Retail Credit Card Interest Hits Record High - CNBC

Dec 3, 2024 · In fact, the average store card now charges a record 28.93% APR, according to Bankrate's latest retail credit card survey — up from 26.72% in 2022 and 24.35% in 2021.

CouponFollow Extension

93%
OFF

Retail Credit Card Interest Hits Record High - CNBC

1 week from now

Dec 3, 2024 · In fact, the average store card now charges a record 28.93% APR, according to Bankrate's latest retail credit card survey — up from 26.72% in 2022 and 24.35% in 2021.

cnbc.com

$10
OFF

Banks Hit Credit Card Users With Higher Rates In Response To ... - CNBC

1 week from now

Dec 3, 2024 · CFPB regulation meant to save consumers $10 billion a year has resulted in higher costs for some, as banks react by hiking interest rates and charging new fees.

cnbc.com

45%
OFF

Retail Credit Card Interest Rates Hit Record High, Study Finds

1 week from now

Sep 13, 2024 · According to a new Bankrate study, the average retail credit card interest rate is now at a record 30.45%. That’s up more than six points from 2021 and much higher than the …

yahoo.com

45%
OFF

Retail Credit Card Interest Rates Are At Record Highs

1 week from now

Nov 22, 2024 · The news: The average interest rate for retail credit cards (both private-label and co-brand cards) is 30.45%, an all-time high, per Bankrate. This is a sharp increase from …

emarketer.com

35%
OFF

Why Credit Card Rates Remain High, Even After Interest Rate Cuts

1 week from now

Nov 14, 2024 · The average credit card interest rate stands at 20.35%, just slightly below a record-high of 20.79% attained in August before the Fed began cutting rates, Bankrate data …

go.com

30%
OFF

Retail Credit Card Interest Rates Hit All-time High - CBS News

1 week from now

The average rate on credit cards from some of America's biggest retailers has soared to an all-time high of more than 30%, according to personal finance site Bankrate. That's up from …

cbsnews.com

10%
OFF

This Week In Credit Card News: Could We See A 10% Cap On

1 week from now

Nov 21, 2024 · Credit Card Debt Hits Record $1.17 Trillion Collectively, Americans now owe a record $1.17 trillion on their credit cards, according to a new report on household debt from the …

forbes.com

$1.17
OFF

Credit Card Debt Hits Record $1.17 Trillion, New York Fed Finds - CNBC

1 week from now

Nov 13, 2024 · Credit card balances rose in the third quarter of 2024, the Federal Reserve Bank of New York found.

cnbc.com

$8
OFF

Having A Credit Card Balance Is Way More Expensive Now

1 week from now

Oct 8, 2024 · Retail credit card interest rates hit record high The Consumer Financial Protection Bureau attempted to limit late fees to $8, down from the current maximum of $41, but the …

newsnationnow.com

45%
OFF

Retail Credit Card Interest Rates Hit Record High, Study Finds - MSN

1 week from now

According to a new Bankrate study, the average retail credit card interest rate is now at a record 30.45%.That’s up more than six points from 2021 and much higher than the 21% average …

msn.com

FAQs about Retail Credit Card Interest Hits Record High - CNBC Coupon?

Are retail credit card interest rates at a record high?

Retail Credit Card Interest Rates Reach Record High A new study from Bankrate, which surveyed the interest rates of 108 store cards from leading retailers in early September, found they have reached a record high since Bankrate started tracking them in 2008. ...

Why are credit card interest rates so high?

The rising cost of borrowing has pushed credit card interest rates up nearly 40% since 2021. Although the Fed hasn’t raised rates since July 2023, Bankrate said retail card rates have continued to rise and are “unusually high this year.” ...

Why do retail credit cards have higher interest rates?

Retail credit cards typically have higher interest rates for a few reasons. Store cards tend to have lower credit requirements, so to offset any risk to card issuers, they often have higher rates. ...

What is the average retail credit card interest rate?

According to a new Bankrate study, the average retail credit card interest rate is now at a record 30.45%. That’s up more than six points from 2021 and much higher than the 21% average across all types of credit cards. Store credit cards are a popular way for retailers to build brand loyalty, offering perks like rewards and discounts. ...

What is the average interest rate on a store card?

A new study from Bankrate, which surveyed the interest rates of 108 store cards from leading retailers in early September, found they have reached a record high since Bankrate started tracking them in 2008. The average rate on a store card was 30.45%, up from 24.35% in 2021 and well above the current average for credit cards overall (roughly 21%). ...

Are retail credit card rates rising?

“Thirty percent used to represent an unofficial ceiling for retail credit card rates, but now most retail cards have crossed that threshold,” said Ted Rossman, a senior industry analyst for Bankrate. Retail card rates rose dramatically during the pandemic years, Bankrate found, from an average of 24.35% in 2021 to 26.72% in 2022 and 28.93% in 2023. ...