Retail Credit Card Interest Rates Soar Past 30% For First Time
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Some retail credit cards now charge over 33% interest, blowing past the 30% threshold that banks previously avoided.
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Rates are at record highs, with the average retail card charging 28.93% interest, according to Bankrate.
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Store cards tend to charge the highest rates since their holders often have lower incomes and weaker credit.
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Interest rates have spiked due to the Federal Reserve's aggressive rate hikes in 2022-2023.
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There's no national limit on credit card rates, though some in Congress have proposed capping rates at 15-18%.