Macy's has the right to charge its customers a fee of up to $35 if a late payment is received. This is the same fee charged on returned payments.
Customers can avoid paying the late payment fee as long as they pay at least the minimum payment due within 25 days after the billing cycle ends. As of March 2015, Macy's charges 24.50 percent interest on special event accounts and revolving or major purchases. This interest varies and is based on the prime rate and the interest rate charged on accounts will be no less than $2 per billing cycle. Customers applying for a Macy's credit card should read the terms and conditions of the card before applying.