Department stores face another squeeze. This time, with store credit card revenue
Publishing timestamp: 2024-04-10 11:33:01
Summary
New federal rule caps credit card late fees at $8, impacting retailers like department stores who rely on store-branded credit cards for revenue. Companies like Macy's and Kohl's are expected to be squeezed the most, as the rule will reduce their revenue from late fees. Retailers are looking for ways to offset the impact, such as increasing APRs or transitioning customers to co-branded cards. Kohl's, in particular, is accelerating its plans to introduce co-branded cards to mitigate the effects of the new rule.
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Keywords: macy's inc, business, breaking news: business, nordstrom inc, target corp, business news, gap inc, retail industry, kohls corp drn, financials,