For some retailers, a store credit card is a great way for them to promote brand loyalty.
Unfortunately, for many consumers, a store credit card is a great way for them to buy things they don’t need and add to the average $15,654 in credit card debt most Americans carry.
If not used wisely, it can ruin your credit making it hard to get loans.
Thankfully, there is a smart way to use store credit cards to your advantage. They’re actually a great introduction to credit for those consumers with a limited credit history. Some also offer great rewards, too.
We’ve reviewed popular store cards. Based on their perks and pitfalls, here are six popular retail company Visa credit cards worth owning.
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1. Amazon Prime Rewards Visa Signature Card
If you shop at Amazon a lot, their prime rewards Visa credit cards are a great idea. The annual fee is the $99 you’ll spend on their Amazon Prime membership. However, you also have access to free movies and free shipping on your Amazon purchases.
But you don’t just save on making purchases through Amazon. You will receive 5% back from shopping online on Amazon but you’ll also enjoy 2% back for restaurants gas station, and drug store purchases. You’ll even receive 1% back on other purchases.
Just by signing up, you’ll receive a $70 Amazon gift card. Your points won’t ever expire and there are no limits on how much cash back you can earn.
It’s easy to redeem your points. You can do so instantly for Amazon.compurchases. However, you can also use them as a statement credit on your next credit card bill.
There’s no minimum required before you can redeem your points. However, 2,000 points are required for any cash back redemptions.
You can also use your rewards for things like gift cards and travel.
It’s unfortunate, but there’s no way to transfer rewards points. You also can’t link your card to more than one Amazon Prime account where you’ll earn 5% on purchases.
2. Costco Anywhere Visa Card
Costco is a great retail store. If you have time, patience, and a family, it’s a great way to save some money. Now, they also offer their Costco Anywhere Visa credit cards to their customers.
Let’s start with the fact that you’ll receive 2% back on all your Costco purchases. You’re already saving by buying in bulk so any extra savings are gravy.
Like the Amazon Visa credit cards, there’s no annual fee except the $55 annual Costco membership fee.
If you drive a lot, the price of gas is a consideration. These Visa credit cards give you 4% back on eligible gas purchases. It’s capped at $7,000 but it’s still one of the best gas cards available on the market. Especially handy is that many Costco locations also have their own gas station.
At restaurants and on eligible travel purchases, you’ll receive 3% back. You’ll also enjoy no foreign transaction fees, purchase protection, extended warranties, and price protection.
But it doesn’t end there, for any other purchases made, you’ll enjoy 1% back. Meaning you’ll save no matter where you choose to shop.
While you will receive cash back, redeeming it isn’t exactly easy. You’ll have to bring a special certificate from Citi when heading to Costco.
Then you’ll have to either cash it out when you checkout or you’ll need to put it towards your purchases. If you choose to receive cash, it will take awhile to get it.
Once it’s received, you have to redeem the money quickly. And those rewards certificates are only mailed out once per year in February. They expire on December 31st of that same year.
If you let your Costco membership lapse after the certificate is mailed out, your cash for the entire year is forfeited.
3. Sony PlayStation Card
Sony PlayStation Visa credit cards are perfect for those who regularly purchase PlayStation and Sony products. Especially if you aren’t planning on using the card for everyday spending.
The sign-up offer is great, but only if you plan on using these Visa credit cards soon after receiving it. If you make a purchase within 90 days of opening the account, you’ll receive a $50 PlayStation Store code.
If you spend $3,000 in your first year owning the card, you receive a 50% discount on your PlayStation Plus membership (it’s a $30 value). There’s no annual fee.
There’s no limit set on how many points you can earn. You can also purchase points at 1 cent per point at checkout.
If you’re the type of person willing to wait in long lines for the latest gaming console, this is a great card for you. You’ll receive 5:1 rewards for all purchases made at PlayStation and Sony.
This card is also great to pay your cell phone bill with. You’ll earn three points per dollar on spending you know you’ll make each month.
As a cardholder, you’ll earn 10% back as a statement credit. This includes purchases made on PlayStation Vue, PlayStation Music and PlayStation Now services.
PlayStation Visa credit cards aren’t useful for everyday products. You can only redeem points for Sony products. And those points expire after five years.
If you do make offline purchases, they must be from an authorized dealer and you must submit a bonus points form to receive full points for those purchases. You only receive 1 point per dollar you spend on offline purchases.