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%.|
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