First Alert Consumer Report: What to know about store-issued credit cards [Video]

SIOUX FALLS, S.D. (Dakota News Now) – The holiday shopping season is just around the corner. No doubt, among the hustle and bustle, you’ll be asked the same question over and over at checkout. Would you like to open a store credit card? Consumer Reports says to think twice before you sign the dotted line.

We’ve all been there. Before you swipe your credit card to pay, you’re told you can save even more –sometimes up to 20 percent off your purchase if you open a store-branded credit card right now. Should you take the plunge?

Generally, this is not a good idea. Sure, those upfront savings can be very enticing, but if you don’t pay off that balance before a promotional period ends, you’ll pay a lot of interest.

While the average credit card interest rate is around 20 percent, the interest rate for retail or cobranded credit cards …