Credit Card Rates for Students
For some students any credit card they become approved for might be ok. Although for some obtaining a credit card with a very high interest rate can be a turn off as it should be. If you get approved for a credit card with a high interest rate it might be best to consider the consequences and if you would be the best for you in the long run.
If you are not happy with the card rate for your student credit card then try re-applying for another card. It might also be wise to call the approved card company and ask to lower the card rate or at least find out how long it would take to lower your credit cards interest rate.
Here are some high interest rates we have seen across the online internet applications.
– Most cards max out around 29% for customers who have been thrown into universal default for missing a payment or two — and not necessarily a payment to that card. But we’ve heard of cards charging as much as 32%.
– If you are like many of us you need a credit card to buy things online, rent a car, buy airline tickets and much more. When you have bad credit and have no choice you might get approved for only one credit card. The interest rate could be a shocking 79.9 percent.
Highest Credit Card Rates for Students
– The 79.9 rate is a special rate for the subprime credit cards as issuers who lend to the riskiest of borrowers try to figure out how to stay in business and comply with the new credit card reform law.
– The 79.9 percent and 59.9 percent annual percentage rates (APRs) on cards with $300 credit limits are issued by First Premier Bank. Now was this First Premier’s experiment with interest rates approach by subprime credit card issuers and marketers to find a way to stay in business despite reform laws that bans their most-common product: credit cards that carry huge fees.
Is this Legal? The answer is Yes, it’s legal
A national bank charging 79.9 percent interest on a credit card is legal — as long as the issuer fully discloses the terms as required by the federal Truth in Lending Act.
The national average for bad credit credit cards is approximately 14.15 percent in 2015.