Is it Wise to Keep my Store Card?

If you have a store card then there could be all sorts of reasons why you might wonder whether it is sensible to keep it. It is worth thinking about it and making sure that you are keeping it for the right reasons and whether you should still have it. You may be in different situations with regards to your card and that can determine what the most sensible course of action might be.

In debt with the card

If you have a store card and have an unpaid debt on it then it might be a wise idea to get rid of the card. Obviously, you will not be able to avoid repaying the debt that you have built up but at least by getting rid of the card you will not be able to use it for anything else. Then you will need to come up with a plan to repay the card.

Once the debt is repaid you will need to think carefully about whether you want to start using the card again. You need to think about whether this will risk you getting into debt again and if this is a situation that you are prepared to risk or whether you would rather get rid of the card and then you will not be able to get into debt.

Only you know what you are like and whether this is likely to be a problem for you. You know if you can trust yourself not to get into debt again or whether you should just get rid of the card in order to protect against it.

Paying off the card each month

If you are repaying all of your card each month then you will not be paying any interest on it. This could be seen as the ideal situation as you are getting the benefits of the card and not paying for them. You may also be having extra benefits form the shop, such as discounts or sale preview evenings that card holders are sometimes allowed to have.

However, you still need to be extremely cautious. Not only is there a risk at any time that you might spend more than you can afford to repay, you also could be spending more than you really need to. When you have a store card it creates even more loyalty with that shop. If you like the shop and shop there often, then any deals you get as a card holder can help to save you money on your purchases. However, you need to be very careful. Firstly, you might be tempted to buy things that you do not need just because they look like they are a good price, without thinking about the fact that you may not even need the item and would not have even considered buying it before you noticed the special offer. Also, you may end up buying things in that particular shop which you could have got cheaper in other shops but you have not looked because you cannot use the card there. So you need to be very wary of your shopping behaviour.

Not using the card

If you never use the card then it may be better to just cancel it. You will be wasting your time carrying it about with you if you are not going to use it and if you lose it or it gets stolen then someone else may be able to use it and then they may be able to steal money from you.

If you do shop at the shop but not use the card then it is worth contemplating whether it is better to use it. Find out if there are any deals for card holders that you could take advantage of that could mean that you will save money by using the card.


So there are a lot of scenarios and it is important to think about which one applies to you and what you should do about it. If you have multiple cards then they may not all fit into the same category and so you need to think about each card separately and decide on whether you should keep each one, one at a time. It should not take too long and it may mean that you will end up saving money or having less plastic to carry around with you.

Obviously, if you have outstanding debt then you will need to then come up with a plan as to how you are going to repay it. It may be that you will be able to afford to pay a bit towards it each month and slowly whittle it down. If this is not easy then you need to think about whether you can cut your spending or increase your earnings so that you have more available money to repay the debt.

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Published by
3 years ago