These credit cards still have sky-high interest rates despite the Fed’s rate cut

When the Federal Reserve dropped interest rates to 0% earlier this year, the rates on many consumer loans followed suit. Some store credit cards have proven to be the exception.



a man and a woman sitting at a table: Taking out a store credit card to help pay for that new piece of jewelry could be a mistake.


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Taking out a store credit card to help pay for that new piece of jewelry could be a mistake.

A new report from CreditCards.com looked at the interest rates banks are charging for store cards — credit cards that are issued, often at checkout, by retailers. On average, retail cards now carry an annual percentage rate of 24.43%, down from 26% a year ago.

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But some retailers have kept their rates high. The CreditCards.com report analyzed 84 retail cards. Of those, 15 credit cards have the same rate as a year ago, while two have upped the APR they charge.

What’s more, multiple retailers offer store cards that come with an industry-high interest rate of

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