Store credit cards are issued by retail stores and are designed to encourage customer loyalty and increase sales. These cards often come with benefits specific to the issuing retailer, such as discounts on purchases, special financing offers, and exclusive sales or promotions. Store credit cards can be either closed-loop, meaning they can only be used at the issuing retailer, or open-loop, meaning they can be used anywhere the card network (like Visa or MasterCard) is accepted. While store credit cards can offer attractive perks, they often come with higher interest rates compared to general-purpose credit cards. Responsible use of store credit cards can help build credit and maximize savings through store-specific rewards and discounts.
