What you should know before applying for a store credit card, according to Lending Tree

CHICAGO (WLS) -- More Americans say they're considering applying for a store credit card.

According to financial experts at LendingTree, 35% of Americans are likely to apply for one of those cards this holiday season. That's a huge increase from last year.

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Here's what you should know before you get credit directly from a merchant:

• Lending Tree said more than one in three who've had a store credit card regret signing up, possibly because they don't realize how high the interest rates are.

• The average new store card APR is 26.60%, up from 24.27% a year ago. That's also significantly higher than the rates for all new credit card offers, which is about 22.21%.

• The advantages of store credit cards are the perks and rewards which may be offered to buy more merchandise, but it's only worth it if you pay off that balance every month to avoid high interest rates.