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.
