A $1,000 Credit Card bill can Sock you with $775 of Interest

If you’re planning to do your holiday shopping with a merchant-approved credit card, you could be looking at a hefty fee if you’re paying.

Retail credit cards carried an average annual percentage rate (APR) of 26.72% in November, up from 24.35% a year ago, according to research from Creditcards.com, an information service.

The most recent figures represent a record going back to 2008, when Creditcards.com began analyzing the data. In fact, interest rates were generally higher before the financial crisis of 2008. Therefore, the APR may be higher than then.



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