Warning of retailers jacking up rates on store cards ahead of the holidays
Some of the largest retailers in the US raised the interest rates on their store credit cards this fall, ahead of the holiday shopping period. At least 50 major retailers jacked up their ARP rates to record highs in order to protect their profits ahead of the Federal Reserve cutting interest rates in September. Macy's, Nordstrom, Gap and Big Lots were among those that raised the interest they charge customers on their store-branded cards between September 2023 and September 2024, according to a report by Bankrate.
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