A woman with a Macy’s credit card reports getting a letter showing a concerning rise in its APR—which has her contemplating closing the credit card and not shopping there again.
The TikTok video warning, which starts with the creator saying, “Here’s a warning, everyone,” can be found on the Latina Plant Priestess (@latinaplantpriestess) account. It was put up Friday, getting more than 366,000 views since. In it, she shares a letter she got from Macy’s informing her of changes to her credit.
“I got this letter as an update from Macy’s, my credit card,” she says, adding, “I have excellent credit.”
She then says, “Oh, look at what it says now,” showing that the APR on the card is jumping up to 34.49%. “They are out of their damn minds. They can close my account.”
Rising credit card interest rates
She goes on to explain that it’s possible to call and challenge the rate by August 26, but if a customer doesn’t do that, the rate will take effect, based on her interpretation of the letter. She also points out, “You know that they lost me. I was a customer. They are cray cray.”
She also advised people to close their accounts, which can actually negatively impact one’s credit score.
Experian advises, “In general, keep unused credit cards open so you benefit from longer average credit history and lower credit utilization. Consider putting one small regular purchase on the card and paying it off automatically to keep the card active.”
The rate might seem outrageous, but according to Forbes, current credit card rates are more expensive than you might think. For the week of July 29, “The average credit card interest rate is 27.62%.”
The article adds, “The Federal Reserve keeps tabs on the average interest rate that U.S. consumers pay for a variety of different financial products—credit cards included. In May 2024, the average credit card interest rate in the U.S. on accounts with balances that assessed interest was 22.76%, according to The Federal Reserve.”
It then adds, “Of course, the annual percentage rates (APR) you pay on your own credit cards might not match up with the national average. Credit card APRs can vary widely based on a number of factors, from your credit score to your debt-to-income ratio and beyond.”
Commenters weigh in
One remarked, “Tjmaxx, Marshall’s, HomeGoods card is the exact same! I hate that I even opened a card with them.”
Someone else said, “Same here! Had this card for 15 years! Never once late!! Great credit! I’m over it!”
“There is not one thing in Macy’s that is worth me buying at 34% interest,” another observed.
The Los Angeles-based creator, whose real name is Laura Jardon, responded to the Daily Dot via email. She said, regarding contacting Macy’s, that she hasn’t reached out after further consideration. “I don’t believe there’s room for negotiation. I had recently reached out to another CC company, Capital One, about lowering their interest rate (24%) and they refused.”
@latinaplantpriestess #outoftheirminds #fyp #warning #viral #foodblogger #losangeles #warning #creditcarddebt #debtfreecommunity #crazystory ♬ original sound – Latina Plant Priestess
The Daily Dot reached out to Macy’s via email for comment.
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