Store Credit Cards: Record Interest Rates Impacting American Consumers
Retail Credit Card Interest Rates Reach All-Time High
Retail credit cards are now averaging a staggering 30.45% APR, rising from 28.93% last year and 26.72% two years ago. This increase in interest rates will cost the average American carrying a $1,000 balance around $304.50 annually in interest fees. This is a notable jump from $243.50 in 2021.
Many retailers like Academy Sports and Petco have reported interest rates as high as 35.99%, significantly exceeding the national average of 20.78% for all credit cards. This situation necessitates better consumer education and financial planning.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.