Consumers are shifting away from store credit cards as brand loyalty wanes and interest rates rise
Updated Nov. 26, 2023 2:50 pm ET
Retailers aren’t just having trouble getting shoppers to buy sweaters and other holiday items this season. Store credit cards are also a tougher sell.
The cards, which typically can only be used at a particular chain, have been a lucrative source of revenue for retailers as merchandise
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sales have slowed. But the stream is drying up as Americans carry fewer cards and increasingly finance purchases with buy now, pay later providers. Interest rates surpassing 30% on some retailers’ credit cards aren’t helping, according to analysts.
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