Weiner urges against store credit cards for holiday gifts

(AP) - They can tempt customers with discounts andshort-term low interest rates, but a New York congressman iswarning people to stay away from store credit

NEW YORK - (AP) - They can tempt customers with discounts andshort-term low interest rates, but a New York congressman iswarning people to stay away from store credit cards as the holidayshopping season gets under way.

U.S. Rep. Anthony Weiner released a study Sunday that shows somestore credit cards have interest rates that are substantiallyhigher than regular credit cards.

The lawmaker said his office reviewed 35 major retail storewebsites and found that the average store credit card rate is about24 percent.

The national annual interest rate on traditional credit cards isless than 15 percent.

Weiner has introduced legislation to require companies todisclose interest rates, grace periods and annual fees for creditcards at the time consumers sign up for them.

advertisement | advertise on News 12

Trending Video

Brooklyn nail salon makes its own unique nail 1 Brooklyn Style: k2 Nail Salon
Kilusan Bautista once lived in Crown Heights until 2 NYC man's show puts spotlight on gentrification
News 12 Brooklyn asked residents what old TV 3 Word on the Street: Old TV shows
4 Activists push women's rights with double entendre
A new kind of snack is sweeping through 5 New bean snack created by Brooklyn resident

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE