Consumer group warns of credit card pitfalls

Consumer group warns of credit card pitfalls

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Consumer group warns of credit card pitfalls

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by Janet Roach, 13News Now

WVEC.com

Posted on November 28, 2013 at 2:49 PM

Updated Thursday, Nov 28 at 2:50 PM

NORFOLK -- If you're applying for a credit card to shop this holiday season, CardHub says don't fall into the deferred interest trap.

According to the consumer advocacy group, with deferred interest, paying off your debt one month behind schedule could make your financing 27 times more expensive.

About 70 percent of retailers offer financing and the best deals are the ones without deferred interest and that are transparent about their policies.

Target, Nordstrom, Gap and Office Max are among the major retailers earning high marks for the financing options.

Click here for a look at the complete CardHub deferred interest study

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