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The pilot could start as early as the fall with interest rates that range from 10% to 30% per month, but without late payment fees. This may spell trouble for Synchrony Financial, the retailer's exclusive US card issuer.
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Does this mean store credit cards could go out of style? It's unlikely because they serve as an alternative to major credit cards and may help consumers compartmentalize their purchases without packing on too much debt from too many places on a single card. Still, retailers will have a major say in the future of store-branded credit cards. If they can attach enough advantages, bonuses, rewards and other special features to them to promote their use, they should stick around.
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