have low credit limits with the highest interest rates in the market, some upwards of 40%
- Having multiple store credit cards is more to manage, both financially and mentally.
- Store cards often have no use beyond the store or family of brands.
- The more cards you have, the greater your risk of fraud or identity theft.
- Getting a store credit card – or even just applying for one – can cause your credit score to drop
Don’t pigeonhole yourself and your potential rewards with store credit cards!
Choose one of our more versatile and financially responsible cards:
Dover Federal Credit Union’s Cash Back Mastercard® can earn you up to 2% back on all purchases, not limited to particular retailers. Getting that refund on holiday shopping can help you spend and stress less.
Dover Federal Credit Union’s Advantage Mastercard® comes with an unbeatable variable interest rate that is over 50% lower than the national average*, allowing you to pay down balances at your own pace, free from penalties or hidden fees associated with most retail credit cards.
Treat yourself to savings this holiday season to a Dover Federal Mastercard®!
Dover Federal Credit Union
For 66 years, Dover Federal Credit Union has served as a member-owned financial cooperative, designed to provide access to equitable financial products and services that create stability and lead to establishing generational wealth. Today we serve over 44,000 members, encompassing the military, Delaware families and Employer Groups. Serving Camden, Dover, Middletown, Milford, Smyrna & the New Castle areas in branch & online.
