Have you struggled with your credit score and are looking for ways to improve it? Department store credit cards could be a lifesaver for you. With lenient approval requirements and exclusive in-store perks, these cards can be a great way to rebuild your credit while shopping at your favorite stores. In this article, we'll explore some of the best department store credit cards for bad credit, helping you make the right choice for your financial situation.
Best Department Store Credit Cards For Bad Credit Table of Contents
What are Department Store Credit Cards?
What are Department Store Credit Cards?
Department store credit cards are offered by various retail stores and allow cardholders to make purchases at the store or its affiliated brands. They typically come with special discounts, rewards, and financing offers for their cardholders. These cards can be an excellent option for those with bad credit, as their approval criteria are usually more lenient compared to regular credit cards.
Benefits of Department Store Credit Cards for Bad Credit
- Higher Approval Odds: Department store credit cards often have relaxed credit requirements, making it easier for individuals with bad credit to get approved.
- Rewards and Discounts: Cardholders can enjoy exclusive discounts, reward points, and special financing deals when shopping at the store.
- Credit Improvement: By using the card responsibly and making timely payments, you can improve your credit score over time.
Best Department Store Credit Cards for Bad Credit
1. Target REDcard
The Target REDcard is an excellent option for those with bad credit who frequently shop at Target. With this card, you'll enjoy a 5% discount on all Target purchases, free shipping on most items from target.com, and an extended 30-day return policy. While there's no annual fee, the card does have a high-interest rate, so it's essential to pay off your balance each month to avoid interest charges. The Target REDcard doesn't specifically state a minimum credit score, but many cardholders report approval with bad or limited credit.
2. Kohl's Charge Card
If you love shopping at Kohl's, the Kohl's Charge card could be a great option for rebuilding your credit. Cardholders can take advantage of a 35% discount on their first purchase and exclusive monthly discounts. Although there's no annual fee, the card has a high annual percentage rate (APR), so it's crucial to pay off your balance in full each month. Like the Target REDcard, the Kohl's Charge doesn't state a minimum credit score requirement, but numerous cardholders report approval with less-than-perfect credit.
3. Fingerhut Credit Account
The Fingerhut Credit Account is offered by WebBank and provides financing for purchases made through Fingerhut.com, an online retailer selling a wide range of products. With this account, you can enjoy low monthly payments and access to credit-building tools. While there's no annual fee, this credit account comes with a high-interest rate. Fingerhut doesn't advertise a minimum credit score but is known for approving applicants with bad or limited credit histories.
Best Department Store Credit Cards For Bad Credit Example:
Meet Jane, a young professional with a less-than-perfect credit history due to late payments in the past. Now, Jane wants to rebuild her credit score while enjoying some in-store perks. After researching her options, she applies for the Kohl's Charge card as the store is one of her favorites for shopping.
Luckily, Jane gets approved for the Kohl's Charge card. She enjoys a 35% discount on her first purchase and exclusive monthly discounts. Jane makes sure to pay her balance in full each month to avoid high-interest charges. By consistently using her card responsibly and making timely payments, Jane gradually begins to see improvement in her credit score.
Now that you know some of the best department store credit cards for bad credit, it's time to choose one that suits your needs and shopping habits. Remember, the key to improving your credit score is using your card responsibly and making timely payments.
Feel free to share this article with friends and family who may be looking for ways to rebuild their credit. Also, don't forget to explore other informative guides and articles on Flik Eco, your go-to source for personal finance and investment tips. Together, let's hurdle the barriers of bad credit and pave the way to a brighter financial future!
