A new LendingTree report reveals that 58% of surveyed shoppers prefer store cards over buy now, pay later (BNPL) plans for holiday purchases. The study suggests consumers may be seeking longer-term financial assistance. While BNPL appeals more to younger generations (Gen Z and Millennials), older demographics (Gen X and Baby Boomers) favor store cards. Experts advise consumers to consider the cost of carrying debt regardless of their chosen payment option.
When asked to choose between a store card or a buy now, pay later plan, 58% of surveyed shoppers prefer store cards , according to a new report by LendingTree.buy now, pay laterThat choice"speaks to the fact people may be looking for a little bit longer-term help with their financial situation," said Matt Schulz, chief credit analyst at LendingTree.to the Consumer Financial Protection Bureau.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly Whichever payment option you plan to use to finance holiday purchases this year, keep in mind the cost of carrying the debt, experts say.A retail store credit card is a long-term, revolving line of credit that a store offers in conjunction with a bank partner. To entice new users, stores generally offer applicants a discount on their first card purchase, or financing deals. The card may also be tied into the retailer's loyalty program, sometimes with bonus rewards for cardholders.
Over the third quarter of 2024, some banks have tightened their lending standards for credit card loans, lowered their credit limits and increased minimum credit score requirements,
Buy Now Pay Later Store Cards Consumer Spending Debt Retail
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Store Credit Cards: The Hidden Danger of Deferred InterestMany retailers offer store credit cards with enticing discounts and 0% introductory rates. However, be wary of 'deferred interest,' a hidden fee that can result in significantly higher costs if the balance isn't paid in full by the promotional period's end. A new study reveals that 85% of store cards with 0% introductory rates use deferred interest, potentially leading consumers to pay 27.5 times more than general-purpose credit cards. The high interest rates on store cards, averaging over 33%, further exacerbate the risk.
Read more »
Store Cards Beat Buy Now Pay Later for Most ShoppersA new LendingTree report reveals that a majority of shoppers prefer store cards over buy now, pay later (BNPL) options, particularly older generations. While BNPL is popular with younger demographics, concerns about long-term interest rates are driving some to choose store cards.
Read more »
Dozens of retailers jacked up interest rates on store cards ahead of Fed cutsDozens of retailers, including Macy's, Gap and TJ Maxx, increased APRs on their store credit cards before the Federal Reserve cut rates, padding their profits.
Read more »
Next-Gen Graphics Cards: When Will They Be Available?The article discusses the upcoming next-generation of graphics cards from Nvidia, AMD, and Intel, advising readers to hold off on upgrades until the new cards are released. It highlights the staggered release schedule of graphics cards, emphasizing that it takes several months for the full lineup to become available.
Read more »
Pa. grocery store chain acquires a store in Cumberland CountyIt's the third store in central Pa. Weis Markets has acquired in the past year.
Read more »
Rosond replaces old-gen pneumatic machinery with new-gen hydraulic machineryLeading drilling solutions provider Rosond has an overarching approach to sustainability and environmental responsibility. “Our operations are inherently energy intensive. We make use of a variety of fuel sources to power our machinery.
Read more »