What the fuck...

Azul's picture

I was looking at credit cards today... Someone without a credit rating on average has an APR of like 20% or 12% with a 50$ annual fee... That's just insane... I mean, I'm 16, I had no credit rating, I applied for a card in my name and only in my name, and I got 12.9% APR. You can't even have above 18% APR in Vermont.

Who in their right mind would take a card that has 20% APR?


5thstory's picture

People with problems. But

People with problems. But they're doing us all a favour: if they take those rates, smart people gets cheaper rates. Now, if you want really great rates, try private banking and portfolio managing.

" . . . The sun does not shine upon this fair earth to meet frowning eyes, depend upon it." Charles Dickens

Azul's picture

or credit unions, like all

or credit unions, like all sane people. I'd rather make the decision for my financial institution in what to invest in, how much is paid is dividends/interest, my interest rate for loans and my interest rate on a credit card.

Smaller, insured to the same amount (100,000$, insured by NCUA, as opposed to FDIC) and the poster child of democratic finance.

jeff's picture


You're assuming people even look at the rate before getting the card. Most don't.

"Sell your cleverness and buy bewilderment." - Rumi

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Azul's picture

My financial institution

My financial institution forced me to compare 2 other cards with the card I would be receiving.