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]
store cards
Banana Republic Credit Card Comes With Free Account Errors, Late Fees, Disconnected Calls
By 8.3.10
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. [More]
Prison Inmate Charged With Running Major Department Store Credit Card Scam
By 4.5.10
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. [More]
Should Retailers Verify Customer Income Before Extending Credit?
By 12.7.09
One provision of the CARD Act requires credit issuers to verify income and debt load before issuing new credit, and the Federal Reserve is now looking at how to enforce that. That’s scaring retailers, who have come to enjoy the benefits of pushing “instant credit” offers at the register. [More]
Is Target Too Expensive? Profit Down 41%
By 2.24.09
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.
Store Cards Turning Into A Nightmare For Retailers
By 2.10.09
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.
Banana Republic Sends You A Mysterious Visa Credit Card After You Opted Out
By 5.16.08
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.
