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%.
Kroger, the nation's largest grocery chain, recently raised the APR on new offers for its credit card to a new high of up to 30.74%.
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