35% of Americans Likely to Apply for a Store Card This Holiday Season, Big Jump from 2021

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[{"type":"text","content":"LendingTree Report Shows Kohl's as Most Popular Store Card in Consumer's Wallets\nCHARLOTTE, N.C., Dec. 15, 2022 /PRNewswire/ -- A year after consumer interest in store credit cards plunged, more Americans say they're considering applying for one this holiday season. New data from LendingTree finds that store cards are the most common in Nashville, Tenn. and Baton Rouge, La., with Kohl's being the king of all store-branded cards, topping the list as the most popular in American's wallets.\n\n \n \n \n \n \n \n\n \nKey findings35% of Americans say they're at least somewhat likely to apply for a store credit card this holiday season, up from 29% a year ago and the second-highest percentage in the five years of data from LendingTree.Store cards are most common in Tennessee and Louisiana. Nashville tops the list (47.5%), followed by Baton Rouge (47.2%), Knoxville (46%) and New Orleans (45.2%).The most popular store card across the 100 largest metros is from Kohl's (9.5%). Lowe's (6.3%) and Amazon (6.2%) immediately follow.To save big and earn rewards, more than a third of Americans say they're eying store credit cards this holiday season. However, the magic of those new cards might wear off as soon as the holiday decorations are put away. Nearly 4 in 10 people who have a store card say they've regretted getting at least one of them, and 14% say they've regretted getting several store cards.\n\"Life is so expensive right now, and everything seems to be getting pricier by the day,\" says Matt Schulz, LendingTree's chief credit analyst. \"That's causing many Americans to rely more heavily on credit to make ends meet, so it shouldn't be surprising that folks would take a closer look at store credit cards, too.\"\nThe most popular store cardsKohl's / 9.5% of all store cardsLowe's / 6.3% of all store cardsAmazon / 6.2% of all store cardsThe average credit limit across the country for store cards is $2,241. The lower the credit limit, the more easily cardholders can max out, especially if balances aren't paid off in full each month. Schulz says the right store card may help consumers slightly stretch their holiday shopping budget but using it wisely is key. \"If you ever carry a balance, store cards probably just aren't for you because their interest rates are sky-high, even by credit card standards.\"\nStore Card Tips:Be wary of the initi...

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