Final answer:
Store credit cards, also known as retail cards, are managed by the store itself and offer exclusive discounts, but typically come with higher interest rates. They are distinct from Visa, Mastercard, American Express, or Discover cards. It's essential for consumers to understand the financial implications of different card types.
Step-by-step explanation:
The credit cards managed by the store itself, where customers can get exclusive discounts, are usually store credit cards or retail cards, rather than cards like Visa, Mastercard, American Express, or Discover. These types of cards are tailored specifically to a store and can offer benefits such as special discounts, rewards, or promotional financing to encourage loyalty and frequent shopping at that particular retailer. However, it is important to be aware of the interest rates associated with these cards, as they can be higher than traditional credit cards.
When considering where to apply for your first credit card, you might start with your bank or look into retail credit cards from department stores or gas stations. It's essential to understand that while credit cards, debit cards, and smart cards facilitate purchasing goods and services, they do not increase the total amount of money in the economy. Instead, they just offer different ways to access and move your existing funds.