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new balance 500 Sears credit card adventure We all been in this scenario: At the cash register, the clerk tempts you with an additional 20 per cent off if you sign up for their store credit card. And even though you know you don need another credit card, and you rarely ever shop at the store, you can help but waiver just a little bit. After all, everybody likes saving money. Store credit cards can be enticing, especially when they offer a deep discount on the initial purchase, a rewards program for frequent shoppers, or a payments plan for a certain time period. When I was 19, I applied for a Sears card with a $500 credit limit my first and only store credit card. As a promotion, I received $10 off my first purchase, which might not seem like a big discount, but to a teenager making minimum wage, it represented over an hour worth of work. I thought I would be able to handle such a small credit limit, and told myself I would make purchases on my Sears card, and pay the balance off immediately at the cash register. But when Christmas came that year, I ended up maxing my Sears card in order to buy presents. And it wasn until four years later that I completely cleared the balance and cancelled the card. If you are a frequent shopper and are able to keep a zero balance every month, a store credit card can be a good way to save money. But for the rest of us, here are four reasons why store branded credit cards are not a good idea: High interest rates: A storebranded credit card will have an interest rate that is much higher than a regular card with rates generally between 20 and 30 per cent. Additionally, store credit cards will often have a very tiny minimum payment, usually under 3 per cent. My Sears card had an interest rate of 29.90% and a minimum payment of $10 or 1 per cent of the new balance whichever was greater. Low benefits: You usually won benefit from the rewards program associated with a storebranded credit card unless you are a frequent shopper. For example, the Sears card offered a $10 gift certificate for every 1,000 Sears points earned. At a rate of 2 point for every dollar spent, there are plenty of nofee credit cards available with better rewards programs. Related: 9 cash back credit cards compared Forced to shop in one place: When I had my Sears card, I felt more of an urge to shop there because I knew I could put my purchases on my store credit card even if I could have found what I was looking for at a better price somewhere else. Your credit score: Even if you pay your balance in full every month, many different things can affect your credit score, and that includes opening and closing credit accounts. Receiving a small discount by opening up a store credit card is not worth the potential headache and problems you could run into if your credit score prevents you from getting a good mortgage rate in the future.