With credit cards, it's the people who are at fault. I could offer you a loan at an effective daily interest rate of 5000% but it's up to you whether you accept it or not.
A Credit Card With A 79.9% APR
- Thread starter JakeStratham
- Start date
With credit cards, it's the people who are at fault. I could offer you a loan at an effective daily interest rate of 5000% but it's up to you whether you accept it or not.
Long ago I collected on those cards. They are not made to be used as credit cards. We figured it up once and after the activation fees and all that crap they had like 35.00 left in credit. They hit over limit charges usually in the first month on the first use.
In my opinion their sole purpose is to be changed off and sold to collection agency's. A card costs nothing to make and all the fees really cost the company nothing. so hit it with a ton of fees bundle them together and sell the lot to collection agency's for 14% of all the charges and write off the rest.
I am so glad I don't have to do that crap anymore.
In my opinion their sole purpose is to be changed off and sold to collection agency's. A card costs nothing to make and all the fees really cost the company nothing. so hit it with a ton of fees bundle them together and sell the lot to collection agency's for 14% of all the charges and write off the rest.
I am so glad I don't have to do that crap anymore.
I would like to say that these should be illegal .....
You know, caveat emptor is nice in theory, but a lot of laws are here for the protection of the innocent and the dumb - workplace safety regulations, some traffic laws like seatbelt & helmet, and more.
... but I am way too busy laughing my head off at people actually going for these cards. The world is full of idiots.
::emp::
You know, caveat emptor is nice in theory, but a lot of laws are here for the protection of the innocent and the dumb - workplace safety regulations, some traffic laws like seatbelt & helmet, and more.
... but I am way too busy laughing my head off at people actually going for these cards. The world is full of idiots.
::emp::
Just pay it off every month. But if you can't, you just fucked yourself majorly. I'd sign up for this card if it had good benefits as I know I'm disciplined enough to pay it off each month.
That's not how usury is defined in law. "Usury is defined as the act of lending money at an unreasonably high interest rate, this rate is defined at the state level. Repayment of loans at a usurious rate makes repayment excessively difficult to impossible for borrowers."
It looks like that credit card would be illegal in most states because it is defined as usurious, but Texas doesn't appear to have any caps in place so that's probably how they get away with it.
Also from the federal law re: usury "at the Federal level, there is a criminal limit, as defined by Congress, for interest rates. This rate is twice the amount of the particular state's usury limit."