{
Petco

Companies

}
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retailers raise store card interest rates ahead of federal cuts

Dozens of major U.S. retailers have raised interest rates on store-branded credit cards to record highs, with at least 50 companies, including Big Lots and Macy’s, increasing APRs significantly ahead of the Federal Reserve's rate cuts. The average APR on store cards surged by 1.52 percentage points from September 2023 to September 2024, driven by profit motives amid sluggish sales and rising credit card debt. Consumers are cautioned to reconsider signing up for these cards, as many may not fully understand the financial implications.
CNBC
United States Dollar Burlington Stores, Inc. Petco Big Lots, Inc. The TJX Companies, Inc. Academy Sports and Outdoors, Inc. The Gap, Inc. Nordstrom, Inc. Michael S. Batiste Irrevocable Trust Macy's, Inc. USA Jasmine Matheney Brian Robinson Ted Rossman Paul Lejuez Adrian Mitchell Show more
Finance & Economy, News Article
13:05 22.11.2024
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