Department store credit cards are typically easy to get as there is no income verification. However, there is a federal proposal requiring department stores to get the income information before a credit card could be awarded.
Now, this could help people who abuse the credit system, however this is a nightmare for the rest of America who use department store credit cards strategically.   Practically, this law makes absolutely no sense – who carries around their paycheck stub or W-2 on a daily basis?
I’ve always maintained that department store credit cards are not good for a person’s finances or their credit score.   However, there are times when a responsible person buying a big ticket item can save 10-20% by applying for a department store credit card - and that can add up to a lot of money.
Who knows if this new law will pass and there will no longer be department store credit cards that are easy to get, but once again, I sometimes wonder how we have elected the politicians that make absolutely no sense in their actions.
Dear Phil,
You are great! Your service is appreciated and like the
varied topics covered as well as, the people you have brought to my attention. Getting ‘tweeked’ on subjects already aware of has been beneficial.
I especially relate to the comment on politicians in this article. Have often wondered what’s happened to their common sense. They seem to lose it after getting into office.
Best wishes,
Virginia
it is not homea and buy more commodity how to use! Ya
How funny! Today I was asked if I wanted to apply for victoria secrets card. And I said OH NO!!! You won’t embarrass me in this store. But after she swiped my Visa debit card….I now have a Vicky Secret card!!!