Grocery Credit Cards Anyone?
Is this the face of things to come for the credit industry? It would definitely seem so. What am I talking about? The new card introduced by Bi-Lo that gives customers a credit line of up to $200 for groceries. Myrtlebeachonline.com reports:
The Mauldin, S.C.,-based grocer says the program is far cheaper than the cost of bouncing checks or using credit cards. A bounced check can cost $30 to $70, but BonusPay card users are charged $3 or $5 when they use the credit line and pay a $4.99 user fee monthly. The charges are later deducted from checking accounts when shoppers get their paychecks.
Read more: Bi-Lo offers grocery credit card for those short on cash