(Bloomberg) — U.S. retailers’ credit cards with the highest cost of borrowing kept the same rate in 2020 as last year even as the Federal Reserve slashed interest rates to near-zero, a report found.
Credit cards from Big Lots Inc., Discount Tire and several jewelry retailers issued by Comenity Bank and Synchrony Financial maintained annual rates of 29.99%, creditcards.com said Monday in a statement. Ted Rossman, an analyst at creditcards.com, said two cards from Nordstrom Inc. issued by Toronto-Dominion Bank increased their average rates this year.
Those retailers were exceptions, as most other cards cut rates from last year, according to the report from creditcards.com, an online marketplace and information hub. The average retail rate fell