As holiday shoppers flock to stores for Black Friday deals, they’ll hear the familiar pitch: would you like to save an extra 10% on your purchase today by opening a new credit card?
The average rate for a store-only card, which can be used typically only at a single retailer, is even more onerous, hovering at about 28%. A 2015 analysis by the Consumer Financial Protection Bureau showed that a large portion of consumers paid off balances soon after being hit with the retroactive interest, signalling that they didn’t understand the terms when they signed up.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: