Thinking about applying for a store credit card? What to know about interest rates, APR before applying, according to Lending Tree

Chicago (WLS) — More Americans say they are considering applying for in-store credit cards.

According to financial experts in lending tree, 35% of Americans are likely to apply for one of these cards this holiday season. It’s a big increase from last year.

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Here’s what you need to know before accepting credit directly from the merchant.

• According to Lending Tree, more than one in three people who have had a credit card at a store regret signing up, probably because they don’t realize how high the interest rates are.

• The average APR for new store cards is 26.60%, up from 24.27% a year ago. This is significantly higher than the rate for all new credit card offers (approximately 22.21%).

• The advantage of a store credit card is the perks and rewards it offers for buying more products, but it’s only worth it if you pay off that balance each month to avoid high interest rates.