Higher Rates on Store Cards

(NBC) With the holidays quickly approaching, many people will consider applying for store credit cards, but experts say beware.

A new report from creditcards.com finds retailers’ cards charge an average interest rate of 23.43 percent – much higher than the national average for all cards which is 15 percent.

That’s why the study recommends you should consider staying away from a retailer’s card if you regularly carry a balance.

Many retailers try to tempt you with discounts to lure you to their card, but experts say even with the discounts and perks, the math doesn’t work in your favor – that’s unless you pay your card off in full every month.

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