Why banks sting you with high rates on credit cards

Interest rates and the cash rate has come down, but credit card rates remain high – some are still rising – which raises the question of why banks sting you with these high rates and fees. Is it time the banks stopped ripping off their customers? Or is there method to the madness?

2 comments

Well the rates vary from 10 to 12 percent I guess if you want a loan and not pay off your card every month there is some advantage over a personal loan . In that you might only want it for a short period ...

People have choice in how they borrow money.  The quick and easy way is to use credit cards and pay the high interest.   

2 comments



To make a comment, please register or login

Preview your comment