Transcript for Holiday Shopping and What You Need to Know About Store Credit Cards
Numbers. The average American shopper will spend about $805 on Christmas gifts this year. A key offer we see leading up to the holidays right there at the check out. Here is linsey Davis. A warns tonight about how much the plans nick your pocket can cost you. Retail cards probably aren't for you. Reporter: According to a new report, the average store credit card carries a 23% interest rate. I have about six of them. Reporter: Retailers are the highest interest rates? Staples charges 28% and zales, you have to fork over 29%. Watch out. The 20% off at the counter can be a great deal. But when you team with it a 25% interest rate, it gets to become less of a deal. Reporter: Let's say the consumer makes a minimum payment on a $1,000 charge. It will take 72 months to pay off. Should you only use a retail card if you pay your balance off at the end of every month. David? Thanks.
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