A number of retailers offer credit cards to patrons to reward customer loyalty. These store credit allow you to pay for purchases and earn rewards points you can use for in-store discounts or travel rewards. However, store credit cards can sometimes come with high-interest rates and have proven to be an expensive way to shop if used improperly. Here we compare some of the store credit cards available to help you pick the one for you.
Scotiabank Gold American Express Card
Scotiabank Gold American Express Card
Purchase interest rate
Eligibility criteria, terms and conditions, fees and charges apply
Scotiabank Gold American Express Card
Apply today and earn up to 20,000 bonus Scotia Rewards points when you spend at least $1,000 in the first three months.
Purchase interest rate: 19.99%
Cash advance rate: 22.99%
Balance transfer rate: 22.99%
Annual fee: $120
Credit rating: 650+
Minimum age: Age of majority in province/territory of residence
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What are the features of a store credit card?
Store credit cards work like regular credit cards. Common features among store credit cards include:
Rewards. You typically get rewarded with points for every dollar you spend at specific retailers. Rewards points can typically be redeemed for discounts on merchandise, experiences or travel rewards.
Interest-free. Some store credit cards offer interest-free terms when you sign up. These offers allow you to buy now and pay later; however, a high interest rate can be charged when the promotional offer expires. Some store credit cards offer up to 55 days interest-free on purchases if you pay your balance in full each month.
Interest charges. Interest rates can be much higher than what is offered on other types of credit cards. Be sure to compare all credit card types before you apply so you can find the right card for your needs.
Annual fee. Depending on the card, you may be charged an annual fee.
Balance transfers. Although not common, some store credit cards come with promotional balance transfer offers. If you need to consolidate debt, an offer like this could be of interest.
Pros and cons of using a store credit card
Rewards. Store credit cards typically reward you with points you can use to receive discounts or free items.
Freebies. As an incentive to signup for a store credit card, you can often receive free gifts, gift vouchers, bonus points or discounts on merchandise.
Shopping benefits. You may be eligible for exclusive extras like interest-free financing and free shipping or gift wrapping when you use your store credit card to make a purchase at participating retailers.
Lenient eligibility criteria. Store credit cards usually have stringent eligibility criteria when compared to other credit cards and they tend to be a good choice for people who have little to no credit.
Higher interest rates. Your store credit card may come with much higher interest rates than a regular credit card would. This is often due to the lenient eligibility criteria which makes lending riskier for the provider.
Less points per dollar. You may earn less points per dollar spent when you shop at a retailer not affiliated with the store card provider.
Limitations. When it comes to gifts and bonuses, you are limited only to the items that are available in the store. The rewards don’t often extend to other retailers.
How to apply for a store credit card
If you want a credit card that is issued by a particular store, you can likely apply at the store directly or apply online. While eligibility requirements vary between different cards, you will usually need to:
Be at least 18 years of age, or the age of majority in your province or territory.
Be a Canadian citizen or a permanent resident.
Meet any minimum income or credit score requirements.
You may also be asked to provide the following information:
A valid piece of identification (such as a driver’s licence).
Details of your income, assets, expenses and liabilities.
How do credit providers make money out of store credit cards?
When you use your credit card, the store is paid a certain amount by the credit card provider – but first, the credit card provider takes a commission before paying the money to the store. Interest charges are also collected by the bank for any unpaid balances, as well as any fines and penalties imposed on the credit card such as late payment fees.
A credit card from your favourite retailer can seem like a good way to cash in on your purchases. However, interest rates can be excruciatingly high and rewards can be minimal. If you don’t shop a lot at the store or any of its partner retailers very often, it may not be worth your while.
Before applying for a store credit card, determine what kind of shopper you are and decide if the rewards program and benefits will be enough incentive for you to join. Compare a variety of different types of credit cards and consider your own spending habits and financial needs before you apply for one.
Yes, you can use a store credit card to make purchases anywhere Visa, Mastercard or American Express is accepted. You may be subject to a reduced points earn rate when you make a purchase at a retailer that has no affiliation to the card provider. Check the terms and conditions for specific information about transactions that are eligible and ineligible to earn points.
If the product has an active balance transfer promotion, you can transfer your credit card debt to a store credit card. Usually, you’ll need to transfer a balance from another credit card at the time of application.
In order to take advantage of interest-fee days, you’ll need to pay your account in full each month. You won’t get charged any interest on the purchases you make during the next statement period until your interest-free grace period runs out.
Adrienne Fuller is the head of publishing at Finder. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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