They are smart enough to make all their grifts "fees" and "interest rates"
For example, charging 17% on a credit card bill when the interest rate is 5.25%
and that's on excellent credit like mine where I haven't missed a payment in almost 20 years
For example, charging 17% on a credit card bill when the interest rate is 5.25%
and that's on excellent credit like mine where I haven't missed a payment in almost 20 years
otherwise I wouldn't have this credit rating and the bank wouldn't trust me with over $100,000 credit limit combined over all of my credit cards
the reason I agree to this rate is because I never pay it, I loan from my broker instead where I pay like a few bips over LIBOR
> For example, charging 17% on a credit card bill when the interest rate is 5.25%
That's not fraud or a financial crime though, since the interest rate is prominently shown on the front page of every credit card bill.
If they're telling you it is 6% and then charge you 17% without explanation, that would be fraud.
It's not a crime either, but it's predatory