Just in time for holiday shopping, retailers have a gift for consumers: higher interest rates on their credit cards — including one that's above 30 percent.
The average retail card rate has risen for the third straight year and now is brushing 25 percent, according to new survey from CreditCards.com. The BrandSource card rate ranks highest at 30.49 percent.
That interest rate is "ridiculously high," said Matt Schulz, senior industry analyst for CreditCards.com. "If you can't pay that bill off at the end of the month, the math just doesn't work for you regardless of what the rewards are."
The current average of 24.99 percent, up 1.15 percent from a year ago, compares to an average for general-use cards of 16.15 percent. Of the cards surveyed, just 10 offered rates less than that broader average to their most creditworthy customers.