#credit Capital One offered me a new credit card! I have made it a habit to read carefully the small print and I discovered that after the first year, they would charge me almost 30% interest (27.79) annually with no annual fee!
So in dollar amount, I would pay almost $300 for every thousand dollars owed! That's a lot of money that quickly accumulates if you can only pay the minimum!
For most families of four this means sacrificing other needs just to pay the credit card!
Food for thought!
@Helveticus They definitely need to make it a rule that credit companies/banks cannot charge more than 2-3 % over the rate that they are being charged (they borrow their money from US).
@Flyingdutchman696 Agreed! Inflation is down to 4% so this figure amounts to price gauging! Of course I declined their "kind" offer as I have had 2 cards for a long time that charge 13%-14% at most!