NEW YORKâFed rate cuts aimed at boosting U.S. economic activity by lowering borrowing costs are not being reflected in the APRs on retail credit cards, a new report shows.
The average store card's annual percentage rate is now 26.01%, up 0.37 percentage points from a year ago and almost five percentage points higher than the average overall credit card APR of 21.1%, according to a report by Creditcards.com.
Store-only cards' average APR climbed 0.29 percentage points, or 29 basis points, to 27.52% this year, while the average co-branded card APR is slightly lower at 23.39%, up 33 basis points from 2018, stated CBS News in its analysis.