60% APR On A Credit Card In Mexico

Lots 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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