![](https://walletmonkey.io/wp-content/uploads/2021/10/girl-shopping-online-on-laptop_t20_wQKARV-1024x683.jpg)
Key Points
- Interest in applying for store cards drops to its lowest level since 2018. Just 29% of consumers say they’re likely to apply for a store credit card this holiday shopping season, compared to 44% in 2020, 32% in 2019 and 24% in 2018.
- Debt falls, too: Just 1 in 3 with a store card said they currently have debt associated with that card. This is a big decrease from 49% in 2020.
- 42% of consumers have closed a store credit card. An additional 13% have had a store card closed by the issuer. The main reasons for voluntary closures were no longer shopping at the store (46%) and high interest rates (35%).
- Average store credit card interest rates remain high, though largely unchanged. The average APR on a new retail credit card offer was 24.27%, up only slightly from 2020’s 24.24%.
- Consumers still prefer store cards over buy now, pay later, but it is close. 29% of consumers would be more likely to pay with a store card this holiday season, while 21% would turn to buy now, pay later financing.
- More retailers offer store credit cards than buy now, pay later loans, though many offer both. 67 of the 126 retailers’ websites we reviewed offered a store credit card, while 56 offered a BNPL loan. However, 42 retailers made both options available.
- Buy now, pay later options pop up in unexpected places. Paying in installments at department stores and big-box retailers, sure — but doing so at Dollar Tree or Panera Bread? Yep, it’s possible there, too.
Interest In applying for cards hits 2018 low, here is the data
![](https://walletmonkey.io/wp-content/uploads/2021/10/store-card-charts-store-cards.png)
Data showed that just 33% of store cardholders were carrying debt on their cards, vs 49% in 2020. That is a substantial drop!
![](https://walletmonkey.io/wp-content/uploads/2021/10/store-card-charts-balance.png)
Some data on card closures…
![](https://walletmonkey.io/wp-content/uploads/2021/10/store-card-charts-closed.png)
Consumers still prefer store credit cards to buy now pay later services.
![](https://walletmonkey.io/wp-content/uploads/2021/10/store-card-charts-pay-w-bnpl-vs-store-card.png)