‘They are out of their damn minds’: A woman admits she wishes she hadn't used her Macy's credit card, stating she plans to avoid the store in the future. ‘There is not one thing in Macy’s that is worth me buying at 34% interest.’
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, beginning with the creator stating, “Here’s a heads-up, folks,” is available on the Latina Plant Priestess (@latinaplantpriestess) profile. It was uploaded on Friday, attracting over 366,000 views since then. In the video, she discusses a letter she received from Macy’s detailing modifications to her credit card terms.
“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 further explains that it's feasible to dispute the price by August 26th, but without action from the customer, the price will become effective, according to her understanding of the letter. She also points out, “You know that they lost me. I was a customer. They are cray cray.”
She also suggests that individuals should consider shutting down their accounts, which could potentially harm 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 cost may appear outrageous yet Forbes reveals that the current rates for credit cards are actually more costly than they appear. For the week ending July 29, "The typical 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 creator from Los Angeles, who goes by the name Laura Jardon, replied to the Daily Dot by email. She mentioned that after giving it more thought, she hasn't attempted to contact Macy’s. "I'm convinced there's no possibility for a compromise. I had previously contacted another company listed as a CC, Capital One, to inquire about reducing their interest rate (24%), but they declined."
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Local News
