Credit Cards
Store credit cards are offering better deals and discounts than they did in 2017, according to a study by WalletHub. Ileana Garcia looks in her wallet for credit cards she wants to melt over a hot plate as she tries to dig herself out of credit card debt during a sermon by Kevin Cross about faith-based financial management at the Miami Vineyard Community Church on March 7, 2009 in Kendall, Florida. Getty Images/Joe Raedle

Store credit cards will make up a good portion of the buying power for shoppers on Black Friday. Not only do store cards allow consumers to build their credit, but many come with incredible deals that can make Black Friday shopping even sweeter.

One of the best ways to save with a store credit card is through zero cost of ownership. The over 300 credit cards researched as part of the study have no annual fee, making it possible to save even more when using them year-after-year, according to a study by WalletHub.

These store credit cards also offer additional rewards when consumers shop with them so much so that consumers on average receive over 29 percent off their first purchase, the study discovered. A total of 21 percent of store credit cards also offer ongoing rewards points, which is a small decrease from 23 percent in 2017, but still a hefty way to save when shopping on Black Friday.

If you are looking for a sign-up bonus, you’ll find that 8.78 percent of store credit cards will offer you cash back, 4.08 percent will give you an introductory discount, and 2.19 percent will stack up your points total. This is a nice boost from 2017 where only 5.48 percent offered cashback, 2.90 percent offered a discount, and 2.26 percent offered points during signup, as mentioned in the survey by Wallet Hub.

If you are looking to make a major purchase and pay it off over time, you’ll do well with a store credit card as 42.32 percent offer zero introductory APR – up from 40.32 percent in 2017. However, after the introductory period, consumers may find that the average APR is higher than anticipated as the average APR for store credit cards is 28.62 percent – a slight decrease from the 28.26 percent of 2017, the study found. Average zero APR length is 16.87 months; more than the 16.41 months of 2017, according to Wallet Hub.

So, which is the best store credit card to sign up for ahead of Black Friday 2018? It ultimately depends on your everyday needs and financial situation. For online shopping rewards, WalletHub recommends the store card. Grocery shoppers will do well with the Costco Anywhere Visa card by Citi and if you are looking for everyday rewards on everything you buy, try the Target credit card. Clothing is best purchased with the TJX store card with the best rewards coming from the Kohl’s credit card. For those with bad credit there is hope with the Fingerhut credit account.