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Beware Of The Interest Rates On Store Credit Cards


If you must use them at all, that is.

Store credit cards are much more detrimental to your credit score than the typical credit card. After all, 10% of your score is determined by the type of credit that you have. The credit bureaus don’t like retail cards. A regular credit card is much more beneficial than a revolving charge card from a department store.

But also, it turns out that the typical retail store card has a significantly higher interest rate than a regular card. In fact, a study released Sunday by U.S. Rep Anthony Weiner (D-NY) that reviewed 35 major retail websites found that the typical rate on a store credit card is about 24%.

The annual interest rate on a traditional credit card is less than 15%/

Something to consider as the shopping season begins.



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