However, amid a rapid succession of blockbuster rate hikes by the Federal Reserve, those lines in the sand are quickly being crossed. At least a half-dozen major retail credit cards — including those for Kroger, Bloomingdale’s, Macy’s, Shell, Exxon Mobil and Wayfair — recently bumped up their maximum APRs to more than 30%, according to Matt Schulz, chief credit analyst for LendingTree. “That ceiling is beginning to crack,” Schulz said.
8% in the last quarter of 2019, according to the report. “I tend to believe that [low delinquencies] won’t last much longer, but for now, it’s a testament to Americans’ resilience in the face of continuing price increases and interest rate hikes,” Schulz said. These retail card rate increases — which often are variable and apply to both new and existing balances — also come during a time when consumers are frequently hawked store credit.