New York, NY – They can tempt customers with discounts and short-term low interest rates, but a New York congressman is warning people to stay away from store credit cards as the holiday shopping season gets underway.
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U.S. Rep. Anthony Weiner released a study Sunday that shows some store credit cards have interest rates that are substantially higher than regular credit cards.
The lawmaker said his office reviewed 35 major retail store websites and found that the average store credit card rate is about 24 percent.
The national annual interest rate on traditional credit cars is less than 15 percent.
Weiner has introduced legislation to require companies to disclose interest rates, grace periods and annual fees for credit cards at the time consumers sign up for them.
Weiner had to waste money doing a study telling people what everyone already knows.
Interest rates are just Too. Damn. High.
all credit cards are a scam banks are getting money for almost no interest from fed reserve yet they are charging high rates and most americans are over 24%
Some of our credit crisis was started by people who are too lazy, ignorant, stupid, or careless to read anything. They simply spend and hope for the best. Then, when a disaster hits, they start whining about how expensive everything is after they bought everything in sight and can’t pay for it anymore.
I don’t care what my card rate is because I pay everything off every month. I don’t buy more than I can afford.