Here’s one way to think about these kinds of high-rate burdens:Say you sign up for a retailer’s card the day you make a $1,000 purchase.
Or, consider that the interest you’ll pay in that same scenario will wipe out the $200 you “saved” after just nine months of making minimum required payments.
The lowest rate on a retail card that the study found was 10%, on the Amazon Secured Card.
“There are narrow circumstances in which retail cards can work for you.
For a loyal shopper who pays in full and avoids interest, that’s a compelling value proposition,” he said.
Persons:
Bankrate, Sam, Big, you’re, Ted Rossman, ”, you’ll, “, Rossman, That’s
Organizations:
CNN, Academy, Nordstrom, Navy, Walgreens, QVC, Amazon, Military Star, Costco, Citi, IKEA Projekt, IKEA Visa
Locations:
Petco, Burlington, Banana, JCPenney, American