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 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.
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