Credit card interest rates should not be more than 6% plus 1.5 times what banks pay on CDs to small savers.
If the bank pays small savers 2% on new CDs, then their top card rate should be 9%.
Wasn’t it Zero who made credit cards ‘fair’ by raising it to 25%? Those with excellent credit got screwed.
Probably raised to help pay for those who default on their cards. I can imagine there will be lot more of that in the near future.