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

If you plan to shop for your vacation with a merchant-sponsored credit card, you may be charged a lot if you carry a balance.

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

The latest figures represent records dating back to 2008, when Creditcards.com began tracking the data. Of course, general interest rates were higher before the financial crisis of 2008. So the APR is likely higher as well.


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