Survey: Average Interest Rate for Retail Credit Cards Is 23%
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iStock/Thinkstock(NEW YORK) — Retail credit cards can burn a hole in your pocket.
A new survey out Thursday shows many big retailers offer cards that come with above average interest.
“[The average interest rate is] 23 percent which is about 8 points higher than the average rate for a credit card,” says industry analyst Matt Schultz at CreditCards.com.
Schultz says some retail cards have lower rates. “The lowest one that we saw was the OfficeMax Visa Signature card,” he adds.
He advises consumers, “Your smartest move is to pay it off at the end of the month” — in other words, pay your balance in full.
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