The average annual percentage rate (APR) interest that retail credit cards charge has hit a record high of 28.93%, up from 26.72% in 2022 and 24.35% in 2021, according to Bankrate's annual retail cards study released Monday.
The average annual percentage rate interest that retail credit cards charge has hit a record high of 28.93%, up from 26.72% in 2022 and 24.35% in 2021, according to Bankrate’s annual retail cards study released Monday.
Furthermore, nearly half of the 107 cards that Bankrate surveyed — including Walgreens, Victoria’s Secret, T.J. Maxx and Kay Jewelers — charge interest rates higher than 30%.“We used to see 30% as the high end for retail credit card APRs,” says Ted Rossman, senior industry analyst at Bankrate.com. “In fact, 29.99% was an artificial barrier that few dared to cross — for psychological reasons, mostly.
Essentially, he says, many major retail credit cards are charging customers interest they would only charge subprime borrowers.
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