How many times has a store clerk urged you to sign up for a credit card “right now” so you can qualify for a discount on today’s purchases? And how many times have you said “yes” without thinking about it?

The clerk may have further enticed you by talking about more discounts to come, advance notice of exclusive sales, and even rewards points for dollars off future purchases.

Of course, the idea is to ensure store loyalty. After all, if one store is going to reward you for being a customer, won’t you make most of your purchases there?

You probably know that you shouldn’t sign up for any card without thinking about it. First you should know all the details – things like an annual fee, the interest rate if you carry a balance, the credit limit, and whether or not there’s a grace period before you’ll be charged interest on your purchases.

You should also consider your current credit score, and future plans – because making application for another card will lower your score and could put an end to your plans to purchase a home or a car in the immediate future. If nothing else, the impact on your score could move you into a higher interest bracket – which could ultimately cost a hundred times more than any savings you realized for taking the card.

A second hit to your credit score will come from owning a new card. One part of your score is based on the average length of time you’ve had your cards – and a new one will bring down that average.

So check your credit score, see if you can afford a slight reduction, and consider your plans before making a decision.

When should you say yes?

When you’re trying to build credit and don’t already have a pocket full of cards. Store cards are often more lenient regarding your credit profile, so easier to get. But before you say yes for that reason, make sure that the store does report to the credit bureaus.

You might also say yes if you already do most of your shopping in that store. It makes sense to have a Staples card, for instance, if you buy a lot of office supplies and the store is convenient for you. Their rewards program is a nice bonus.

When should you absolutely say no?

When you know yourself well and know that having that card will prompt you to spend more than you can comfortably afford. Remember that once you have the card, you’ll be bombarded with promotions to lure you into the store, or onto a website to use it.

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