S
Credit
Store Account
A credit facility offered by retail stores that allows you to buy goods on credit and pay them off monthly. Common in South Africa at stores like Edgars, Mr Price, and Woolworths. Store accounts typically charge higher interest rates than personal loans and are reported to credit bureaus.
Usage Examples
"Her three store accounts were charging 21% interest each — far more than a personal loan at 15%."
"Opening too many store accounts can lower your credit score even if you pay them on time."
"Store accounts are often the first type of credit young South Africans use to build a credit history."