Holiday shoppers may want to beware those retail credit cards as some APRs soar past 30%.
– It’s tempting. You’re at the checkout counter, and the clerk offers a discount if you sign up for the store’s credit card.
“Don’t be swayed by that initial ten or 15% discount, because it’s not worth it if you’re only making a small purchase or if you’re going to carry a balance,” said Ted Rossman, senior analyst with Bankrate.com. While some cards have enticing perks, Rossman said store cards can be dangerous. They are easier to get, but they typically carry higher APRs.The average credit card rate overall is now about 19%, a record. For retail-branded and store cards, that average is a record 26.72%.Some have busted the 30% mark. Macy’s just increased its APR to 30.49%. Wayfair boosted its rate to 30.74%.
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