It’s a new record — though maybe not a welcome one for consumers. The interest rates for retail credit cards like a Gap or Home Depot card have reached an all-time high. Rates now average nearly 29%, according to data from Bankrate. By comparison, the typical rate for a standard Visa or Mastercard is around 21%.

Retail credit cards traditionally have higher interest rates, said Ted Rossman, an analyst at Bankrate, because they’re easier to qualify for.

“Retail cards are often somebody’s first credit card. And honestly, sometimes people don’t even know they’re signing up for a credit card,” Rossman said.

He said store cards can be a way to build credit if the charges are paid in full. But that’s not always how people use them.

Say your fridge breaks. “You really need to buy something and you don’t have the money and there’s the store credit card right there on the counter,” Rossman said.

Now there are the deal chasers who sign up for that Gap card to get a denim jumpsuit for half off. In the excitement, Massachusetts Institute of Technology finance professor Hong Ru said that customers sometimes overestimate their ability to pay the debt. 

“If you give me 5% cash back from my gas, I will be very happy, right? And I will tend to ignore the costs,” said Ru.

And the holiday season is when retailers push store cards and enrollment bonuses the most.