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Don’t let your money fly away toward high-interest store credit card payments.

Credit Cards
Don’t let your money fly away toward high-interest store credit card payments.

Because of high inflation rates, more people are using credit cards to make major purchases. Some credit cards, including the store-branded variety, may include higher interest rates than ever before.

According to a Lending Tree survey, approximately 35 percent of Americans relied on store-brand credit cards to make purchases during the holiday season.

These credit cards may initially seem like a good deal and come with perks for the first purchase. But they often have unreasonably high interest rates associated with them if you don’t pay your balance in full.

In 2022, the average interest rate for store-brand cards hit a high annual percentage rate (APR) of 26.72 percent. Some store-brand cards are carrying an annual percentage rate as high as 30.74 percent.

Store-brand credit cards aren’t just limited to what you open when you visit a physical store. Almost every large online retailer offers an option before you check out.


You have options if you have store-brand credit card debt

If you opened a new store-brand credit card during the holiday season, don’t worry, you’re not saddled with the enormous interest rate forever.

At Arsenal, we offer several low-rate options that can help you consolidate your store cards, score a better interest rate and make your monthly payments a lot more manageable.


Try our low-rate credit card

No need to juggle multiple, high-rate credit cards.

If you tend to carry a balance and juggle multiple credit cards, our lower-rate option may be right for you. Interest rates at Arsenal start at 9.90% APR* for our Visa credit card. But that’s not all. We offer a slew of additional perks to help you save more and keep your card safe.

  • There’s no fee to transfer a balance (from a store card or other card) to our card. Typically, lenders charge a percentage of your balance or up to $300.
  • You pay no penalty rate if you can’t make your payment on time, with a grace period of 25 days.
  • You’ll earn rewards points on purchases.
  • Download the free CardKey app to keep your card safe from fraud.
  • Set up your card to make payments using your mobile device.

Apply for a credit card online


Apply for a personal loan

Cut out the credit card debt.

You can ditch the credit cards altogether if you find yourself having trouble paying off balances in a timely manner. If you’ve racked up debt from several other high-interest loans, a personal loan may be a good way to consolidate it into a simple, consistent monthly payment.

We can even help pay off your other lenders for you.

Apply for a personal loan online


Use the value you’ve built up in your home

Your home has value. Put it to good use.

With current low interest rates and record-high home prices, now is a great time to tap into your home’s equity (or the positive difference between what is owed on a home and its current value).

A home equity loan or line of credit allows you to borrow a large amount of funds against your home’s equity for any use you want. If approved, you can consolidate your high-interest credit card debt within a matter of days.

Learn more about home equity loans


We’re here to help you

We’re not in it for the money. As a not-for-profit organization, our goal is to help you become the best financial version of yourself.

Contact us today and we’ll talk about your options for ditching your high-interest store credit card debt (and any other high-interest debt you may have). Reach us four different ways:

  • Start a live video chat: Start a conversation with us face-to-face wherever you are during normal business hours with Live Video Banking.
  • Talk to us through live chat: Click the button in the bottom-right corner of your screen to
  • Call or text: Our number is 314.969.6363. Reach us at 618.239.6363 from the Illinois side.
  • Visit us: Stop by one of our four full-access branches when it’s most convenient for you.

*Subject to change and based on creditworthiness. Rates as of 12/15/2022.

Equal Housing Opportunity  |  NMLS #401926