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Why are interest rates on credit cards so high?
Manage episode 366527389 series 3483577
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The interest rates imposed on credit cards appear to be quite excessive; some may even exceed the mortgage or auto loan rates of 55% annual percentage rate (APR). The typical finance fee or interest rate on credit cards is somewhere about 45%. The creditor levies this credit interest rate on the sum that the borrower borrows. However, this interest is only applied when cardholders are unable to make a full payment on their amount. Read More: https://cardinsider.com/blog/why-are-credit-card-interest-rates-so-high/
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