NEW YORK ( TheStreet) -- We've all been tempted by the immediate benefit -- save 10% or maybe even 15% on your current purchase when you apply for the store's credit card.
This is not a wise financial move for most consumers.
Most retail stores offer credit cards with interest rates between 23% and 30%, much higher than bank-branded credit cards. According to the LowCards.com Weekly Credit Card Rate Report, the average advertised APR last week among the nation's 1000+ credit cards was 14.04%.
|Store-branded credit cards should be avoided.|
Some cards, such as the Napa AutoCare Easy Pay and the Lane Home Furnishings credit card, are charging a jaw-dropping 30% interest on credit card purchases. Both Goodyear Tire and Rubber (GT) and Zale (ZLC) have a 28.99% APR on their cards; Office Depot's (ODP) Personal Credit Card charges 27.99%; Sears (SHLD) charges 25.24%; and Macy's (M ) credit card has a 24.50% APR.For help sorting through the confusing world of credit cards, visit
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