Posted on 11/07/2022 9:54:11 AM PST by ChicagoConservative27
The average credit card interest rate for retail stores has hit a record high of 26.72 percent while general purpose credit cards now charge an average of 22.6 percent, according to a study released Monday by industry group Creditcards.com.
The rise in annualized percentage rates (APRs) comes as the Federal Reserve is raising the rates at which banks can borrow money from each other, making financing more expensive throughout the economy.
Twenty-four credit cards on the market now charge 30 percent, including cards from retailers Dick’s Sporting Goods, Burlington and Wayfair. That’s ten times what the Fed was telling banks to charge each other, as of last week.
(Excerpt) Read more at thehill.com ...
On Monday, November 07, 2022, the national average 30-year fixed mortgage APR is 7.31%. The average 15-year fixed mortgage APR is 6.52%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
Given what has been going on the last six months, this is going to hit a lot of people who have been trying to maintain their lifestyles in the face of Biden-flation very, very hard.
This is closer to the “true” interest rate - not the Wall-Street crony manipulated printed fiat Federal Reserve one.
ie) The rate at which banks/financiers with real “skin in the game” will loan money to real Americans.
suckers its to make up for us that pay it off every month or say f u
Twenty-four credit cards on the market now charge 30 percent, including cards from retailers Dick’s Sporting Goods, Burlington and Wayfair.
—
30%?! The Mafia has more favorable loan rates.
I have had that same experience.
I don’t see the need to sign up for a retail credit card, because virtually all these retailers also accept Visa and MasterCard . I have both a Visa and a MasterCard, and both give me cash back benefits.
<-——Brandon did that
Usury never goes out of fashion, and there are always plenty of customers.
I have an ancient JC Penney credit card around here somewhere—stopped using when they put two lesbian women on the cover of their catalog a few years back..
“The average credit card interest rate for retail stores has hit a record high of 26.72 percent while general purpose credit cards now charge an average of 22.6 percent,”
Ouch ... unless you pay it off every month.
Step 1. Get cash back credit cards.
Step 2. Pay in full every month
Step 3. Profit
Well that’s great advice for all of us. Pay off those credit card balances , so you avoid those high interest rates.
Yet. A good percentage of them will vote for the Democrats and the suffering will continue. It is self inflicted.
Maybe they are waiting for another bailout from the Democrats.
I cut up my Kohl’s card and sent it to them when they said they would carry BLM apparel.
They certainly should be hitting a high, that’s the whole idea. Ridiculously easy credit got us here and it won’t get us back to reality.
These rates are going to cause trouble in the middle class. They are as high as people with very poor credit ratings were getting a few years ago!
One of my pet peeves. Most chain stores do this but Kohl's is especially aggressive about it, always telling you how much money you can save on your current order.
Retail credit cards are for beginners. It's a nice way for a young person to establish a credit rating (I got a Sears card when I was 19) but as you get older, you will want to move up to more universal cards with no annual fees, lower rates, higher credit limits (helps your credit utilization score) and all the other perks that come with it.
“30%?! The Mafia has more favorable loan rates.”
I don’t know about that, but their numbers rackets pay better.
30%. Wow. I wonder how this squares with state usury laws.
I do know these laws have all sorts of complicated exceptions.
https://docest.com/usury-laws-by-state
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.