79.9% credit card APR

[MystyGlyttyr]

http://finance.yahoo.com/news/Credit....html?x=0&.v=4

...I seriously can't come up with anything other than WTF.

[jackfaire]

Say it with me people, "Prepaid credit cards"

You get a card with a VISA, MasterCard, etc logo on it loaded with as much money as you want on it.

[powerboy]

Say it with me people, "Prepaid credit cards"

You get a card with a VISA, MasterCard, etc logo on it loaded with as much money as you want on it.

That is what I use. When I have a job, I get direct deposit on them. As long as I use for it 30 purchases or put in $1,000.00 or more. No fees.

[jackfaire]

That is what I use. When I have a job, I get direct deposit on them. As long as I use for it 30 purchases or put in $1,000.00 or more. No fees.

I have a checking account of my mom's that she lets me use for my money as I still owe the bank some money it comes with a check card that lets me pay for things.

[Mr Slugger]

The downside is that there will be people that sign up for this card.

[tropicsgoddess]

Holy crap that's high! I'm still WTF at why they would make the rate so high.

[Slytovhand]

Well, if house loans were 79.9%, would the economy have gone face down last year??? Would people have put that much effort into buying a house they couldn't afford? if people had such massively bad experiences with a credit card, would they have even tried for a house??

It makes sense - don't leave an outstanding debt on your card! If you can't afford it, don't buy it! (FTR, I'd be in serious debt )

[jackfaire]

Well, if house loans were 79.9%, would the economy have gone face down last year??? Would people have put that much effort into buying a house they couldn't afford? if people had such massively bad experiences with a credit card, would they have even tried for a house??

Yes. People want a house because they are told from early childhood that is what your working towards.

We have this expectation of how to live our lives in this country that we are conditioned from early childhood to want so severely to the point that we will deny our true selves to obtain it.

When I was a kid there were no stories about John the man who lives in an apartment and helps out Old Lady Crabapple with her shopping.

If a character was single he was in college or living at home with mom and dad and in highschool.

Any character older than school age was getting married buying a house, buying a car, having kids.

Look at the game of Life even. Back in the day you had to get married to continue and it had to be someone of the opposite sex.

All these little things that conditioned us so that we think, "But it's 79.9%?!?! Well yeah but I have to buy that nice suit and the big tv and all the other stuff otherwise I am not a happy healthy person"

[tabbyblack13]

I believe this credit card is for people with very low credit scores. The sad thing is people will still sign up for this card because it is the only one they can get. To build credit you need to have credit. If you don't have credit then you get screwed! If you use it correctly and don't carry a balance on it then you could improve your credit score, get a different card, and drop this one.

[Slytovhand]

Out of curiosity - how does the credit system work over there? Cos in Australia, it sucks!

The only way you can have a 'positive' credit mark is to not have any credit. Everything else is a 'negative'. There is never any 'good' marks they can put on a credit file to say you've (say) paid off a debt (unless you were a bankrupt, and you paid out your creditors.. yeah, good way to get a 'postive' mark!)

I once applied for a new credit card (to consolidate all my debt). I was told everything looked good, but they wouldn't give it to me because I had previously applied for other cards... that was the only reason!

(this is different to having a good looking application - such as high income, stable job, lots of things the bank can take off you if you default).

[jackfaire]

Out of curiosity - how does the credit system work over there? Cos in Australia, it sucks!.

Over here you can't go buy a house if you have never had credit. In otherwords if you don't get a credit card and use it then you can't buy a house.

If you don't use credit for anything then you have no credit history.

[Boozy]

The only way you can have a 'positive' credit mark is to not have any credit. Everything else is a 'negative'. There is never any 'good' marks they can put on a credit file to say you've (say) paid off a debt (unless you were a bankrupt, and you paid out your creditors.. yeah, good way to get a 'postive' mark!)

This doesn't really make sense, Slyt. I'm wondering if the bank agent handling your credit application misled you.

Australian credit scores are calculated very similarly to Canadian scores.

You may have been turned down for a card because you had already been extended too much credit. In that case, the agent should have made it clear that the card you applied for was for debt consolidation, and handled that for you.

[Slytovhand]

Yeah, tell me about it Boozy... It is accurate.

And it's not the only time it's happened - it's just the only time someone said it outright to me.

I've seen my credit file... no 'black' marks, other than applications (and a small debarcle about that!!). Income was fine, stable job history (no real assets though.. shouldn't have mattered with the amounts being looked at).

I'd been approved, actually.. provisionally, I got stuffed around at work trying to prove actual income, rather than 'normal' income (I was getting about 25-30% extra in penalty rates... which they don't put on standard letters )

[Arcade Man D]

http://finance.yahoo.com/news/Credit....html?x=0&.v=4

...I seriously can't come up with anything other than WTF.

I'm almost 90% certain that's against most states' Usury laws.