Nov 7, 2022 - Economy

Retail credit card interest rates hit record high

Average retail credit card APR
Data:; Chart: Erin Davis/Axios Visuals

Putting your bills on a retail credit card will cost you more than ever this holiday shopping season.

By the numbers: The average annual percentage rate (APR) for a retail credit card is 26.72%, an all-time high, according to data collected by

  • The average general-purpose credit card APR is 22.66%.
  • 11 cards have maximum APRs of 30.74%, including Speedy Rewards Mastercard and Kroger Rewards World Elite Mastercard.

The big picture: Fed hikes are fueling interest rate increases, making it more expensive to carry credit card debt — or any other type of loans.

What they're saying: “There’s a good chance you’ll be offered a retail credit card this holiday season. Don’t get pressured into making a bad decision at the checkout counter,” analyst Ted Rossman said in a statement.

  • “For starters, any rewards would only be worthwhile if you can pay your bills in full and avoid interest.”
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