More Americans To Apply For Store Credit Cards
STUDY: MORE THAN 4 IN 10 AMERICANS ARE AT LEAST "SOMEWHAT LIKELY" TO APPLY FOR STORE CREDIT FOR THE HOLIDAYS
(CNN) – It looks like more Americans plan to do their holiday shopping with new store credit cards this year.
CompareCards by LendingTree just released a study showing 44% of American consumers are somewhat likely to apply for store cards this year.
That’s a huge jump from 2019.
The same study shows 56% of people who had store-branded credit cards in the past, regretted getting them.
CompareCards says young consumers and people who have taken the hardest financial hits from the pandemic are most likely to apply.
There is some good news for these new cardholders.
The average APR for store cards is slightly down from last year.