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Saturday, 9 June 2012

Apply For Store Credit Cards Online

Department store credit cards can be an excellent way to establish credit, but many have higher interest rates than other cards. Department stores offer great deals when you apply for a card with a purchase. It is worth doing your homework first to figure out if the benefits outweigh the costs for these cards.

Macy's is one of the most well-known department store brands in the world. As is the case with many large department stores, Macy's offers its customers the ability to apply for a Macy's credit card. Macy's credit card holders receive special offers on a regular basis including extra discount days for themselves as well as a friend, invitations to special events and more. You can apply for a Macy's credit card online, by telephone or in person at your local Macy's store.

How to Apply for a Macy's Credit Card Online:

1. Open your web browser and go to the Macy's online credit application website. Once at the site, verify that the address begins with https://. This will ensure that you are using an encrypted connection to submit your personal data.

2. Enter your personal information as well as the requested data to verify your identification. The verification is included as an extra step to prevent an individual from applying for credit in your name.

3. Read the Terms and Conditions completely. It is important to read this section thoroughly, as it contains important information about your Macy's credit card account.

4. Place a check in the box confirming that you have read and accept the Terms and Conditions and then click on the "Submit" button. After a short time, the results of your Macy's online credit application will be displayed on the screen.

5. As an alternative, visit any checkout counter at your local Macy's store to apply for a credit card. This is the way to go if you are uncomfortable submitting personal information over the Internet.

6. Inform the Macy's clerk that you would like to submit an application for a Macy's credit card. The clerk will provide you with an application to complete.

7. Return your completed Macy's credit card application along with your driver's license (or other form of picture identification) to the clerk who will then process your application. It will take just a few minutes to complete the Macy's credit card application process and the credit decision should be available instantly.

Friday, 8 June 2012

Department Store National Bank Credit Cards

Department Stores National Bank (DSNB) is the credit card issuer of Visa and retail private label accounts for Citibank’s relationship with Macy’s, Inc. (formerly known as Federated Department Stores, Inc.). Cards issued by DSNB bear the marks of Macy’s, Inc. store brands such as Bloomingdale’s and Macy’s.

DSNB is a subsidiary of Citibank (South Dakota), National Association (CBSD) and does not have any employees or any branch banking offices. All servicing of the bank’s accounts is currently provided by affiliates and third parties pursuant to contract. As DSNB does not have any employees, CRA activities are allocated to DSNB from the bank’s affiliates, primarily from CBSD, Citi Community Capital, and the Citigroup Foundation (The Foundation).

DSNB was chartered in 2005 under the Competitive Equality Banking Act (CEBA) of 1987. A CEBA bank is not a “bank” for purposes of the Bank Holding Company Act if it engages “only in credit card operations” and does not:
(1) accept demand deposits or other checking accounts;
(2) accept savings or time deposits of less than $100,000, unless for collateral on a loan;
(3) maintain more than one office that accepts deposits;
(4) engage in the business of making commercial loans. These statutory provisions reflect a legislative policy of restricting the ability of CEBA credit card banks to compete with retail banks by limiting the institution’s deposit taking and lending activities.

Since this is a CEBA bank, it cannot make commercial loans. Therefore, the Strategic Plan was developed to address investments and services, not lending. Other than the restriction on lending, there are no legal, financial, or other factors impeding the bank’s ability to help meet the credit needs in its assessment area.

For more information about Department Stores National Bank read here. (PDF File)

Thursday, 7 June 2012

Instant Approval Store Credit Cards

When you apply at a store for credit, you can be approved instantly. Once you provide the store employee with your personal information, they will be able to let you know the status immediately. This type of process is quick and keeps customers from having to wait if they are looking for credit. A number of retail outlets have an in-house credit processing department.

How to Get Approved Instantly for Store Credit Card:

1. Fill out the credit application. Give the customer service representative your personal information including name, address, date of birth, Social Security number, and place of employment. You will also be required to provide your income and a couple of personal references. Include your home and work phone numbers on the application.

2. Read the income disclosure on the application. Credit applications have an disclosure similar to the following: "Sources of income from alimony, child support or separate maintenance need not be revealed if you do not wish to have them considered as a source of repayment." Therefore you do not need to include income from those sources on your application. Sign the credit application at the bottom. The store representative will call your information in to their in-house credit processing department.

3. Wait for a decision. If you are approved, the store employee will let you know that you have been approved. The store will establish a credit limit for you. You will be able to make a purchase the same day. Any purchases made will go against the credit limit, which reduces your available credit. A credit card will mailed within seven to 10 days.

4. Review any discounts, bonuses or rewards. When you are approved immediately in the store, you usually receive some type of discount, such as 10 percent off when you make a purchase. Your discount will take effect if you make a purchase that day.

5. Wait for your credit statement. The retail store will send you a monthly statement in approximately 30 days. You can pay the entire balance or the required minimum payment. Paying the entire balance will ensure that you don't incur any finance charges. If you choose to pay the minimum balance, you will incur finance charges on your next statement. Any payments made will increase your available credit.

6. Apply online. You can also apply online with many credit card companies and other stores. You key in your personal information the same way you would fill out the application and hit the submit key, and then a decision will be rendered instantly. If your credit is not good, you may not get approved. If the store needs additional information, there is a good chance you will not get an instant approval.

7. Pay on time. Making payments on time will help your credit report and increase your credit score. Eventually the retail store will increase your credit limit when your payments have been received on time for approximately one year. This policy can vary from store to store.

8. Get approved for additional credit in the future. If you wish to make other purchases in the future, you will not need to fill out another credit application, provided your account is in good standing and it has not been closed. You can make new purchases up to your credit limit.

Wednesday, 6 June 2012

Good Store Credit Cards

Are Store Credit Cards GOOD or BAD?

Going through the checkout lane at a store, you have probably heard at least one pitch for a card issued by the company that might even come with a discount on your purchase instantly. Store credit cards are usually a bad idea for people with a good credit history and ready access to a credit card. People trying to rebuild a credit history would be wise to at least consider using a store credit card.

#Disadvantages

Of all types of credit cards, store cards usually have the highest annual percent yield -- usually 21 to 33 percent, according to the BCS Alliance. Also, the limits on these cards are typically far lower than that of a traditional credit card. This makes maxing out the credit limit and paying much more for purchases if you carry a balance much more likely.

#Benefits

The minimum requirements to obtain a credit line from a department store are much lighter than those of a bank. Most stores approve anyone who makes more $12,000, is at least 18 years of age and has a checking account. This makes store cards ideal for someone building a new credit history or rebuilding a bad one, because most store card creditors report to the major U.S. credit reporting bureaus.

#Possible Credit Score Harm

The low limit and fees that most department stores charge could damage your credit score as soon as the lender approves the application, because the fee might eat up a large portion of the card's limit. Credit utilization -- the ratio of credit used to credit available -- is a significant part of the FICO score calculation. If you receive a $500 limit with a $250 annual fee, you start off with a utilization of 50 percent -- dangerously high in most cases.

Tip:

Never carry a balance on the card from month to month, especially if you just sign up for the promotional discount. At the interest rates charged by most department stores, a month or two of finance charges can cost much more than whatever discount the company offers. Ask the creditor if he reports to Equifax, Experian and TransUnion -- these are the major U.S. credit bureaus. Unless he reports to all three, a store card does not build your credit history as much as possible.

Tuesday, 5 June 2012

Easy Approval Store Credit Sards

It's no secret that credit cards in general can get users into financial hot water and that department store cards have higher rates and high temptation value when walking through a well-stocked department store. Kohl's Department stores are known mostly for clothing shopping. They do have up to date styles and competitive prices. Kohl's is one of our family's favorite clothes shopping venues and since we shop with children in tow, we're thankful that Kohl's has a rather small toy section.

Kohl's stores are generally well organized, clean and the store employees, including customer service, in our experience have been helpful and friendly.

The 411 on the Kohl's Department Store Credit Card:

-Easy to apply and easy approval

-It is fairly easy to get approval for even with less than stellar credit. Applications are available in Kohl's stores and can be printed on line but they must be processed in the Kohl's store. For our family, it took just two minutes for approval once we handed over our application.

-High interest rate of 22% fixed but no annual

We've never been charged an annual fee for a Kohl's card but like most all department store cards, the Kohl's card has a higher interest rate than most non-store ones. The rate is fixed. There are no lower teaser rates but on the other hand there have been no increases.

-Easy online access and customer service

You can as you would expect these day access your Kohl's account online after registering online. You can easily review statements or pay your bill. Kohl's customer service can be accessed through the Kohls.com website for general purchase questions or credit card questions. Fortunately, we've had no problems or surprises with our billing

Is a Kohl's Department Store Credit Card a Good Option?

If you are a regular Kohl's shopper, whether in store or online, our recommendation is yes as long as users have the discipline to be savvy and shop within their monthly budget plan.

-Discounts and promotions for opening a credit card account

What makes the Kohl's credit card attractive is the special savings for cardholders that are both immediate and ongoing. Our family got the Kohl's credit card when offered a 20% off today's purchase and a $25.00 gift card to use later.

-More online shopping savings when using your Kohl's credit card

We learned that Kohl's often offers online shopping deals that range from 10 to 30 % off of your purchase for credit card holders. The discounts seem to rise before Christmas. Again, as long as you can shop responsibly and pay your bill on time, you can save money using a Kohl's credit card. There is a 28 to 31 day grace period depending on the days in the month and users paying the Kohl's bill on time consistently, will save money and build credit. We've also noticed that there are in store discounts for card holders that apply even if you don't use credit to pay for the purchase.

The bottom line is that while the interest rate is higher than many non-store cards, there is a grace period so as long as you pay off your bill, or most of it, each month, you will be still saving money with Kohl's credit. The discounts and promotions from Kohl's make having their credit card in your wallet worth it if you are a Kohl's shopper.

Monday, 4 June 2012

Jewelry Store Credit Cards

Jewelry store credit cards are usually easy to get. Apply online at a store's website or in-person at the store of your choice to see if you qualify.

Many people may not realize it, but a jewelry store credit card is a great way to build your credit, especially if you have none to speak of. While the people at Visa, MasterCard, Discover and American Express may not want to give a person with no financial experience a try, a jeweler may be a bit more lenient with their credit.

A jewelry store credit card can be obtained through two main methods. The first is through the internet, through the website of the jeweler of your choice. It is also possible to obtain an application from the jeweler itself. They often offer free gifts for those who do choose to fill out an application, especially during the holiday season.

There are many reasons to apply for a jewelry store credit card. For one thing, quality is important and jewelry is often purchased for those people that are the most special in our lives, those that matter the most. These special people deserve the best more than anybody else, but when it comes to jewelry the best is often a bit more than we can afford with the money out of our savings accounts. This is where credit comes in handy; it grants a loan and allows one to purchase the merchandise while making payments to the creditor.

How Much Credit Limit on a Jewelry Store Credit Card?

The credit limits vary on a case to case basis, depending on the shape of your credit and the policy of the jeweler. They may also require that you pay for a portion of your purchase with cash, as a sort of down payment on your item. This helps to ensure that the credit is being taken out in good faith and that the person is moving forward with good intentions to make good on the loan.

It is possible to get an extension of your credit limit with a jewelry store credit card. This can be done by making timely payments on a purchase or paying a purchase off in a timely manner. For those who hold their jewelry store credit cards for an extended period of time, a raise in credit scores and timely payments on other items may also warrant an extension of the credit limit, making it possible to make purchases of more expensive jewelry items in the future.

For those who are looking for ways to build their credit, consider the fact that a jewelry store credit card may be the answer. While the credit is a bit easier to obtain than other credit card brands out there, the timeliness of payments and the fact that the credit is paid off in good faith means a lot, and will say a great deal to potential creditors in the future who are viewing your credit report.

If you are looking to make a nice purchase from a jewelry store or just want a way to build your credit for other financial goals that you may have, consider the fact that a jewelry store credit card may be the answer.

Tips:
Only apply for credit at a jewelry store that you want to buy from. Try to keep your spending to a minimum and only purchase what you can afford to pay off in a few months time to avoid paying a lot in interest.

Sunday, 3 June 2012

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