Store credit cards occupy a very interesting niche within the broader credit card market. For one thing, they tend to have more lenient approval requirements than general-use cards with comparable terms. That’s largely because they can only be used to make purchases with the retailers they represent, which limits the risk for the issuer. As a result, store credit cards are a great way to build credit at a low cost.
Store cards aren’t only for the limited-and-fair credit crowd, however. Their sign-up bonuses and ongoing rewards provide savings at affiliated stores that even the market’s best overall rewards cards can’t always match.
To help people make informed choices about which credit cards to apply for and when, WalletHub monitors the store card landscape by tracking more than 300 store credit card offers. Store credit cards change over time, after all, with the quality of their terms varying based on the economic climate, industry trends and retailers’ priorities.
See 2022's Best Store Credit Cards
Main Findings
- 99% of store credit cards have $0 annual fees. The average general-use credit card charges $21 per year.
- 28.9% of store cards offer ongoing rewards, primarily in the form of points.
- The average store credit card that offers rewards via discounts gives 17% off the first purchase.
- The average store credit card with a 0% intro rate gives almost 16 months break from interest – 2 months less than last year. The average general-use 0% credit card has an intro period of 11-months.
- 49% of store credit cards use a dangerous feature called deferred interest. Deferred interest means you will benefit from a reduced introductory APR, often 0%, but finance charges can retroactively apply to your original purchase amount – like the intro rate never existed – if you pay your bill late or don’t pay off your full balance during the intro period.
Most Common Store Credit Card Features
| Info | Percentage of All Cards - 2021 | Percentage of All Cards - 2020 | Percentage of All Cards - 2019 | Percentage of All Cards - 2018 | Percentage of All Cards - 2017 | 2021 vs. 2020 |
|---|---|---|---|---|---|---|
| 0% Intro APR on Purchases | 45.18% | 50.32% | 42.95% | 42.32% | 40.32% | -10.21% |
| Deferred Interest | 48.84% | 52.90% | 87.65% | 85.47% | 82.40% | -7.69% |
| Initial Bonus | 26.25% | 24.84% | 21.63% | 24.14% | 20.97% | 5.67% |
| Ongoing Rewards | 28.90% | 28.06% | 29.78% | 30.72% | 26.45% | 2.99% |
| Periodic Rewards | 2.33% | 2.90% | 2.19% | 4.39% | 3.87% | -19.90% |
| No Annual Fee | 99% | 99.35% | 100% | 100% | 99.68% | -0.35% |
Store Card Rewards
| Info | Average 2021 (Percentage of all Cards) |
Average 2020 (Percentage of all Cards) |
Average 2019 (Percentage of all Cards) |
Average 2018 (Percentage of all Cards) |
Average 2017 (Percentage of all Cards) |
2021 vs. 2020 |
|---|---|---|---|---|---|---|
| Ongoing Rewards Earn (in the form of discount) | 3.89% (8.97%) | 3.96% (8.06%) | 4% (4.08%) | 4% (3.76%) | 5% (3.55%) | -1.80% |
| Ongoing Rewards Earn (in the form of points / $1) | 3.25 (19.93%) | 3.36 (20%) | 3.32 (20.38%) | 2.81 (21%) | 2.47 (22.90%) | -3.18% |
| Initial Bonus (in the form of $) | $29.69 (10.63%) | $32.33 (9.68%) | $24.84 (9.72%) | $21.79 (8.78%) | $18.82 (5.48%) | -8.17% |
| Initial Bonus (in the form of discount) | 16.78% (14.95%) | 17.67% (14.52%) | 25.71% (2.19%) | 29.23% (4.08%) | 22.22% (2.90%) | -5.03% |
| Initial Bonus (in the form of points) | 5,000 (0.66%) | 5,000 (0.65%) | 2,386 (2.19%) | 2,386 (2.19%) | 3,800 (2.26%) | 0% |
Store Credit Card Interest Rates
| Info | 2021 | 2020 | 2019 | 2018 | 2017 | 2021 vs. 2020 |
|---|---|---|---|---|---|---|
| Average Regular APR (all offers) | 27.93% | 28% | 28.86% | 28.62% | 28.26% | -0.22% |
| Regular APR Range (all offers) | 5.75% - 29.99% | 5.75% - 29.99% | 5.75% - 30.49% | 12.99% - 30.49% | 12.99% - 30.49% | N/A |
| Average Length of 0% Intro APR (in months) | 15.85 | 17.91 | 16.35 | 16.87 | 16.41 | -11.52% |
| 0% Intro APR Range | 6 months - 72 months | 6 months - 72 months | 6 months - 84 months | 6 months - 72 months | 6 months - 72 months | N/A |
Gas Cards
| Info | 2021 | 2020 | 2019 | 2018 | 2017 | 2021 vs. 2020 |
|---|---|---|---|---|---|---|
| Average Ongoing Rewards Earn (in the form of $ /gallon) | $0.052 | $0.050 | $0.028 | $0.029 | $0.033 | 2.70% |
| Average Initial Bonus | N/A | N/A | N/A | N/A | N/A | N/A |
| Rewards Range (in the form of $ /gallon) | $0.0 - $0.1 | $0.0 - $0.1 | $0.0 - $0.1 | $0.0 - $0.1 | $0.0 - $0.1 | N/A |
Methodology
This report reflects data on more than 300 store credit card offers, which WalletHub monitors weekly. Offers information was collected on Nov. 5, 2021.
Please note:
- We did not report any finding with fewer than 5 valid data points.
- Any monthly fees assessed by cards were annualized for the purpose of this report.
- There are two types of deferred interest plans: those offered as part of the online shopping experience and those offered in stores only. We only considered plans that are part of the online experience, so the total number of deferred interest plans available might be higher than reported here.
- We considered rewards in the form of cash back and discounts to be the same thing, as the end result for the consumer is the same in both cases: a certain percentage saved.
Please direct questions and requests for additional information to [email protected].
For statistics on the credit card market overall, check out our latest Credit Card Landscape Report.