We just got an update from a Macy’s credit card – interest rate is 34.95% – this was a big WTF moment.

While we always pay off our cards monthly, this just seems to be wrong. This is a full 26.45% over the current prime interest rate of 8.5%.

My thought is that Macy’s must give out cards like candy and is left with many unrecoverable accounts. Sooo, the rest of use that play by the rules end up subsidizing the others.

Or they decided that it is a great profit center.

Sad in either case.