If you’re thinking about opening a new credit card at one of your favorite stores this holiday shopping season, you might want to think twice about the interest rate you could end up paying.

Some of the largest retailers in the US raised the interest rates on their store credit cards this fall, ahead of the traditional holiday shopping period.

The average rate on credit cards from some of America's biggest retailers has soared to an all-time high of more than 30%, according to personal finance site Bankrate. That's up from just over 24% in 2021.