Do You Have A Department Store Or Gas Credit Card?

The good thing about department store and gas credit cards is that they're pretty easy to get. If you can't get a major credit card due to bad credit or no credit, you can pretty much count on getting approved for a credit card from your favorite store or gas company.

The bad thing about department store and gas credit cards is the interest rate. With APRs starting around 21%, carrying a balance on one of these cards can be costly. Because of this, it's better to pay your credit card balance in full each month rather than letting your balance revolve.

Think of this kind of credit card strictly as a way to build a good payment history, not as a way to buy more clothes and keep your gas tank full. After several months of timely payments, your chances of getting a major credit card will have improved.

More Reading

• Do's and Don'ts of Using Department Store and Gas Credit Cards
• Understanding the Monthly Credit Card Process