The simplest advice is to stay away from them, period.’’
Published 5:03 AM EST Nov 18, 2019It's easy to get caught up in the holiday rush. You buy a gadget you don't need, gifts for relatives you rarely see and end up spending a lot more than you'd planned.
“They’re very popular around this time of the year when people are shopping,’’ said Odysseas Papadimitriou, CEO of the personal finance site WalletHub. But “it really is a practice that is betting on tricking people to buy something now without realizing what they’re getting themselves into. Let's say you grab a doorbuster deal on a smart TV and open a store credit card so you can gradually chip away at the $300 price tag without racking up interest.
"For many shoppers, these programs make purchases more affordable than a general-purpose credit card purchase where interest often begins to accrue immediately,'' says Austen Jensen, senior vice president of government affairs for the Retail Industry Leaders Association. In 2016, consumers using these cards charged more than $50 billion in purchases and paid roughly $2 billion in deferred interest, the Consumer Financial Protection Bureau says.
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