Store credit cards are rarely a good idea for consumers. They encourage impulse shopping and charge some of the highest interest rates of any credit cards on the market.
Credit cards have become a favorite political target, with New York Democratic Rep. Anthony Weiner introducing legislation to increase point-of-purchase disclosure of interest rates, grace periods and annual fees. Weiner hopes this legislation will give consumers the information they need to make informed decisions when signing up.
First, though, Weiner conducted a study documenting retail store credit cards' exceedingly high interest rates -- some as high as 28.99%. By comparison, the average credit card interest rate this week is 13.84%, according to the LowCards.com Weekly Credit Card Rate Report.
|A study by New York Democratic Rep. Anthony Weiner documents the exceedingly high interest rates on retail store credit cards -- some as high as 28.99%.|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV