NEW YORK—Consumers should think twice before accepting what seems like an attractive offer for a store’s credit card, a new report is warning.
“They can sound enticing but often come with a catch, like a high interest rate,” CNBC told its viewers and readers.
The report noted the average store card now charges a record 28.93% APR, according to Bankrate’s latest retail credit card survey — up from 26.72% in 2022 and 24.35% in 2021.
“And the deal gets worse when the card can only be used inside the issuing store, CNBC added. “Store-only cards charge an average of 30.24% interest, substantially higher than the average 21.19% interest on general-purpose credit cards?”
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