How Can Store Credit Cards And Gas Cards Rebuild Your Credit Score?

While generic credit cards are the most commonly used cards, the use of store cards and gas cards is on the rise. Store and gas credit cards offer more convenience; what makes this more advantageous to consumers is the fact that these cards are available to consumers with poor credit but who have intentions of rebuilding it.

Are Store And Gas Cards Easier To Get?

Unlike the regular credit cards, store and gas cards are easier to avail. Even if you have a poor credit score , you can still be granted these cards. Retail stores and gas establishments are reputed to be more considerate in approving their brand cards. Store cards can be easily availed in your favorite stores. Gas cards, on the other hand, are convenient if you frequently purchase fuel and the incidents that go with it. Gas cards are often issued by reputable credit card companies although the same are issued by big gas retail franchises.

Video: Understanding the new rules governing credit card issuers

Rebuilding Credit Through Specialty Credit Cards

If you are seeking to rebuild your credit reputation, store cards and gas cards can help you achieve that goal. Credit cards issued by retail stores are generally known for being less stringent in approving store credit cards for those with poor credit scores. If you do not have a balance left on these cards, these can help you rebuild your credit score. Maintaining no-balance credit cards for long periods can contribute points to your credit score . Using store credit cards will provide you more chances of rebuilding your credit score since there are many things that can be purchased in department stores and gas consumption is a necessity. But it is important that you use these cards wisely and not throw yourself into a shopping spree. Make sure that you can pay your balance in full when your store card statement arrives. The advantage of using store and gas cards enable you to use it in just one place. The most advisable place to apply for one is with the store that you frequent the most for your purchases.

How Can These Cards Save You Money?

These cards can save you money as long as you keep in mind that your goal is to rebuild your credit score. Store credit cards allow you to save on your purchases. Using these cards in your favorite store enables you to avail considerable discounts and incentives. You can get points from your purchases which when accumulate over time, can be used as your purchase money. Gas cards provide you with discounts in your regular purchases. Gas retail companies also add incentives by giving card holders gas bonuses after accumulating a certain amount of purchase. As a gas card holder, you can also avail freebies for your car. If you pay off all your dues on these cards every month, you will not only improve your credit score but you will earn rewards out of it as well.

Video: How to apply for a credit card, even if you have bad credit

List of Top Store Credit and Gas Credit Cards

Costco American Express
APR 15.99%. Consumers can earn a dollar for every purchase at Costco and its partner retailers,
2% on airline and hotel services, car rentals and cruises, and 3% on restaurants and gas stations.

Wal-Mart Discover Card
APRs from 11.87% to 20.87%. The cash rebate is based on 0.25% to 1% of every dollar you spend,
with the rebates increasing the more you spend.

Bloomingdale’s Visa
APR 22.9%. You get a 3% reward for every dollar spent in the store and 1% for purchases made elsewhere.
Policy requires $1,000 in Bloomingdale’s purchases annually.

Macy’s Visa
APR 22.9%. Get up to a 3% reward for every dollar spent at Macy’s, and 1% on purchases elsewhere.
Good toward gift certificates after you spend $500.

Capital One® No Hassle Miles(SM) Rewards
Earn 2 points for every $1 spent at gas stations, grocery stores, and drug stores, and 1 point on all other purchases. There are no earnings caps, and points don’t expire.
No annual fees.

Discover® Open Road(SM) Card
Hurry to receive a double Cashback Bonus on grocery store purchases in November and December!
Also 5% Cashback Bonus on gas and auto maintenance purchases.