Some retailers are increasing interest rates on their credit cards, including Macy’s

(Gray News) - Store credit cards can be tempting regarding certain benefits, but they also carry some of the higher interest rates for credit.

According to multiple reports, Macy’s recently sent a notification to some of their credit card holders regarding an APR increase.

Some card holders for Macy’s are seeing their rate increase to 34.49%, the Houston Chronicle reported.

The retailer’s card holders were reportedly told about the increase in letters sent out this month.

Personal finance website Bankrate reported earlier this year that retail credit cards were charging an average of 28.93% APR in 2023. However, some retailers were charging even higher interest rates.

“Just remember that any balance you carry on a retail credit card is likely to be more expensive than you realize, so do your best to pay off your purchases as quickly as possible,” Nicole Dieker and Aja McClanahan, personal finance writers, shared.

KFMB reports other retailers with APRs over 30% include Petco and Exxon Mobil, according to Ted Rossman, a senior industry analyst at Bankrate.

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