The Street
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TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and some retailers are making an unpopular move.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04There's a trading bias towards economically sensitive stocks this Friday with signs the
00:09mighty U.S. consumer is not tapped out.
00:13The latest example is coming from Gap Inc.
00:15The parent company of the Gap and Old Navy says the holiday shopping season is off to
00:19a strong start and it raised its outlook for the year.
00:24Sticking with retail, if you're doing your holiday shopping with a retail branded credit
00:28card, your final purchases might end up costing you more than you think.
00:33Interest rates on store branded credit cards are at an all-time high, even though the Federal
00:39Reserve started cutting its key lending rate in September.
00:42Retailers are trying to protect the hefty margins they make every time you swipe with
00:47their card.
00:48According to Bankrate, the retailers with the highest private label credit cards as
00:53of September were Big Lots, Burlington and Petco.
00:57Each of those cards came with an eye-popping 35.99% annual percentage rate or APR.
01:05Some retailers have lowered their rates in recent months, but credit cards from the likes
01:09of Macy's, Nordstrom, The Gap and TJX still sit way above the cost of a traditional credit
01:18card.
01:19So why the discrepancy?
01:20If you ask the companies, you'll get a lot of corporate mumbo-jumbo, but the bottom line
01:23is they charge as much as they do because they can.
01:28Shoppers are a captivated audience and are easily lured with initial discounts and convenience.
01:34Signing up for a store credit card takes minutes, but if you carry a balance, what you saved
01:39in time could ultimately cost you hundreds in interest payments.
01:44That'll do it for your daily briefing from the New York Stock Exchange.
01:47I'm Conway Gittins with The Street.
01:53Thanks for watching.

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