4 times you should never open a store credit card and 3 times you should

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According to credit experts, there are only a few times when you should consider opening a store credit card.

If you can earn rewards, or gain access to discounts and special sales, then you can consider opening a store credit card.

You should never open a store credit card if you already have several credit cards open — it can negatively affect your credit score.

You should also never open a store credit card if you can't afford what that retailer sells, if you haven't shopped around for a lower-interest card, or if you're wary about the card's interest rate.

Resist that temptation to open a store credit card during the holidays. We've asked credit experts to explain when you should say "no" — and when you can say "yes."

No: You're not sure about the interest rate.

Typically, the interest rates of store credit cards are higher than other credit cards. According to a new poll released by LendEDU — they queried consumers about store-branded credit cards — the takeaways included that 45 didn't know the interest rate on their store-branded cards, and 65 regularly carried a balance on their store-branded cards. Here are some more tips about the tricks and traps of credit cards.See the rest of the story at Business InsiderNOW WATCH: Jeff Bezos on breaking up and regulating AmazonSee Also:Gigi Hadid made 9.5 million last year and the 23-year-old's total worth is just as mind-boggling18 secrets Disney Cruise Line employees won't tell you15 secrets Costco employees won't tell you

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