It's a good thing that I've paid off my Macy's credit card. They and other retailers are hiking their credit card interest rates to around 35%. Ouch!
According to CBS 8:
SAN DIEGO — Interest rates on retail credit cards are on the rise, and the numbers may surprise you.
Macy’s just sent letters to its card users announcing the interest rate on their Macy's card is jumping to 34.49%. Industry experts told CBS 8 the increase is part of a nationwide trend.
“I mean, i follow this so closely that I'm not shocked, but on the face of it, yeah, that's a really high interest rate," said Ted Rossman, a senior industry analyst at Bankrate.
Rossman says retail stores already have the highest APRs, and those rates have been climbing steadily mirroring what the Feds are doing.
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