Department store Macy's and other major retailers are raising credit card rates for shopping holidays like Christmas in the United States
With the arrival of a new special sales season, many brands — at least 50 major retailers like Macy’s — have raised interest rates on their private-label credit cards to record highs, even as inflation continues to weigh on shoppers across the country.
Retailers are raising rates to 30% or higher, marking a historic record and breaking a tacit APR ceiling of 29.99% for the first time in years. This comes despite economists forecasting further relief in government interest rates over the coming months. For instance, discount retailer Big Lots, which filed for bankruptcy in September, raised its APR by 6 percentage points from 29.99% to 35.99% — the highest increase among the 100 retailers analyzed by Bankrate.
In May, Macy’s raised its full-year forecast for credit card revenue “due to better-than-expected profit sharing as a result of higher balances within the portfolio,” said CFO Adrian Mitchell on a call.
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