The Drawbacks of Retail Credit Cards  Posted on January 30, 2013
by  Not all credit cards are created equal. There are regular
cards, and there are store credit cards, which are offered by
many large retailers. The main lure of these retail credit cards
is that they offer discounts on all your purchases, but before
you decide to get one, consider the following drawbacks:
Drawback #1: High interest rates  When you look for a new credit
card, the first thing you look at is the interest rate. Why?
That’s because you’ll end up spending more with a higher rate,
no matter what its perks may be. Unfortunately, retail credit
cards are notorious for their steep interest rates, which
usually hover around the upper end of 19 per cent to even 23 per
cent per year.  To give you a better perspective, a regular,
bank-issued credit card has an average interest rate of around
11.99 per cent to 13.5 per cent per year. That’s almost a
difference of 10 per cent! And if you miss your payment on your
due date, expect interest cha