I just got a credit card from Macy's yesterday. What's the problem?

I went to Macys in Hawaii yesterday to buy some shoes that were on sale. They said if I signed up for their credit card they give me an extra 10% off of my purchases for 2 days and 10% off when I get my statement. I tend to buy stuff when my old stuff really starts looking bad. So I bought 4 pairs of shoes to replace the worn out ones that will go to Salvation Army and a couple pairs of pants I saved an extra $50.

It's been 10 years, maybe more, since I went into a Macys, probably will be years before I go back. I'll cancel the cards after I get them, pay the bill on time, see ya later.

I guess this is one way to get back some of your money, by just doing what the retailers want you to do (sign up)and not do what they want you to do (run up debt).

This was inspired by the excellent Camany credit post.

on your credit reports

my aunt-in-law who is a banker was recently telling us about how this becomes a barrier to home ownership and other large loans later on.

that shows up too.