A $1,000 Credit Card bill can Sock you with $775 of Interest

If you’re planning to do your holiday shopping with a retailer-sponsored credit card, you could be looking at hefty fees if you carry a balance.

Retail credit cards carried an average annual percentage interest rate (April) of 26.72% in November, up from 24.35% a year ago, according to a survey by Creditcards.com, an information service.

The latest figure represents a record going back to 2008, when Creditcards.com began tracking the data. Of course, general interest rates were higher before the financial crisis in 2008. So RCBs were probably higher then too.


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