I was reading the fine print on the back of a credit card agreement. Don’t ask me why that interested me, it’s not exactly fun reading. I don’t like to keep credit card balances; I really dislike to be in debt. But sometime I’ll post something I’ve been studying, a way for the credit card companies to pay me.
Anyway, the fine print on the back says, “As of November 17, 2006, the standard variable APR for purchases is 15.24% and the standard variable APR for cash advances is 23.24%. However, all your APRs may automatically increase to the 32.24% variable default rate if you default under any Card Agreement that you have with us.”
Gadzooks. Credit cards can be as high as 32.24%? That’s absolutely incredible.