Recently, I saw a survey taken by CrediCards.com showing that large retailers offering new store credit cards have increased the interest rates on those cards substantially in the last few months. The article noted that this is particularly ironic as the Federal Reserve has lowered interest rates during this same period. This article demonstrates how merchants using CrossCheck services help consumers avoid debt traps.
This is what the survey found:
- The average APR on store-only credit cards has increased to 27.52%.
- The average APR for new co-branded store cards (that can be used at other stores) has risen to 23.39%.
- The average APR for all retail store cards is 26.01%.
Like other things in life, these store cards have a good side and a bad side. First, the good.Read More