NEW YORK—Consumer interest in store credit cards is on the wane this holiday season, a new report reveals.
“Only 29% of consumers said they are likely to apply for a store credit card this holiday season compared to 44% in 2020, according to a report from LendingTree.
However, consumers are still slightly more likely to use store cards to shop during the holidays versus using a buy now, pay later option, Chain Store Age said.
In other findings, 42% of consumers have closed a store credit card and an additional 13% have had a store card closed by the issuer. The main reasons for voluntary closures were no longer shopping at the store (46%) and high interest rates (35%).