As you make your way through the final days of this holiday shopping season, you will undoubtedly be asked on numerous occasions if you would like to save money on your purchase by signing up for a store credit card. It’s definitely tempting, but you need to be aware of just what you’re signing up for in order to get that discount. [More]
Nick went shopping recently at Banana Republic and applied for a store credit card. Now he’s being called by a collections department and receiving contradictory stories about whether or not the retailer has his correct address on file.
Seven Ohio men between the ages of 27 and 50 were arrested last week and charged with conspiracy to commit wire fraud, after an investigation found evidence that they were gaining access to strangers’ store-issued credit cards to buy and resale merchandise. The group’s leader, who was also charged, is a 33-year-old inmate at Fort Dix, NJ. Investigators think he initially met one of the Ohio men in prison.
Consumers are cutting back — and the AP says that shoppers are abandoning Target for even cheaper stores. In addition, Target’s credit card division is running into trouble as shell-shocked shoppers aren’t able to pay their bills.
Our eyes shoot fire when stores make their poor employees harass us about opening a store card, so we’re feeling a perverse sense of joy at the news that store cards are turning into a nightmare for retailers.
Reader Tim says that Banana Republic sent him a Visa after he opted out of the program and that the card’s mailer was misleading (it looked like a replacement for his regular Banana Republic card, not a new “optional” Visa account) and didn’t disclose important details… like the card’s interest rate.