This Week In Credit Card News: The Shocking APRs On Store Credit Cards; Are You Losing Your Rewards?
Average Retail Credit Card's Interest Rate Surges to 26% Despite Fed Cuts
While the Fed recently cut interest rates again in a bid to boost U.S. economic activity by lowering borrowing costs, that easy money mindset is not being shared by issuers of retail credit cards. The average store card's APR is now 26.01%, up 0.37 percentage points from a year ago and almost five whole percentage points higher than the average overall APR on credit cards of 21.1%, according to a report. [CBS News]
Consumers need to be aware of the extremely high interest rates on most retail credit cardsGetty Images
Nearly Half of Americans Have Let Their Airline or Hotel Rewards Expire
According to a recent Bankrate Credit Cards survey, 46% of U.S. adults participating in airline and hotel rewards programs have, ...