Dozens of the largest U.S. retailers and their bank partners jacked up interest rates on their store-branded cards to record highs in the months before the Federal Reserve began cutting rates, as the companies looked to pad profits during a stretch of sluggish sales.

To shore up their profit margins, at least 50 major U.S. retailers, including Macy’s and T.J. Maxx owner TJX (TJX), hiked interest rates on their store credit cards ahead of the Federal Reserve’s anticipated rate cuts,

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.