And almost half of the shoppers who have done this regretted it.
Retail credit cards have some of the highest interest rates on the market — but millions of shoppers are still planning on opening new ones during the holiday season.
The average annual percentage rate for retail cards now stands at 26.01%, up 37 basis points from a year ago, according to a separate report from CreditCards.com. That’s nearly nine percentage points higher than the overall average credit card APR of 17.21%. Some retail cards prove more expensive than others. Store-only or closed-loop credit cards, which can only be used at that specific retailer, have an average APR of 27.52%, up 29 basis points from a year ago. Comparatively, co-branded store cards, which can be used at any retailer but are sponsored by a specific company, have a lower average APR of 23.39%, up 33 basis points from 2018.Topping the industry, the following retailers charged the highest APR of 29.
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