Credit card interest rates

TO SAVE MONEY BY SIGNING UP FOR A STORE CREDIT CARD?" >> I THINK WE'VE HEARD THAT A LOT >> I ALWAYS SAY NO

>> IT IS A COMMON QUESTION, FOR PEOPLE WHO DON'T SAY NO, YOU DON'T SEE THE SMALL PRINT AT THE TIME YOU'RE MAKING THAT DECISION, SO BE WEAR OF THE HIGH INTEREST RATES ON STORE BRANDED CREDIT CARDS, BECAUSE RIGHT NOW, SOME ARE AT RECORD HIGHS AS YOU CHARGE INTO THE HOLIDAYS, THERE IS REASON TO THINK TWICE ABOUT THOSE SWEET SIGN-UP DISCOUNTS >> THEY OFTEN ENTICE YOU GOOD UP-FRONT THINGS, BUT SOMETIMES THAT'S NOT THE BEST OPTION >> NOT IF YOU CARRY A BALANCE, ESPECIALLY ON STORE BRANDED PLASTIC A CREDIT CARDS

COM SURVEY FOUND STORE CREDIT CARDS ARE CHARGING RECORD HIGH INTEREST RATES, AN AVERAGE OF NEARLY 24% >> I'VE GOTTEN HIT WITH MONSTROUS INTEREST IN THE PAST, SO I TRY TO AVOID IT >> Reporter: WHEN DAN BOUGHT THIS RECLINER, HE PASSED ON USING THE BIG LOTS CREDIT CARD WITH ITS SKY-HIGH INTEREST RATES BIG LOTS TOPPED THE SURVEY, CHARGING NEARLY 30% INTEREST, FOLLOWED BY ZALES AND STAPLES THE LOWEST RATES, COSTCO'S ANYWHERE VISA CARD AT 15

49% AND DILLARD'S AT 1024%, BUT IT CAN CLIMB, DEPENDING ON YOUR CREDIT HISTORY KENT COPELAND SAYS YOU BETTER READ THE FINE PRINT >> MAYBE THEY HAVE A REGULAR RATE OF 15, BUT IF YOU'RE LATE ON A PAYMENT OR MISS A PAYMENT, ALL OF A SUDDEN IT JUMPS TO 27% >> VIEWER MARGARITA eMAILED ME ABOUT HER MACY'S CARDS STATEMENTS WHERE SHE NOTICED THE DEPARTMENT IS NOW APPLYING TWO SEPARATE INTEREST RATES TO HER BALANCE, 14

4% TO PURCHASES MADE WITHIN A CERTAIN TIME PERIOD AND 229% TO OTHERS, AND MACY'S APPLIES THE BULK OF HER PAYMENTS TO HER MOST RECENT CHARGES INSTEAD OF KNOCKING DOWN THE OLDER DEBT FIRST SOME RETAIL CREDIT CARDS CAN BE A GOOD DEAL FOR INSTANCE F-IT'S A STORE YOU SHOP AT FREQUENT, YOU CAN WRACK UP POINTS AND GET CASH BACK, BUT IT'S ONLY A GOOD IDEA IF YOU PAY OFF YOUR BALANCE EVERY MONTH ABOUT HALF OF ALL CONSUMERS CARRY A BALANCE SO, THAT WOULD MEAN NOT WORTH IT FOR ABOUT HALF OF ALL CONSUMERS WHO CARRY THAT BALANCE

>> AND THIS TIME OF YEAR, IT'S