New warning about store-issued credit cards

The deals come at you fast, often as you're checking out. Open a credit card and get 10% or 20% or even 30% off. Stay away from these cards. But those store-brand credit card discounts come at a hefty price. Because they're not as selective about credit quality, that's why the banks tell you that they charge such high interest rates. But this year, those high rates are even higher. We're talking extraordinarily high. I mean, this is generally about as high as they go. A new bank rate study of some of the country's biggest retailers found yearly interest rates as high as almost 36%. Yep, $30,000 into credit card debt. It's nauseating to say out loud. Those high rates hit New Hampshire resident Meg Locker hard. She had almost $30,000 of credit card debt from around a dozen credit cards, many of them from big retail stores. After six months of spending, you've spent more on interest than you have on any savings that you received from the store itself. The retailers who raised rates the most this year include Big Lots, Old Navy, and Petco. And Big Lots had one of the highest overall at 36% a year. High interest rates are partly to blame, but according to CNBC's Gabrielle Fonrouge, as interest rates went down. So instead of allowing that to impact their profit margin, they preemptively raised rates. In a statement to NBC News, Big Lots said its interest rate increases are a result of several factors, including, quote, historical federal rate increases, rising credit losses, and regulatory pressures. Experts say if you do sign up for a card because you really want that discount. Pay that off the second you get a charge. Priya Sridhar, NBC News.