Are store credit lines worth it?
I never had a store credit line. I know places like Best Buy, Target, Victoria's Secret, and even Amazon offer this. I have been tempted to sign on because I know I would get approved but I heard the rates of these credit lines are not great.
Why not, i have used it couple times and no issue and sometimes they can give you for first year 0% interest which is cool.
I think they can be. I have one with Target and the interest rates and what not are not that bad. They also give you perks for being in their credit system. I mainly shop here because I have the card so it is actually convenient for me.
It depends on your scores signing on for them. If you don't have good credit, they can be a nightmare long term. I do think that they are great options for people who are just starting off with credit though. My first card was with a department store and was a very low allowance ($300 to start) but I quickly got that up to $1,500 the first year.
They are great for building up your credit score while limiting your access to the card. I have a few myself and it is easier to be tied to one store with a card than be able to use it anywhere and everywhere.
Some are just for building your score up in a more controlled setting. My parents always struggled with managing their credit so after they filed bankruptcy and waited a few years, my mom was able to get a few credit lines at stores and has been able to maintain them just fine.