31%+ Credit Card Interest Rates

It is more important than ever to play by the rules with your credit card as punitive rates (punitive rates are those charged when you miss a payment, go over your credit limit, have your credit score deteriorate, etc and are also tied to universal default – that is if you miss a payment on credit card A, credit card B may also raise your rate to the punitive rate) will top 31% for the first time ever on some major credit cards in the US. This is because the Federal Reserve increased their rate to 4.25% which in turn bumped the prime rate this week to 7.25%.

Many credit card issuers tie their punitive rate to the prime rate. For example, Bank of America, Chase and Citibank all set t


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2 Responses to 31%+ Credit Card Interest Rates

  1. ~Dawn says:

    GAH! that almost seems criminal.. but then, I think we deserve it if we don’t take care of our finances.

  2. swarovski says:

    If you think those rates are high you should see some of the rates on store credit cards EXTORTIONATE !!!!

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