Credit Cards

Tips, news, reviews, caveats, trends, updates and analysis related to consumer and business credit cards, and prepaid debit cards. From the interest rate specialists @ FedPrimeRate.com

Saturday, August 07, 2010

60% APR On A Credit Card In Mexico

60% APR Credit CardLots of folks like to complain about how American credit-card banks make big profits by charging high interest, fees and penalties. It's true: before the new credit card rules became law this year, some banks were charging unreasonable fees and interest, mostly to those who have bad credit or no credit history.

But imagine if you lived in Mexico, where the typical APR on a credit card is 30%! Ouch!

And get this: Banco de Wal-Mart, which operates in Mexico (a.k.a WalMex), has a credit card that has an annual percentage rate of 60%. Let me spell that out in case you think it's a typo: sixty percent annual percentage rate.

That 9.99% APR credit card in your wallet isn't looking so bad now, is it?

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