With the holiday season approaching, people may notice the attractive deals and incentives attached to store-branded credit cards. In the right situation, these credit cards can provide savings, but they are not necessarily right for everyone.
A recent study found that, while the national average interest rate for a credit card is 15.22 percent, store cards have a much higher average at 23.84 percent. To save money, it is vital to understand the perks of these cards and how to escape the pitfalls. For example, taking out a retail credit card is worthwhile for one large purchase, or for someone who is a regular shopper. It is extremely important, though, to regularly pay off the full balances to avoid racking up high interest charges.
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