Should you open a store credit card? Consumer Reports has the answer!

So many of us are shopping online these days, but if you actually go into a department store or other major retailer, you're probably going to get the question.

It's the one you get at checkout, not the paper or plastic question but would you like to open a store credit card? They'll often suggest that you can save big on the purchase you're about to make.

But here's the thing...you really should think twice before you sign up for one of these cards.

“Generally, this is not a good idea. Sure, those upfront savings can be very enticing, but if you don't pay off that balance before a promotional period ends, you'll pay a lot of interest,” said Consumer Reports' Brian Vines.

While the average credit card has an interest rate of around 20%, the interest rate for retail or co-branded credit cards is at an all-time high, at 30%.

And some are even higher! Credit cards from TJX, JCPenny, QVC and Walgreens are almost 35% – Burlington, Big Lots and Michael are almost 36%!

And we know that around half of Americans carry a balance month over month – along with paying more money, that can impact your credit score!!

So, is it ever a good time to consider signing up for a store credit card?

“If you shop at that store a lot and you're vigilant about paying off your balance every month or before a promotion ends,” said Vines.

Just be aware that many store-branded cards have low credit limits, so a big day of shopping for holiday gifts could max out the card!

Something else to consider is that Store-branded credit cards are sometimes easier to get than conventional credit cards.

So if you’re trying to build a credit history, these can be a good option if you commit to having a low or no balance!

Do you have more information about this story? You can email me at jennifer.kraus@newschannel5.com.

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-Lelan Statom