The new GM Card seems to be as good as the old GM Card, but only if you pay it off every month and stay away from cash advances.




.

 

Which is what everyone should do.

 

Wow - that's some interest rate. I didn't even look as I pay my balances off each month. That's a steep price to pay for anyone who carries balances. Why do credit card companies charge high rates like this? I guess the credit card companies know what they are doing, but I'd think a lower interest rate would attract more people to carry balances and generate more interest income for the bank.

 

Predatory lending

 

That's capitalism

 

According to Gemini, "Credit card interest rates in 1960 were significantly lower than today, with an average rate of approximately 6%."

 

I'd love to see statistics of then vs. now. I bet the usage of credit cards was significantly different than today - to this day my 87 year old dad says, "you don't put food on credit cards" and my response is "you are throwing away award points". Dad also pays his credit card balance every month. I think back then credit cards were just for big purchases and not everyone had them. My point being today's credit card usage & rules is really different than back then - almost not comparable.

 

That should be illegal.

 

Thank goodness the cfpb is getting shut down...

 

Wow - that's some interest rate. I didn't even look as I pay my balances off each month. That's a steep price to pay for anyone who carries balances. Why do credit card companies charge high rates like this? I guess the credit card companies know what they are doing, but I'd think a lower interest rate would attract more people to carry balances and generate more interest income for the bank.

"Unsecured Debt" people don't pay their bill, and the credit card companies write it off, everyone else pays more until they stop paying their bill...

Credit Card debt is at record levels, lowering the rate would be leaving money on the table.

That should be illegal.

How much would you charge complete strangers to borrow money without any collateral?

Thank goodness the cfpb is getting shut down...

These are the rates with an active CFPB, do you think they'll go up after it's shut down?

 

"Unsecured Debt" people don't pay their bill, and the credit card companies write it off, everyone else pays more until they stop paying their bill...

Credit Card debt is at record levels, lowering the rate would be leaving money on the table.



How much would you charge complete strangers to borrow money without any collateral?



These are the rates with an active CFPB, do you think they'll go up after it's shut down?

I do wonder why many cards don't charge a fee or just a comparatively small one for people who pay their entire bill monthly. People like me are the BEV's of the credit card world - the credit cards need me to bring down their statistics so they can charge that sky high rate to those who don't pay their bill off monthly. Just like GM sells BEV's to offset their profit-making trucks.

 

It's high but can be 0% if a person pays off the bill every month. Otherwise, it's usually the cardholder's fault if they get hit with the APR. Unique circumstances happen but I have yet to come across a person paying a high credit card APR and it not being because of poor life choices previously. Live within your means, not at the mean's limit, but within your means.

 

The concept of saving your money and THEN buying escapes a lot of people.

 

Even the best 22.99% interest is sky-high on this thing.