NEW YORK—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, CNN reported.
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%), CNN stated in its analysis.
The highest APR the study found was 35.99% for cards offered at the Academy Sports + Outdoors, Petco, Burlington, Piercing Pagoda, Good Sam, Big Lots and Michaels.
“It also found you’ll be charged 34.99% when you carry a balance at 13 retailers, including Athleta, Banana Republic, Nordstrom, JCPenney, Old Navy, American Eagle, T.J. Maxx, HSN, Walgreens, QVC and Tire Rack,” CNN said.