Department store temptations could cease with new credit card rules. Here’s how.
Retail Cards Revamped
Retail stores seem to be pushing their store credit cards aggressively this holiday season, but for better or for worse, new regulations could make it more difficult to charge purchases at your favorite department store using their plastic. Eventually, you may even have to show a retailer proof that you can pay off debts before you can get a store credit card if specific interpretations of new card rules are approved by the Federal Reserve, notes The Wall Street Journal. That’s because new rules say that creditors have to consider a customer’s ability to pay off debt before granting credit, and that may include retailers offering credit cards as well. Photo Credit: stevendepolo