Retailers now charging upwards of 35% interest on credit cards

Рет қаралды 8,484

15 күн бұрын

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.
MORE: www.cbs8.com/article/news/loc...

Пікірлер: 130

@jasonsmith1143 12 күн бұрын

i STOPPED going to Macy's and other department stores. wearing the same 5 years old clothing.

@kitdinker 11 күн бұрын

Me too. Driving my 15 year old truck.

@aaronthenorm5400 9 күн бұрын

Wear them out and wear it down! Nothing shameful in that!! ❤

@Perfect_Pizza 13 күн бұрын

I got that letter the other day and i promise ill never use that card again.

@chiquita683 11 күн бұрын

Cap

@Perfect_Pizza 11 күн бұрын

@@chiquita683 i wont lol. I have plenty of credit cards that dont deceptively increase their rates by over 10%

@katemiller7874 7 күн бұрын

Same. Just cancelled it now. They blamed the government. They government said it was ok. Nope. Gone.

@karadanvers6136 13 күн бұрын

Greed corporate greed

@bitcoindaddy1 13 күн бұрын

No Macy card 😂… I have 830 score and my cards are still 20%

@HuyHoanghouston 12 күн бұрын

Do they force you to buy?

@jogmas12 12 күн бұрын

Pay off your balance every month and don’t spend so much

@karadanvers6136 12 күн бұрын

@@HuyHoanghouston the interest is gouging. Look around it’s greed everywhere. They already make enough.

@jogmas12 11 күн бұрын

@@karadanvers6136 just don’t spend so much and pay off the balance every month then these interest charges won’t effect you

@BuhodePiedra 11 күн бұрын

For the majority of human history, the interest rate was capped at 8.33% and anything higher was considered usury and punished with harsh penalties. This is usury!!!

@westbccoast 11 күн бұрын

Criminal, cute those cards up, don't reward these mobsters.

@Paramount531 12 күн бұрын

I've managed to survive all of these years without ever wanting or having a store card. The reason the stores hump them so hard is that they are very profitable for the stores while you languish in debt.

@supportmytroups7 11 күн бұрын

Like damn I buy 150$ a year in clothes. I’m guessing chicks use these cards

@GuyWithTheDogs 12 күн бұрын

Credit card interest rates are of no interest to me because I never carry a balance. But the bank that runs the credit card business for Lowe's just announced that they will be charging $1.99 per mailed statement. I won't be using THAT card anymore. 🙂

@supportmytroups7 11 күн бұрын

Or sign up for online statements ?

@GuyWithTheDogs 11 күн бұрын

@@supportmytroups7 Translation: "This is a good way to forget to make a payment."

@aaronthenorm5400 9 күн бұрын

That, is the way to handle this.

@aaronthenorm5400 9 күн бұрын

@@supportmytroups7Never! If that becomes mandatory; then my cards and I are getting a divorce!!!

@GuyWithTheDogs 9 күн бұрын

@@aaronthenorm5400 Of course it is, despite the prone position that "supportmytroops" has apparently taken. Synchrony Bank won't get a percentage of my purchase, nor will they get $1.99 when they send me a statement. And come to think of it, I probably won't be doing much business with Lowe's either. I can't think of any downsides...for me, anyway.

@user-ll9qk2el4d 10 күн бұрын

If you can't pay off your credit card in full, you shouldn't be shopping in the first place. You can't afford it.

@domk2993 13 күн бұрын

Insane…everything’s going up EXCEPT our pay. Make it make sense

@SkylineCypher 13 күн бұрын

Meanwhile they have record profits

@jogmas12 12 күн бұрын

Whatever you charge pay the balance then you won’t get charged the interest

@chiquita683 11 күн бұрын

Just pay in credit

@chiquita683 11 күн бұрын

@@SkylineCypherMacy's is almost bankrupt

@jogmas12 11 күн бұрын

@@chiquita683 you a big spender? 🤑

@vistabadboi 12 күн бұрын

I got the same letter and they lost my business !!

@sandtoy11510 11 күн бұрын

Why? Use another card or pay cash/debit card

@katemiller7874 7 күн бұрын

Mine too. The audacity of them

@jz19912 12 күн бұрын

Do I get 10% cash back? 🤣 What a joke

@aaronthenorm5400 9 күн бұрын

Me yoo

@lashonify 13 күн бұрын

Legal high priced loan sharks👀👀👀👀👀👀👀❌❌❌

@jogmas12 12 күн бұрын

Don’t carry a balance, it’s that simple

@stujonny 11 күн бұрын

You can charge whatever! I never paid any interest🤬,my payment is always paid in full.

@aaronthenorm5400 9 күн бұрын

Paid in gull club!!

@sissycarolina4863 13 күн бұрын

Boycott these stores that do this.

@jogmas12 12 күн бұрын

You don’t have to carry a balance. Plus control your spending

@katemiller7874 7 күн бұрын

Already did. It feels good

@jogmas12 7 күн бұрын

@@katemiller7874 no need to boycott, just control your spending, spend with in your means and pay your balance off each month

@chrism340i 11 күн бұрын

If you have to buy it with a credit card you cant afford it

@mitchellquartero 12 күн бұрын

The best solution cancel your store credit cards

@themarsh10210 12 күн бұрын

Pay cash.

@aaronthenorm5400 9 күн бұрын

But, but, but....bit-coin. 😅😅😅😅😅😅😅😂😂😂

@sandtoy11510 11 күн бұрын

They make it sound like people have no choice but to use a credit card for purchases

@stanford-nf4jk 11 күн бұрын

I bought socks at Macy’s years ago. I realized when I got home that I actually didn’t need them so I left them and the receipt in the bag, and went to return them the following day. Instead of issuing me a refund, the employee began to pressure me into signing up for their card. Like, what the fr¡c|

@kinda.funnny 11 күн бұрын

Upset about high credit card interest rates? then don't live above your means or use them at all...

@aaronthenorm5400 9 күн бұрын

Or only one.

@junkboxxxxxx 13 күн бұрын

It's a state responsibility, not federal, and 99% of these are based out of a PO box in South Dakota, where Kristi Noem governs. The contract terms are those of the 💳's state, not customers, and SD lets them get away with anything.

@sandtoy11510 11 күн бұрын

Credit card companies have been South Dakota since the 1980’s. Way before your BFF Kristi Noem was elected governor

@jessicah3782 9 күн бұрын

I’m glad my mom paid off her cards already. They’re already monsters. 25% was already a norm on many of these.

@GruneD 13 күн бұрын

No one talks about the fact that the rates on credit cards are tied to the “Prime Rates” which is based on the Fed Fund Rate. So of course they are at the highest they can be, same for your savings rate, your mortgage rate etc 💡

@kenc2257 13 күн бұрын

Really?! A 35% interest rate bears little resemblance to 8 or 9 percent.

@GruneD 12 күн бұрын

@@kenc2257 less money for more. They are already high enough

@jpedro66 11 күн бұрын

no problem . I stopped using their credit card

@stevesworld620 12 күн бұрын

Why would anybody purchase anything at Macy's on credit, then not pay off their bill? I seriously cannot remember the last time I shopped at Macy's, they have nothing I need.

@carolr7823 11 күн бұрын

Not an issue if you pay your credit card off every month. Only an idiot doesn't pay it off every month.

@aaronthenorm5400 9 күн бұрын

Operative word being idiot!

@chrism340i 11 күн бұрын

remember, credit cards inters rates only affect people who spend more than they can afford

@toshagilliam1869 7 күн бұрын

Thank God my Macys card is paid off. I'll never use it again. That's ridiculous.

@Paul_Wetor 5 күн бұрын

Retail store credit cards are bad unless you pay them off in full every month. It's ridiculous when 1/3 of a monthly payment only goes to pay the interest.

@bogie33 2 күн бұрын

Macy's just lost all my business. I get raising the rate on folks who don't pay. But to punish good customers makes no sense.

@gregmckinley5178 11 күн бұрын

Pay off and zero out your balance on the card every month. Controll your spending.

@aaronthenorm5400 9 күн бұрын

Right! Before my first card; which I wasn't going to get due to the horror stories I was misinformed that the interest was unavoidable. Therefore I didn't get one. Thankfully someone set me straight. That only the irresponsible pay interest!

@jogmas12 11 күн бұрын

Ya all need to stop spending so much and pay off your credit card balances every month.

@aaronthenorm5400 9 күн бұрын

Fortunately for me; I am almost phobic about owing so ya, pay them off; every month!

@dreadfuldonkey 9 күн бұрын

Good to hear this , means they are going out of business

@LK57913 12 күн бұрын

How this is not usery is confounding to me.

@alarahillton1343 10 күн бұрын

Macys quality has gone down/ and prices are up. ROSS:)

@aaronthenorm5400 9 күн бұрын

Quality had gone waaaaaaayyyyy down! Dont get me stated.

@michaelsmiley15 11 күн бұрын

I rember how bad it was 10 years ago This is not a surprise

@christophermyers3758 5 күн бұрын

If you just walk in and walk out with $5,000 in merchandise, you can avoid those higher interest rates! And also can return for store credit later! 🤗😀

@Robert-ug5hx 10 күн бұрын

Easy solution dont use credit cards

@Greenskies321 13 күн бұрын

Time to start a fight club

@supportmytroups7 11 күн бұрын

Wait wait…… .49 rounds down

@knockout9446 4 күн бұрын

Cash is king. I always keep some on me. Certain businesses will give you a decent discount if you pay in cash.

@fu2201 13 күн бұрын

Im sure the government will step in and stop this lol

@katemiller7874 7 күн бұрын

When I called on the macy’s card to see what’s going on they said the government allowed them to do this. We knew that

@stoundingresults 12 күн бұрын

Cash is king! See you all at the swap meet.

@92106LibertyStation 12 күн бұрын

Received my notice from Macy's yesterday. Interest rate AND cardholder agreement changes. I have to wonder if under Jeff Gennette's leadership as CEO, that this would have occurred. He did a great job as CEO, but has recently retired. (Valhalla '79 alum!)

@aaronthenorm5400 9 күн бұрын

This is hilatious! I don't ever charge soneting without the money to cover it in thd bank; FIRST! My income is "under the poverty-line"! I have NEVR paid interest!

@eriks8382 12 күн бұрын

If you’re offended by these interest rates wait until you hear about the interest rates offered by Check cashing places in most black and brown neighborhoods. Funny I don’t hear anyone saying macys customers are bums and financial risks

@katemiller7874 7 күн бұрын

No one should be taken advantage of by theses companies or governments. It doesn’t matter what skin color they are.

@eriks8382 7 күн бұрын

@@katemiller7874 youre 100% Right

@KarenSanchez-qo5ht 9 күн бұрын

WHO - in this day - shops at Macies-spacies these days - and on a CC to boot - - - they only have crappy Jar-Jar Binx stuff there - an actual notch down from Walmart . . . LOL

@katemiller7874 7 күн бұрын

This is macys Mastercard. It’s not just a store card anymore

@voiceofraisin241 13 күн бұрын

They have to make up for the amount of people who stopped paying altogether.

@sissycarolina4863 13 күн бұрын

No they have to make up for Newsom's up to $950 shoplifting slap on the hand.

@tobiaskozlov5151 11 күн бұрын

who tf shops at Macys lol

@joyfitzgerald9878 10 күн бұрын

😂

@chiquita683 11 күн бұрын

Based

@AK-qo6tx 12 күн бұрын

Like Fed lowering interest rates are going to help the average person....lmao....The Fed lowering rates will only let the bank make more money.

@aaronthenorm5400 9 күн бұрын

😊 That's not how it works.

@leinster22 10 күн бұрын

Your paying 35% interest for badly made clothing from the other side of the world

@rh380 13 күн бұрын

Where's Congress?. Abolish the federal reserve. No. Card by law should be more than 5%. Does your congress person care?. No. Look at ⛽️.. no. Price controls. Or competition. Fjb.

@scottlanghoff8729 13 күн бұрын

I can remember a time when the borders were secure, the world was at peace, gas was cheap and plentiful, groceries were affordable, mortgage interest rates were 2.5%, and the economic outlook was optimistic. I sure do miss those good old days from four years ago. You got what you voted for! Ain’t Democratic Communism Great?

@junkboxxxxxx 13 күн бұрын

It's your maga South Dakota state government that's doing it.

@junkboxxxxxx 13 күн бұрын

Before the internet people like this had no outlet for idiocy except other drunks in their bar. How in the h can the deregulation of private business enterprise such that they can 🦈 their customers be considered "communism"?

@Greenskies321 13 күн бұрын

Learn the meanings of words, pale stale and crusty boomer

@scottlanghoff8729 13 күн бұрын

@@Jjjgfygojhfvb FAFO.

@Jjjgfygojhfvb 12 күн бұрын

Thanks for confirming@@scottlanghoff8729