Posted on 02/14/2010 2:04:43 PM PST by tfbcowinafog
If you have bad credit in the new era of credit card regulation, be prepared to pay -- dearly -- for the privilege of using credit. That's the message underlying recent credit card offers that feature jaw-dropping interest rates of up to 79.9 percent.
The sky-high rates may be a sign of things to come in the market for so-called subprime credit cards as issuers who lend to the riskiest of borrowers try to figure out how to stay in business and comply with the new credit card reform law.
(Excerpt) Read more at finance.yahoo.com ...
I can see this trend turning into a nightmare.
People who are one day late will be cancled and then will have to start using this ripoff.
As this ripoff grows we’ll see the major credit card companies buying them out and start charging the same rates under another name.
You get 1% cash back from Discover. I pay my credit card bills off every month. I’ve gotten thousands back from Discover.
People who are one day late will be cancled and then will have to start using this ripoff.
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Many credit card processors will hold back a percentage of their mail on a regular basis so that you will eventually be late and get the penalty rate.. The phone company I used to work at used to hold 2 rolling carts of mail bags back a full week each month... Pay online or get slammed with fees...
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