Credit Card or Store Credit Card

from Smart Money Cafe™ · host Sean Rogers

 How to learn which credit card is better for your financial freedom journey.  The Credit Card or the Store Credit Card.    Did you know the average retailer-branded credit card has a ridiculously high APR?   According to a recent article from Yahoo Finance: Say you purchase $1,000 worth of items on a store credit card with a 25% interest rate. Assuming you make the minimum $30 monthly payment, it'll take you 58 months to pay it off, and you'll end up paying $725 in interest. If you had put that purchase on a traditional rewards card with a 16% interest rate, it would only take 45 months to pay off, and you'd only pay $331 in interest. Here's a link to the full article https://finance.yahoo.com/news/store-...  Like Smart Money Cafe on Facebook: https://m.facebook.com/smartmoneycafe 

What this episode covers

How to learn which credit card is better for your financial freedom journey. The Credit Card or the Store Credit Card. Did you know the average retailer-branded credit card has a ridiculously high APR? According to a recent article from Yahoo Finance: Say you purchase $1,000 worth of items on a store credit card with a 25% interest rate. Assuming you make the minimum $30 monthly payment, it'll take you 58 months to pay it off, and you'll end up paying $725 in interest. If you had put that purchase on a traditional rewards card with a 16% interest rate, it would only take 45 months to pay off, and you'd only pay $331 in interest. Here's a link to the full article https://finance.yahoo.com/news/store-... Like Smart Money Cafe on Facebook: https://m.facebook.com/smartmoneycafe

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Credit Card or Store Credit Card

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This episode was published on June 23, 2019.

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