I know its pretty much like a loan, but you have a unlimited amount of money - though you have to pay it back.

Is there a limited amount of time to pay it back - How does this work?

But what are the benefits and downfalls of a Store Credit Card?

I'd appreciate any helpful feedback.

There are no benefits. They look bad on your credit report. The interest rates are usually high. The re-payment schedules make it so it takes a long time to pay off if you only make the minimum payment. The only small benefit is they are usually easy to get, so if you don't have a credit history it can be a way to establish credit. But if you do this beware! It is easy to get in over your head. You don't have unlimited money and you have to make the monthly payment on time. If you use one it's best to only make one or two purchases at a time. Then PAY THE BALANCE OFF BEFORE YOU USE IT AGAIN.

Having too many credit cards is bad for your credit rating. Even cancelling a credit card is bad for your credit rating. One or two store cards are ok if you buy a lot of stuff at those stores. They often give you discounts when you use their cards and make other special deals to their card holders. Buy like the others say, be very careful and don't get in over your head. That's the worst of all for your credit rating.