Retail Credit Cards Have Higher Rates

(Undated) -- Retail credit cards offer more perks, but they also tend to have higher interest rates. CreditCards.com analyst Matt Schulz says the average interest rates for retail credit cards are much higher than bank-issued cards.
A new report by the National Retail Federation says credit cards issued by large retailers have an average annual percentage rate that's eight points higher than the national average for all credit cards. That means customers who carry a balance on their retail cards may enjoy more perks, but they also end up paying more in debt.
Additional audio:
CreditCards.com analyst Matt Schulz says stores use the attraction of perks to get customers to sign up for the store's credit card.
Schulz says consumers shouldn't be pressured to sign up for a retail store's credit card.
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