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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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Former Centrica chief Laidlaw in frame to chair embattled BP

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Former Centrica chief Laidlaw in frame to chair embattled BP

Sam Laidlaw, the former boss of Centrica, is among the candidates being considered as the next chairman of BP, Britain’s besieged oil and gas exploration giant.

Sky News has learnt that Mr Laidlaw is being considered by BP board members as a potential successor to Helge Lund, who announced in April that he would step down.

BP’s chair search comes with the £62bn oil major in a state of crisis, as industry predators circle and the pace of its strategic transformation being interrogated by shareholders.

Elliott Management, the activist investor, snapped up a multibillion pound stake in BP earlier this year and is pushing its chief executive, Murray Auchincloss, to accelerate spending cuts and ditch a string of renewable energy commitments.

Mr Lund’s departure will come after nearly a quarter of BP’s shareholders opposed his re-election at its annual meeting in April – an unusually large protest given that his intention to step down had already been announced.

BP’s senior independent director – the Aviva chief executive Amanda Blanc – is said to be moving “at pace” to complete the recruitment process.

A number of prominent candidates are understood to be in discussions with headhunters advising BP on the search.

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Mr Laidlaw would be a logical choice to take the role, having transformed Centrica, the owner of British Gas, during his tenure, which ended in 2014.

Since then, he has had a long stint – which recently concluded – on the board of miner Rio Tinto, which has been fending off activist calls to abandon its London listing.

He also established, and then sold, Neptune Energy, an oil company which was acquired by Italy’s Eni for nearly £4bn in 2023.

Last December, Mr Laidlaw was appointed chairman of AWE, the government-owned body which oversees Britain’s nuclear weapons capability.

He also has strong family connections to BP, with his father, Christopher Laidlaw, having served as its deputy chairman during a long business career.

One person close to BP said the younger Mr Laidlaw had been approached about chairing the company during its previous recruitment process but had ruled himself out because of his Neptune Energy role.

The status of his engagement with BP’s search was unclear on Saturday.

Another person said to have been approached is Ken MacKenzie, who recently retired as chairman of the mining giant BHP.

Mr MacKenzie headed BHP during a period when Elliott held a stake in the company, and is said to have a good working relationship with the investor.

Shares in BP have continued their downward trajectory over the last year, having fallen by nearly a fifth during that period.

The company’s valuation slump is reported to have drawn renewed interest in a possible takeover bid, with rivals Shell and ExxonMobil among those said to have “run the numbers” in recent months.

Reports of such interest have not elicited any formal response, suggesting that any deal is conceptual at this stage.

BP is racing to sell assets including Castrol, its lubricants division, which could command a price of about $8bn.

This weekend, BP declined to comment, while Mr Laidlaw could not be reached for comment.

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SpaceX Starship Rocket Explodes During Ground Test at Texas Launch Pad

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SpaceX Starship Rocket Explodes During Ground Test at Texas Launch Pad

An explosion rocked SpaceX’s Starbase facility in Texas late Wednesdaynight after a Starship rocket exploded on the test pad during a routine ground test. The blast occurred at about 11:00 pm (0400 GMT Thursday) and created a huge fireball in the sky, with no immediate reports of casualties. The test, intended as a so-called static fire of the Starship system, caused the total destruction of the entire vehicle and some damage to nearby infrastructure. A security cordon was already in place, and all staff were safe and accounted for during the security alert.

SpaceX Starship Explosion During Test Linked to Pressurized Tank Failure in Nosecone, Says Company

As per a statement issued by SpaceX, the explosion was caused by “a sudden energetic event” during preparations for a static fire involving the Super Heavy booster. Initial analysis suggests a pressurised tank, known as a COPV (Composite Overwrapped Pressure Vessel) in the rocket’s nosecone, may have failed, though a full investigation is underway. Officials clarified that there were “no commonalities” between the COPVs on Starship and those used in the Falcon series. Fires broke out following the explosion but were quickly contained as the area had been cleared of personnel.

Starship, the rocket that is 403 feet tall, is billed as the most powerful large launch vehicle built. Intended to lift up to 150 metric tonnes and return to Earth, the Starship is a central part of Elon Musk’s dream of building a human settlement on Mars. Musk downplayed the explosion, referring to it as a “scratch” in an official statement. The vehicle was preparing for what would have been its 10th test flight.

The latest failure is the latest in a series of high-profile setbacks for Starship, including a prototype that literally blew up over the Indian Ocean in May. On that mission, the rocket launched as planned, but its booster did not accomplish a planned splashdown. Previous tries also saw the upper stage breaking apart during mid-flight. Notably, despite its own trials and tribulations, SpaceX doubled down on its frenetic development tempo of “test aggressively and iterate quickly”.

In recent days, the Federal Aviation Administration approved a plan by the company to conduct up to 25 launches a year of such craft, turning aside environmental concerns cited by conservation groups. NASA, which uses another SpaceX project, the Dragon, to ferry astronauts to orbit, also continues to support Starship as another deep-space transportation system down the line, so the long-term plan appears to remain on track.

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NASA Postpones Axiom Mission 4 Launch to Ensure Space Station Readiness After Repairs

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NASA Postpones Axiom Mission 4 Launch to Ensure Space Station Readiness After Repairs

NASA has postponed the launch to the International Space Station of an Axiom Space commercial crew mission, Axiom Mission 4 (Ax-4), that was planned to launch on or after June 22 to allow more time to assess the readiness of the station’s configuration. The station is undergoing inspections following recent repair operations on the end of the Zvezda service module. Because the station’s life support systems and other onboard subsystems are interrelated, NASA is scrutinising all available data, including these dates, as the agency considers a new target launch date to ensure that the station has some tasks to remain operable before beginning to support more crew.

NASA Delays Historic Axiom Mission 4 to Ensure ISS Systems Are Ready for International Crew

As per a NASA update, the decision to stand down was made as part of standard operations to validate the readiness of all systems onboard the ISS to accommodate additional crew. The Zvezda module on board, which is central to sustaining life and propulsion, had been recently serviced. Because the space station is such a conjoined system, the agency is being extra cautious, requiring more time than usual to pore over technical data before giving the mission a green light.

Former NASA astronaut Peggy Whitson is serving as Axiom’s Director of Human Spaceflight, leading the remarkably important orbital mission. She is part of the crew accompanying Indian Space Research Organisation (ISRO) astronaut Shubhanshu Shukla as pilot and two mission specialists – Sławosz Uznański-Wiśniewski (Poland) and Tibor Kapu (Hungary). It is a great operation in space, international co-operation, and it’s a great credit to all the countries involved.

While the astronauts remain in quarantine at NASA’s Kennedy Space Centre in Florida, SpaceX’s Falcon 9 rocket and Dragon spacecraft are reported to be in excellent condition at Launch Complex 39A and ready for flight whenever a new launch date is established. Postponing is a precaution, but one that underscores NASA’s prioritisation of crew safety and mission success.

NASA and its collaborators have stressed the symbolic and scientific significance of the mission — its effect on not only the nations involved but on the future of commercial space travel as well. A new date and time for launch will be determined once ongoing evaluations are complete on the station’s readiness to host the incoming crew.

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