Heck yeah I want to save 15% on my purchase! But do I want to sign up for another store credit card on the fly? If you shop anywhere—ever—you’ve probably wondered the same thing. Before you fill out that form, here are a few things to consider:

• Store cards tend to come with high interest rates. In fact, interest rates for store cards can average as high as 28.99%, versus 14.58% for regular credit cards according to a 2010 report from Congressman Anthony D. Weiner.

• Having too many cards can lower your credit score. If you have a bunch of open accounts that you don’t use, it can lower your credit score. Ditto with closing unused accounts. So if you do decide to carry store cards, consider sticking to your top two favorites rather than carrying several.

• Major card providers tend to offer bigger benefits. With store cards, you aren’t likely to get the same extended warranties, car rental insurance, reward programs and price protection you are with major credit cards.
• Store cards can encourage spending. With regular offers for savings, it can be tempting to charge more than you can afford on your store card. Remember to purchase only as much as you can afford to pay off that month.

A few perks of store cards are the special deals that accompany them. My trick? Having one store card—for my favorite store—and paying off the balance at the end of each month to avoid hefty interest charges.

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