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At least 50 major retailers have jacked up interest rates on store-branded credit cards to all-time highs — even as inflation continues to dog shoppers nationwide, according to an explosive new study.

Big chains including Macys, Gap, TJ Maxx and Petco hiked APRs on their store-issued credit cards before the Federal Reserve began slashing rates in September, according to a CNBC report that was based on Bankrate.com data.

The retailers are pushing rates to 30% and above — an all-time record that breaks an unspoken APR maximum of 29.99% for the first time in years.

That’s despite the fact that economists expect the government’s lending rates to ease further in the coming months.

While there are no federal caps on rates, companies are required by law to clearly post and alert customers to changes. Experts are advising shoppers to think twice before signing up for new cards in the thick of the holiday season.

If you get offered one of these this holiday season, really take a breath. I would just say no if youre going to carry a balance, Bankrate analyst Ted Rossman said. We hear many times people sign up for these cards and they dont even realize what theyre getting into. 

Discount retailer Big Lots which filed for bankruptcy in September raised its APR by 6 percentage points from 29.99% to 35.99%, the largest increase of the 100 retailers analyzed by Bankrate.

Gap made the second-largest increase, raising the rate on its Banana Republic, Athleta and Old Navy cards by 5 percentage points to 34.99%. Petco came in third with a 4.5-percentage-point hike to 35.99%.

The moves look like a bid by major retailers to maximize profits as the crucial holiday season ramps up. Nearly half of Macys operating profits in 2022 came from its credit card program, according to a 2023 report by Citi analyst Paul Lejuez.

In May, Macy’s raised its full-year forecast on credit card revenues due to better-than-expected profit share resulting from higher balances within the portfolio, finance chief Adrian Mitchell said on a call.

In August, Mitchell said the companys revenue was being helped by consumers keeping credit card balances for longer than expected.

Macy’s upscale Bloomingdale’s chain raised its APR by 2.5 percentage points to 34.49%. TJX, which owns TJ Maxx, Marshalls and Homegoods, hiked its APR by 2.75 percentage points to 34.99%.

Big Lots, Academy Sports, Burlington, Michaels and Petco are tied for the highest APR at a whopping 35.99% as of September, according to the CNBC report.

A spokesperson for Big Lots told CNBC that APR changes are made responsibly and in line with overall industry standards.

Big Lots partner bank, Comenity, said the interest rate hikes were due to several factors including historical federal rate increases, rising credit losses and regulatory pressures.

Some companies, like Macys, Nordstrom, and TJX, have brought their rates down to correspond with the Feds half-point cut but their APRs are still between 2 and 2.5 percentage points higher than a year ago.

A spokesperson for Nordstrom told CNBC the APR adjustment made sure the rate was aligned with the current economic environment.

Macys, Burlington, TJX Companies, Gap, Petco and Big Lots did not immediately respond to The Posts requests for comment.

Store credit card sign-ups have declined in popularity as younger shoppers enjoy buy now, pay later options like Klarna and Afterpay so retailers need to earn more from a smaller group of customers, hence the hefty interest rates and staggering late fees.

Most credit cards, including store cards, are tied to the central banks federal funds rate so retailers bumped up their rates ahead of the Feds highly anticipated cuts. Retailers and their banking partners usually split the revenue when customers pay interest or a late fee on their card.

All of the major retailers reviewed by CNBC raised their rates before the Feds cuts at times when investors were placing high odds on the central bank lowering interest rates.

The APRs on retail credit cards rose 1.52 percentage points on average between September 2023 and September 2024, while traditional credit cards’ rates only rose by 0.08 percentage points, according to Bankrate data.

The average APR on a store credit card also grew 2.21 percentage points from November 2022 to September 2023, according to CNBC. Retailers raised their rates an additional 0.71 points compared to the Fed’s 1.5 point increase during the same period.

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Mushroom murderer Erin Patterson left me ‘half alive’, sole survivor says

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Mushroom murderer Erin Patterson left me 'half alive', sole survivor says

The sole surviving guest of a lunch where three others died after being served food laced with toxic mushrooms has told an Australian court that the actions of murderer Erin Patterson have left him feeling “half alive”.

Ian Wilkinson, who received a liver transplant and spent months in hospital after the poisoning in July 2023, described how he had been left traumatised as he delivered his victim impact statement at Patterson’s pre-sentencing hearing in Melbourne.

Patterson, 50, was found guilty last month of luring her mother-in-law Gail Patterson, father-in-law Donald Patterson and Gail’s sister, Heather Wilkinson, to lunch at her home in Leongatha and poisoning them with individual portions of Beef Wellington that contained toxic death cap mushrooms.

A jury also found her guilty of the attempted murder of Mr Wilkinson, Heather’s husband.

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Australian mother found guilty of killing three relatives by serving toxic lunch

Speaking at the start of the two-day hearing, Mr Wilkinson, a Baptist pastor, said the death of his wife had left him bereft.

“It’s a truly horrible thought to live with that somebody could decide to take her life. I only feel half alive without her,” he said, breaking down in tears.

“It’s one of the distressing shortcomings of our society that so much attention is showered on those who do evil and so little on those who do good.”

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Ian and Heather Wilkinson. Pic: The Salvation Army Australia - Museum
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Ian and Heather Wilkinson. Pic: The Salvation Army Australia – Museum

‘I bear her no ill will’

He described Gail and Don Patterson, the parents of Erin Patterson’s estranged husband Simon Patterson, as the closest people to him after his wife and family.

“My life is greatly impoverished without them,” Mr Wilkinson said.

“I’m distressed that Erin has acted with callous and calculated disregard for my life and the lives of those I love. What foolishness possesses a person to think that murder could be the solution to their problems, especially the murder of people who have only good intentions towards her?”

Pic: AP
Image:
Pic: AP

He called on Patterson, who said the poisonings were accidental and continues to maintain her innocence, to confess to her crimes.

“I encourage Erin to receive my offer of forgiveness for those harms done to me with full confession and repentance. I bear her no ill will,” he said.

“I am no longer Erin Patterson’s victim and she has become the victim of my kindness.”

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Flesh-eating screwworm parasite detected in person in US for first time

The court received a total of 28 victim impact statements, of which seven were read publicly.

Don and Gail Patterson. Picture: Facebook
Image:
Don and Gail Patterson. Picture: Facebook


‘An irreparably broken home’

Patterson’s estranged husband Simon Patterson – who was invited to the lunch but declined – spoke of the devastating impact on the couple’s two children.

“The grim reality is they live in an irreparably broken home with only a solo parent, when almost everyone else knows their mother murdered their grandparents,” he said in a statement that was read out on his behalf.

Patterson attended the court in person on Monday rather than watch via a video link from prison which she did during a hearing earlier this month.

The hearing is scheduled to continue on Tuesday.

Patterson faces a potential life sentence for each of the murders and 25 years for attempted murder.

She has 28 days from the day of her sentencing to appeal, but has not yet indicated whether she will do so.

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National Guard will begin carrying firearms in Washington DC, official says

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National Guard will begin carrying firearms in Washington DC, official says

National Guard troops deployed to Washington DC in an effort to mitigate crime will begin carrying firearms, an official has said.

Defence secretary Pete Hegseth ordered the authorisation of roughly 2,000 National Guard troops to begin carrying weapons.

The majority of the guard members will carry M17 pistols, their service-issued weapons, while a small number will be armed with M4 rifles, reports Sky’s US partner organisation, NBC News.

The troops are authorised to use their weapons for self-protection.

A White House official told NBC News that despite being armed, as of Saturday night, the National Guard troops in DC are not making arrests, and will continue to work on protecting federal assets.

The troops were largely deployed from outside the state and were framed by President Trump as a concerted effort to tackle crime and homelessness in the nation’s capital.

Such deployments are not common, and are typically used in response natural disasters or civil unrest.

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Democrats have bashed the deployment as partisan in nature, accusing Mr Trump of trying to exert his presidential authority through scare tactics and said his primary targets have been cities with black leadership.

Armed members of the South Carolina National Guard patrol outside of Union Station. Pic: AP
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Armed members of the South Carolina National Guard patrol outside of Union Station. Pic: AP

Pentagon plans to deploy US army to Chicago

Yesterday it was reported that the Pentagon was drafting plans to deploy the US army in Chicago, the largest city in the state.

The governor of Illinois then accused Mr Trump of “attempting to manufacture a crisis” and “abusing his power to distract from the pain he is causing working families”.

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Officials familiar with the proposals told the Washington Post that several options were being weighed up by the US defence department, including mobilising thousands of National Guard troops in Chicago as early as September.

Mr Trump had told reporters on Friday that “Chicago is a mess”, before attacking the city’s mayor, Brandon Johnson, and hinting “we’ll straighten that one out probably next”.

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Flesh-eating screwworm parasite detected in person in US for first time

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Flesh-eating screwworm parasite detected in person in US for first time

A case of the flesh-eating screwworm parasite has been detected in a person in the United States for the first time.

The parasitic flies eat cattle and other warm-blooded animals alive, with an outbreak beginning in Central America and southern Mexico late last year.

It is ultimately fatal if left untreated.

The case in the US was identified in a person from Maryland who had travelled from Guatemala.

Beth Thompson, South Dakota’s state veterinarian, told Reuters on Sunday that she was notified of the case within the
last week.

A Maryland state government official also confirmed the case.

The person was treated and prevention measures were implemented, Reuters reports.

The Centres for Disease Control and Prevention (CDC) and the Maryland Department of Health did not immediately respond to requests for comment.

What is screwworm?

The female screwworm fly lays eggs in the wounds of warm-blooded animals and once hatched, hundreds of screwworm larvae use their sharp mouths to burrow through living flesh.

It can be devastating in cattle and wildlife, and has also been known to infect humans.

Treatment is onerous, and involves removing hundreds of larvae and thoroughly disinfecting wounds. They are largely survivable if treated early enough.

The confirmed case is likely to rattle the beef and cattle futures market, which has seen record-high prices because of tight supplies.

The US typically imports more than a million cattle from Mexico each year to process into beef. The screwworm outbreak could cost Texas – the biggest cattle-producing state – $1.8bn (£1.3bn) in livestock deaths, labour costs and medication
expenses.

A view shows a calf after being sprayed with a disinfectant spray to prevent screwworm. Pic: Reuters
Image:
A view shows a calf after being sprayed with a disinfectant spray to prevent screwworm. Pic: Reuters

The United States Department of Agriculture (USDA) has set traps and sent mounted officers along the border, but it has faced criticism from some cattle producers and market analysts for not acting faster to pursue increased fly production via a sterile fly facility.

What is a sterile fly facility?

The case also comes just one week after the US agriculture secretary, Brooke Rollins, travelled to Texas to announce plans to build a sterile fly facility there in a bid to combat the pest. Ms Rollins had pledged repeatedly to keep screwworm out of the country.

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A sterile fly facility produces a large number of male flies and sterilises them – these males are then released to mate with wild female insects, which collapses the wild population over time. This method eradicated screwworm from the US in the 1960s.

Mexico has also taken efforts to limit the spread of the pest, which can kill livestock within weeks if not treated. It had started to build a $51m sterile fly production facility.

The USDA has previously said 500 million flies would need to be released weekly to push the fly back to the Darien Gap, the stretch of rainforest between Panama and Colombia.

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