Report: Retail credit card interest rates hit record high

(CNN) - You might want to rethink signing up for a retailer's store card.

A new study from Bankrate found the interest rates have reached a record high since 2008.

Bankrate surveyed 108 cards from leading retailers in September.

At the time, the average rate was 30%. That's up from 24% in 2021.

It's also well above the current average for credit cards overall, which is about 21%.

According to the study, the highest APR found was for cards offered at Academy Sports and Outdoors, Petco, Burlington, Piercing Pagoda, Good Sam, Big Lots, and Michaels.

The lowest rate on a retail card was 10% on the Amazon secured card.