2022 retail credit card interest rates hit a record average of 30.45%, up from 24.35% in 2021.

Retail credit card interest rates have hit a record average of 30.45%, significantly up from 24.35% in 2021, according to a Bankrate study. This rate exceeds the general credit card average of about 21%. Some retailers charge as much as 35.99%. While these cards may offer benefits for loyal customers who pay in full, carrying a balance can lead to substantial costs. Consumers are advised to exercise caution and avoid impulsive applications.

September 12, 2024
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