While I agree that the fee might be high, the comparison between the two is is a false equivalency.[1] A transaction fee is something completely different from an interest fee. The first is a one time fee while the other is continues over time.
No. whether I charge you a fee through an explicit transaction cost, or I charge you based on a hidden spread to some rate, it’s still revenue from the perspective of banks. It’s a common trick used by consumer banks (to masquerade interest based spreads as no fee loans).