WEST VIRGINIA (WOAY) – As the holiday season looms, more people are signing up for store credit cards.
Store cards are notorious for high interest rates. In recent surveys conducted by Credit Card Insider, a credit analysis organization, more than one-third of store credit cardholders regretted ever even applying for one.
Nathan Grant, a Senior Credit Industry Analyst, says a big issue is many people don’t read the fine print.
“This time of year is the holiday shopping and pre-Black Friday onwards, these topics come up a lot. A lot of times stores, whether it’s brick and mortar stores or even online stores now, they often try to get you to sign up on the spot. So a lot of times people sign up without reading the fine print,” Grant said.
Store credit cards are still perfectly viable to use for special in-store promos or discounts, but experts recommend always paying off the balance in full each month to avoid paying interest.