Retail credit cards are charging higher interest rates than ever before, and Bankrate is warning consumers to proceed with caution.
That’s up from 28.93% last year, 26.72% two years ago, and 24.35% three years ago.
“We've been doing it since ’08, and this is the highest average we've ever seen for retail cards,” Bankrate Senior Industry Analyst Ted Rossman said Tuesday. The highest rates among retail cards included in Bankrate’s report came in at 35.99% and included the Academy Sports + Outdoors Credit Card, Big Lots Credit Card, Burlington Credit Card, Good Sam Rewards Credit Card, Michaels Credit Card, Petco Pay Credit Card, and Banter by Piercing Pagoda.
“The consumer-action step is just to beware of what you're getting into,” he said. “These cards have very high interest rates, and sometimes people feel that they're just signing up for a free store loyalty program. And they don't realize that that 20% discount comes with a hefty interest rate and a credit check, and it may not be worth it.”“Macy's made half of its total profit from its credit card a couple years ago, according to a Citi analyst,” he said.
Interest Rates Retail Cards Bankrate Discounts Consumer Loyalty Fees
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