It is interesting to see how the mob is always one step ahead in these things. Even today banks factor in a percentage (and it’s not small beer) to cover the inevitable fraud on cards, most of which is OC
They have to insert an extra fee I'm sure to maintain their profitability, but I wouldn't cry for the credit card companies. Lol. They are just as shifty as the mob used to be. They dangle the carrot of -0- percentage rate for the first year and then promise you a rate "most likely" between 9-14% annually. Once they have you (and have encouraged you to switch over all your debt to them because of the zero percent rate they're giving you) then they slam you with 18-26% interest rates (or more depending upon where you reside). It's a typical "bait and switch" racket. So in reality how much different are they from any other scammer or fraudster?
And most consumers are then left with this massive invoice because they did in fact switch over all their debt to this company and end up paying "interest only" BS for the next hundred years!
The big difference being that they do it under the guise of being a "legitimate" entity. Lol ......yeah, right!
