According to a Bankrate survey, the average retail card APR is now 28.93%, with some retail credit cards charging 32.24%.
Swipe-happy shoppers beware: Those enticing retail credit cards from your favorite merchants may put a bigger dent in your wallet than ever before. That's according to Bankrate's annual retail cards survey that shows the annual percentage rate on retail credit cards this year has hit a record high of 28.93% on average, up from 26.72% in 2022. That's well above the average APR of 21.19% for all credit cards, the survey shows.
For cards offering an APR range, the midpoint of that range was used to calculate the average APR for all credit cards.Retail credit cards are cards offered by a specific retailer alone or in partnership with a major bank that offers shoppers rewards for shopping at their stores, according to Bankrate.
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