New annual % rate for purchases at Macy's.

Well, that must be where they’re making their money these days. Traditional retail is hurting all over the place.

If you like shopping there and you pay off the balance on time, what difference does it make?

We too got something recently about one of our cards, we don’t have macys and I can’t remember which one it was but it was a notice that is was going up to 34.99%. I was totally shocked, had no idea the rates have been going up cause we pay ours off before interest. I was thankful that we finally got out of credit card debt a few years ago.

That is freaking insane. I feel very fortunate that I can pay off my CC balances monthly. Many people cannot, and it's typically the folks who are most affected adversely by these interest rates :/

That is insane. I thought it was illegal to be that high. I thought it was capped but I guess not. I can’t imagine paying that. I am fortunate to be able to pay my bill monthly and don’t shop there but yikes that’s insane.

There is no max on credit card interest rate. States can put certain caps on rates, but there are unfortunately many ways to get around those caps, such as being based in a state with no cap.

That's crazy!

I was able to pay off all of my credit cards with my med malpractice funds but before then I had a lot of credit cards that I used to pay for my attorney. I even was paying on my parent's credit card. Without those funds, I was in a world of hurt thinking I'd never get out of debt and really, there's no way I would have with my salary.

I recently received a notice from Macy's AMEX stating that my Macy's AMEX card will no long be a Macy's card. (I think this is effective mid-July 2024)   I've had this combined card for many years.  I wonder if Macy's will send out new Macy's cards. 

I totally agree! Especially when you consider that you can't pay at a register without them hard selling the credit card.

Dont get me wrong, I use my Lowes card for bigger purchases, but I also pay it off every month.

I only use dept store cards if there's a special discount on something I need and then I go home and pay it off online. However, not everyone can do this. It's a shame that the interest is so high. We always taught our kids that a credit card is not a free shopping spree. It means that you don't use it unless you have the cash to pay that bill. Emergencies do arise, but your credit card interest is another unnecessary payment that you cannot afford.

Credit card companies make their money from the customers who make minimum payments each month.

I’m a CA teacher and I do Financial literacy for 1 term (30 days) every year. I bring in a credit card statement and go thru it with my kids and have the “if I don’t pay this month…” and “if I make the minimum payment” discussions. DH and I charge EVERYTHING and pay it off every month so my bill is usually pretty high. I do the same with my paystub and go thru what all the deductions are and what they mean. The kids usually really get into those 2 lessons. We do loans and savings and retirement accounts and all that. I enjoy teaching this class because it’s real life. Often I’m surprised by what the kids already know about saving and what not. Their parents are doing an ok job. I always tell them that the only loan we have is for our home. Cars are paid for what cash or 0% loans. They don’t understand how we do that. I explained that as soon as I purchase my new to me car (don’t buy brand new) I put the “monthly” payment into a savings account. When it comes time to get a new car (we drive them until they’re dead) I’ll have cash to get that one. Repeat.

I’m looking at a new financial literacy curriculum to test out this year as I’ve used the current one (which is good) for the past 2 years.