Seems whenever you check out at a store these days the clerk is always asking if you want to sign up for the store credit card. They’ll tell you that you can save 15% today, but what they’re not telling you is how high the interest rate is: an average of 21.96% and in some cases, as high as 23.99%, says a survey by Congressman Anthony Weiner. That’s almost as high as the default rate you would pay on a normal credit card. Before biting, make sure you read the disclosure agreement in full to find out the APR. If you end up not paying off that balance in full, that one day of savings could eventually be erased by compounding interest. Inside, the interest rates and grace periods for the in-store credit cards of 35 top retailers…

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ABC Carpets 23.99% 0% APR for 6 months**
Radio Shack 23.85% 0% APR for 2-12 months**
K-Mart / Sears 23.15% 0% APR for 24 months** 20 days
Bloomingdales 22.90% 10% off first purchase –
Macy’s 22.90% 10% off first purchase 25 days
Saks 5th Avenue 22.90% 10% off first purchase –
Fashion Bug 22.90% – 25 days
Lane Bryant 22.80% 15% off first purchase 25 days
Express 22.80% – 25 days
Ann Taylor 22.80% 10% off first purchase 25 days
Abercrombie & Fitch 22.80% – 25 days
New York & Company 22.80% – 25 days
Design within Reach 22.80% 9.9% APR for 12-24 months –
Ikea 22.65% 0% APR for 3 months 25 days
Neiman Marcus 22.25% – 25 days
Bergdorf Goodman 22.25% – 27 days
Circuit City 21.99% 0% APR for 3 months 20 days
Target 21.99% 10% off with first use 25 days
Victoria’s Secret 21.99% Up to $75 back 25 days
Toys “R” Us 21.99% – 20 days
PC Richard 21.98% 0% APR for 12 months** –
Staples 21.96% – 20 days

Average 21.96% – 25 days

Brooks Brothers 21.60% 10% off first purchase 26 days
Lord & Taylor 21.60% 10% off first purchase 25 days
JC Penny 21.00% 10% off first purchase 25 days
Home Depot 21.00% 0% APR for 6 months 26 days
Gap / Banana Republic / Old Navy 21.00% 15% off first purchase 26 days
Barney’s New York 21.00% – 26 days
Nordstrom 20.90% $20 rewards certificate 25 days
J. Crew 20.99% 10% off first purchase 25 days
West Elm 20.75% – 25 days
Pottery Barn 20.75% 5% off for 90 days 25 days
Best Buy 20.40% 0% APR for 3 months** 25 days
Fortunoff 19.92% – 25 days
Crate & Barrel 19.80% – 25 days

**Special interest periods may vary based on the cost of the item purchased or speed of repayment. If consumer
does not pay entire

SOURCE: Store Credit Card Rates: Consumers Beware (PDF) (Thanks to John!)

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