It really is the greatest business plan ever though. They figured out how to loan money at 28% APR without actually having to loan out any money.
Very impressive.
Very impressive.
1. You give a business some of your money.
2. Business gives you some of it back.
3. Business charges you insanely high interest on the amount they gave you back, until you return your money back to them.
4. Profit. So much profit.
The only reason someone would apply for one is to build credit, and missing the grace period while subjecting oneself to high APR is pretty much the worst thing one can do at that point. It's worse than not getting the card at all.