For the millions of Americans getting ready for their holiday shopping and ticking gifts off their to-buy lists, it can be tempting to spend more than households can afford. In-store shopping can become even more dangerous when salespeople appear, offering discounts on purchases simply by opening a store-branded credit card account. It is vital not to easily be swayed by immediate savings, because high interest rates could cost you more than you bargained for.
Many store credit cards and others that come through the mailbox are laden with offers, discounts and other perks. Store cards have an average interest rate of 23 percent, however, higher than the average 15 percent of typical banking cards. Credit card industry expert Matt Schulz points out that this difference is substantial, saying, "The interest can override any discount if you can't
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