CHARLOTTE, N.C., Oct. 12, 2020 /PRNewswire/ — A lot more Americans say they’re likely to apply for a store credit card this holiday season than did in either of the previous two years, according to a new report from CompareCards by LendingTree.
That’s despite the fact that more than half (56%) of people who say they’ve had a store credit card say they’ve regretted getting one.
Full report: https://www.comparecards.com/blog/2020-store-card-report/
- Big jump in interest in store cards: 44% of Americans say they’re at least somewhat likely to apply for a store card during the holiday shopping season. That’s up from 32% in 2019 and 24% in 2018.
- Store card APRs fall: The average APR for a new store credit card is 24.24%, down from 25.41% in 2019, thanks largely to Federal Reserve interest rate cuts.
- More regrets: More than half (56%) of those who have had a