Beware store credit card offers as interest rates hit new highs
CBSN
Retailers around the holidays double down on promoting store-branded credit cards, which often appear attractive to consumers, particularly when they offer immediate discounts.
The catch? Store credit cards now carry record-high interest rates, and can lead shoppers to rack up debt. The average annual percentage rate (APR) on retail store cards is now 26.72% — a record high and up from 24.35% last year, according to an analysis from CreditCards.com. The average APR on general-purpose credit cards is 22.66%.
Personal finance experts caution against signing up for store cards, especially if you can't pay off the balance in full each month and face interest charges. If you carry a balance over to the next month, interest accrues and is tacked on to what you owe.
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